Show r iJ Vii 11 t t r Worm Norm in the Big Apple New York City is a great place for a good time As almost every literate American must know by now however theres there's a worm in the Big Apple The city faces imminent bankruptcy because of its enormous financial problems The question now facing the country is Will we taxpayers in the theother theother theother other 49 states reward New Yorks York's profligacy by bailing it out compliments compliments compliments com com- of Washington D. D C Senator Jake Garn of Utah himself a former mayor of Salt Lake City recently sliced through the rhetorical smoke screen screen erected by his liberal colleagues on Capitol Hill and put the issue into clear perspective Said Garn Simply gutless irresponsible leadership by a bunch of willy-nilly willy politicians was responsible for New NewYork's NewYork's NewYork's Yorks York's problems The city today is in debt about 12 billion It is estimated that its operating deficit for the current year alone is million Basically the city's problem is simple says Robert Samuelson in the latest issue of The New Republic lived for credit Having years on running persistent deficits disguised by bookkeeping gimmicks and financed d dby by loans that were repaid by more loans the city can no longer borrow from its traditional sources Commercial Commercial Commercial Com Com- mercial banks insurance companies and private individuals refuse to bankroll the rising pyramid of debt New York has long boasted of its cheap public services They include a multi billion dollar welfare program costly health facilities and a tuition- tuition free university that compete directly with the private sector But now the day of reckoning is is' at hand and someone is going to have to pay and pay Despite his pleas to Washington New NewYork NewYork NewYork York Mayor Abraham Beame and his administration have yet to bite the fiscal bullet and take the steps that would convince private lenders that the city is serious about its intent to pay its own way Uncle Sam in short is a much easier solution than facing those angry New York voters We believe the White House is percent right to resist New Yorks York's appeals until and unless the city's leaders do everything humanly possible to balance their own books |