New-York's debt is higher than ever, totaling $64.8 billion, with every city resident on the hook for $7,760 in borrowing - up 8.5% from last year according to a new report from controller William Thomspon's office. The heavy borrowing pays for new roads, bridges, buildings and other construction projects that have flourished under Mayor Bloomberg's administration. Almost 30% of the city's borrowed money is spent on school construction with Bloomerb spending an average of $5.8 a year in his first term, and $7.6 billion in his second term.
According to the report : "Total debt outstanding as a percent of personal income stood at its highest level since 1980, and the highest debt among the largest cities in the nation."
Bloomberg has said he is proud to have increased spending on vital but
long-neglected water and sewer projects like a third water tunnel under Manhattan.
Pierre-Alexandre Tonin
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