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It was just 45 years ago today, October 30, 1975, when the New York Daily News ran with the head line “Ford to City, Drop Dead”. At the time, New York City was in debt, big time, and was asking the Federal Government for a bailout. Now, the government can do this, but government itself does not make money, it can only give what it takes from taxes, without of course going into debt itself.
President Ford had talked to the National Press Club the night before, stating that with the fiscally irresponsible government mismanagement that New York City was plagued with the Federal Government could not in good conscious throw money down the spiral that was New York City. However, unlike the newspaper, Ford wasn’t just going to let the city drop dead. The Federal Government would work to help pay government salaries. The City did work towards tightening their belt, which was a positive, however, President Ford ending up giving the city a 2.3 billion dollar bailout. When dealing with finances, one must be frugal and Conservative, so as to be able to be charitable, a lesson that New York City and many others still haven’t learned.
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