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NYC Mayor Fires Teachers While Opening Gay/Lesbian Senior Center!

Mayor Bloomberg recently submitted his proposals for dealing with the fiscal crisis that is now plaguing New York City.  For the first time since the stagflation era of the 1970s, he is proposing to cut 4,000 teachers.  Yet, according to the New York Times, the same budget includes new money to fund a series of Senior Citizen centers across the city, including one specially designed to cater to the needs of the gay, lesbian, bisexual, and transgender community of senior citizens.  In addition, 1,000 slots at low-income child day care centers are also being eliminated, as well as $51 million of a previous $91 million budget for child care services.

New York City has what are among the highest taxes in the nation.  Although its tax revenues this year are robust, last year's revenues were lower, as were revenues in 2008.  But, the State of New York is nearly bankrupt, and has cut some funding for the City, more than cancelling the City's own revenue increases. The City has no choice but to cut its budget because it cannot raise more taxes without creating a profoundly negative effect on the city economy.  It cannot spend money that it doesn't have.  So, something has got to be cut.  New York's Mayor can save a lot of cash by firing teachers.

But, it is a question of priorities.  Should teachers and child care be cut, while the City builds senior citizen gay and lesbian centers?  What is more important?  Senior citizens, some of whom are living an alternative lifestyle?   Or, the children, who are the future?  We leave this question for the reader to decide.

Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.