Mayor Bill de Blasio Warns of Possible Recession

Mayor Bill de Blasio is warning that there could be tough times ahead for New York City financially, with the possibility of a recession in the next couple of years.

“There's a pretty strong debate right now about whether a recession is coming in 2019 or 2020, but there is a very high likelihood that it's going to be one year or the other,” de Blasio said.

The mayor said personal income tax collections are already down nearly $1 billion compared to a year ago.He said policy changes in Washington D.C. and Albany have the policy to put further financial strain on the city.

“If we get continued good news from Washington, from Albany, from our broader economic context, we'll have more freedom. If we get bad news, we'll be ready to make some very tough decisions,” de Blasio said.

Photo Credit: Getty Images

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