The word "recession" is being used by financial pundits, politicians, and journalists to describe the current economic status of many areas in the United States-particularly New York City. However, I feel that this label is a misnomer- especially as it pertains to New York.
I would describe the city's current financial position as one that is being adversely effected by a deliberate mismanagement of funds.
The city does not appear to be depleted of cash. Proof of this can be found in several construction projects that would not be possible in a cash-poor municipality.
Exhibit A: The building of the new Yankee Stadium, with a reported 9-figure contribution from the city's public funds.
Exhibit B: The $7.2 Billion project that is currently underway to extend the Long Island Railroad's service to the east side of Manhattan.
Exhibit C: The city has enough money for certain members of the city council to ravage budgets without explanation.
Despite all of the evidence of the existence of large sums of public money in the hands of city officials, the public is being sold on the idea that their economic hardships are due to a "recession." The orchestrators of societal conditions want us to focus on this term. It is an iron mask for what is really going on- the gross misdealing of our hard-earned tax dollars.