US EditionPublished • loading... • Updated
Scott Bessent warns that the feds won’t bail out NYC under Zohran Mamdani
Treasury Secretary Scott Bessent warns federal support is unlikely if socialist policies cause New York City to lose high earners and businesses, risking financial crisis.
- On September 24, 2025, Treasury Secretary Scott Bessent stated that the federal government would refuse financial assistance to New York City if it chooses Democratic socialist Zohran Mamdani as mayor.
- Bessent issued this warning because Mamdani’s proposed policies include increased taxes on millionaires and corporations, which Bessent says would drive away jobs and businesses.
- Mamdani, who won the Democratic primary in June with 56% of the vote and leads by double digits in polls, plans rent freezes, free buses, city-owned grocery stores, and universal childcare funded by a 2% tax on incomes over $1 million.
- An August report by The Citizens Budget Commission found that New York's proportion of millionaires declined from 12.7% to 8.7%, resulting in a $13 billion loss in state and city income tax revenue, while the number of jobs created in New York City during the first half of 2025 was under 1,000, a significant drop from 66,000 in the same period the previous year.
- Bessent’s statement, invoking the 1975 'Drop dead' phrase attributed to Gerald Ford, implies that New York must manage its own fiscal challenges if Mamdani’s plans proceed, signaling potential federal disengagement and increased financial strain.
Insights by Ground AI
Podcasts & Opinions
14 Articles
14 Articles
Treasury Secretary Bessent Scott Bessent Warns Feds Won't Bail Out NYC Under Socialist Mamdani, 'Drop Dead' - Geller Report
"The goal of Socialism is Communism." Vladimir Lenin. If Mamdani's insane economic policies are enacted, the job creators will flee New York City en masse. And when the tax revenue plummets Mamdani will come crawling to the federal government begging for a financial bailout. Rest assured, Mamdani will not get one red cent from the Trump Administration. This is not going to end well for NYC.
Treasury’s Bessent message to NYC on any bailout: ‘Drop dead’ - Hawaii Tribune-Herald
WASHINGTON — The Trump administration will not bail out New York City in any financial crisis if Democratic mayoral candidate Zohran Mamdani follows through with his plans, Treasury Secretary Scott Bessent said on Wednesday.
Coverage Details
Total News Sources14
Leaning Left2Leaning Right8Center2Last UpdatedBias Distribution66% Right
Bias Distribution
- 66% of the sources lean Right
66% Right
L 17%
C 17%
R 66%
Factuality
To view factuality data please Upgrade to Premium
