You lost me at:
Quote:
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One such group, the National Welfare Rights Organization (NWRO), founded by African-American militant George Alvin Wiley, was successful in the bankrupting of New York City in 1975
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The crisis in NY peaked in October of 1975 (NY Times). The NWRO went bankrupt in March of 1975 (Wikipedia).
New York never went bankrupt.
Oh it was CLOSE - papers were going to be filed. But it never happened. I'd moved from NYC to NH in 1974 so I was aware, even though I was young, of the problems the city was having.
And for some radical group to claim they were the reason NY had so many problems is to have delusions of grandeur. Especially when the group itself went bankrupt half a year before.
The reason NY was going down the drain is because they were borrowing money to cover operating deficits, not just capital expenditures.