The New York City's Big Budget

The New York Sun reports:

New York City is infamous for having a budget of more than $50 billion - fourth only in size behind that of the federal government, California, and New York State - for just 8 million inhabitants, which is why those inhabitants have one of the heaviest tax burdens in the country. A Manhattan Institute "Fiscalwatch Memo," authored by Nicole Gelinas and released in July, detailed how 70% of the new spending in this fiscal year's $51.8 billion budget is spent on Medicaid costs, interest payments servicing the city's debt, and pensions and benefits for city employees. All of which, the Fiscalwatch detailed, had risen since the mayor took office.

Amazing.Do you want to lend New York City money?