"We cannot continue. Our pension costs and health care costs for our employees are going to bankrupt this city"
- Michael Bloomberg
About this Quote
This quote by Michael Bloomberg is a cautioning about the monetary state of the city. He is stating that the city can not continue to operate in its present state, as the expenses of providing pensions and health care for workers are too expensive and will eventually result in personal bankruptcy. This is a severe problem, as it could have a disastrous impact on the city's economy and the lives of its residents. Bloomberg is likely requiring action to be taken to reduce these expenses, such as cutting back on benefits or increasing taxes, in order to avoid the city from going bankrupt. His message is clear: the city must take steps to address its financial scenario or face alarming effects.
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