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Mamdani ripped for claiming victory over capitalism after NYC's multi-billion dollar taxpayer funded bailout
By Peter D'Abrosca
Published July 01, 2026
New York City's mayor is again under fire after spewing outlandish claims that his socialist policies are to credit for a balanced budget in the Big Apple, just after the city received a multi-billion dollar bailout from the state.
"In January, our administration inherited a $12 billion budget deficit — a fiscal crisis greater than the Great Recession," Mayor Zohran Mamdani said in a Tuesday post on X announcing that the debt had been cleared.
"We balanced the budget by taxing the rich and making government more efficient," Mamdani continued. "We did not balance this budget on the backs of working people, and we never will."
New York City Mayor Zohran Mamdani speaks during a primary-night watch party for congressional candidate Claire Valdez on June 23, 2026, in Brooklyn. (Michael M. Santiago/Getty Images)
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But the real reason the budget is balanced is because the city was handed $1.5 billion by the state of New York in January — funded by working-class taxpayers across the state — as part of a multi-year plan to bail out the fiscally challenged city. In late May, the city received another $4 billion.
Of the combined $8 billion provided to the city's bailout fund under former Mayor Eric Adams' tenure and now Mamdani's mayorship, $5 billion was directly earmarked for the city to address fiscal measures. This includes allowing city government to defer pension contributions to close the budgetary gap.
Mamdani's claims about socialist policies producing results — and his failure to mention the massive bailouts provided by taxpayer dollars — did not fly on social media.
New York Gov. Kathy Hochul holds a press conference and makes an announcement on abortion rights at the office on 633 3rd Avenue. (Lev Radin/Pacific Press/LightRocket via Getty Images)
MAMDANI ALLOCATES $500K FOR REPARATIONS TALKS AS NYC FACES $5.4B DEFICIT
"This is a lie," independent journalist Nick Shirley said in a reply to the mayor.
"You balanced the budget by borrowing billions from the NY state government which pushed back pension payments, so you literally took money from 'the backs of hardworking people.' Don’t get it twisted," he added.
Commentator and journalist Nick Sortor also flamed the mayor over the loan and his classification of the bailout.
"Are you saying New Yorkers can 'balance their budgets' by taking out massive credit card loans?" he asked sarcastically.
Independent journalist Nick Shirley sat down for an interview with Riley Gaines as part of the launch of Outkick's "The Riley Gaines Show." (OutKick)
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"Mamdani balanced the budget by taking money from Albany, who in turn taxed Rochester and Buffalo," another social media user said. "That's who is paying for all of Mamdani's free crap."
In a press conference earlier in the day, Mamdani claimed victory over capitalism.
"Throughout this process I have been reminded of the words of the Austrian economist Friedrich Hayek: 'if socialists understood economics, they wouldn't be socialists.'"
A man sleeps on the E train, one of the subway lines most utilized by homeless New Yorkers for shelter, in Queens, New York, on April 7, 2025. (Victor J. Blue for The Washington Post/Getty Images)
After the Republican National Convention (RNC) posted that clip, Mamdani also faced ridicule for that.
"It always looks good at first until the chickens come home to roost," one person replied.
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"He'll soon 'deliver' bread lines instead," said another.
Mamdani's office did not return Fox News Digital's request for comment.
https://www.foxnews.com/politics/mamdani-ripped-claiming-victory-capitalism-nyc-multi-billion-dollar-taxpayer-funded-bailout