New York City Capital Debt Up 87% Since 2000

NEW YORK (AP) — New York City Mayor Michael Bloomberg has urged the federal government to live within its means. But at the same time the city’s capital debt has nearly doubled since 2000.

The city’s capital debt has risen from $39.2 billion in 2000 to $73.5 billion in 2011, the New York Post reports. That’s $8,763 per New Yorker.

Last week Bloomberg gave a speech in Washington urging the federal government to move quickly to reduce its deficit.

The Bloomberg administration said the federal and city debts are not the same. It says the city faithfully makes the payments on its debt every year.

The capital debt is made up mainly of bonds that the city sells to fund construction projects.

(Copyright 2011 by The Associated Press.  All Rights Reserved.)

  • Josh

    Isn’t it shocking how a so-called fiscal conservative has run up a portion of our debt? Isn’t it also absurd that in his now 11 years in office, Mike Bloomberg has managed to increase or annual spending by 5% every single year he has been in office. $44B in 2002, $65B for 2012. That’s a 5% increase, regardless of economic growth. Ask yourself how all of this is paid for. It sure aint income taxes. The best way for NYC to clean up its fiscal mess is to get rid of Bloomberg and Quinn asap.

    • VY

      The big difference between the NYC Capital Debt and the Federal Capital Debt is that in NYC the Capital Debt really does fund long term physical facilities that run the city. This is everything from the water & sewer systems, to streets, highways and bridges, to school, fire, police buildings, to other cities buildings, to extending the #7 Subway line, and part of the funding of the LIRR extension into Grand Central. At least here in NYC we can use, ride, drink, releave ourselves all because of city facilities.
      If the Fed’s used their capital funds the same way we have bridges, tunnels, damns, highways, parks, air traffic controls systems and emergency disaster recovery services that really work well.
      And given the crappiness of the federally screwed national economy and Albany screwed up upstate economy, I think Bloomberg and Quinn have the NYC finances in good shape compared to Washington and Albany.

  • kenyatta2009
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