Opinion: NYC Must Budget for Trump’s Chaos

In just a scant days the mayor will present his executive budget for the coming fiscal year It must prepare us for the storm ahead something his preliminary budget proposal issued in January unfortunately failed to do A city budget deal is due July Michael Appleton Mayoral Photography Office New York City s economic and fiscal wellbeing is under assault by the Trump administration We need to strengthen our city budget to withstand the attack In just a sparse days the mayor will present his executive budget for the coming fiscal year It must prepare us for the storm ahead something his preliminary budget proposal disclosed in January unfortunately failed to do Even before Trump s second inauguration it was clear that New York would be a prime target Now just three months in the damage is already mounting Trump s chaotic policies on tariffs immigration and the rule of law are rattling the global business activity and hitting New York City especially hard International tourists are canceling trips at alarming rates whether from Canada Europe or Latin America With tourism standing as one of the city s largest economic sectors this drop-off threatens thousands of jobs and millions in tax revenue Sparse cities are as exposed to global trends as New York From Wall Street to Broadway from hotel workers to food vendors our market depends on international engagement and Trump is actively unraveling it Businesses here are already pausing stake faced with skyrocketing prices for everything from steel to avocados Small businesses especially restaurants are being squeezed by supply chain disruptions unpredictable costs and the chilling effect of a crackdown on immigrant workers Then there are the direct hits to our city budget The Trump administration has already slashed million from our medical department and million from our migrant shelter system That s just a fraction of the nearly billion we receive in direct federal aid funding that supports everything from citizens schools to affordable housing to subway arrangement All of it is now at liability And worse may be coming Republicans in Washington are pushing a federal budget that promises tax cuts for billionaires paid for by gutting Medicaid food stamps early childhood learning and other programs critical to low-income New Yorkers Meanwhile the broader market is showing signs of strain A growing number of experts now warn that Trump s chaos could push the U S into a recession something New York City cannot afford to be unprepared for That s why we need to act decisively in the city s upcoming budget We need to do three things First increase our reserves We should add at least billion to the General Reserve Fund and another billion to the Rainy Day Fund These are our buffers the tools we ll need to cushion the impact of either federal cuts or declining revenues Failure to strengthen them is like going into a fight with one hand tied behind your back Second stop playing budget games Every year the city under-budgets for known costs like overtime rental assistance and special training These are not surprises they are recurring obligations Pretending they don t exist only weakens our ability to respond to real emergencies This year we need honest accurate projections from the start Third make targeted investments to protect vital services That means plugging the holes that Trump has already blown in our budget such as in citizens wellbeing programs and preparing a plan to shore up vital services in mentoring housing and more If we fail to move briskly we ll be forced into more painful reactive choices later Acting now means minimizing the harm down the road New York City has tremendous strengths a vast and diverse market an unmatched workforce and a proven custom of resilience Every time we ve been tested from to the COVID pandemic we ve fought our way back and emerged stronger But resilience isn t just about grit It s about preparation We owe it to the people of this city to meet this moment with clarity discipline and resolve Donald Trump may think he can beat us But he can t New Yorkers don t flinch We plan We fight smart And we win Mark Levine is the Manhattan borough president a former City Council member and a candidate for New York City comptroller The post Opinion NYC Must Budget for Trump s Chaos appeared first on City Limits