Let's play a game. Assume for a minute Mike Bloomberg lost and he's packing up his office after two terms. What would we say about his legacy?

We'd say he made remarkable gains fighting crime and his NYPD helped prevent terror attacks. Some of his public-health initiatives, especially against smoking, were visionary models for a global movement.

We'd say he encouraged and presided over a dramatic upscaling of city life, with a glitzy high-rise sprouting on every block. And that he achieved a relative peace on the racial-war front.

But we'd also talk about the other side of the Bloomberg legacy. We would start by saying how he leaves behind a high-tax, high-spending city that is again in financial trouble.

How he gained control of the schools and made progress, but not nearly enough to justify the enormous price. How he abdicated leadership at Ground Zero.

And that the skyrocketing cost of living, especially for housing, is pushing out young families and contributing to 10 percent unemployment.

OK, game over, but you get the point. Our list makes obvious what Bloomberg must do in the third term if he is to secure a legacy to match his potential.

Michael Goodwin is a New York Post columnist and Fox News contributor. To continue reading his complete column, click here.