What Happens When the Banks Aren't Going to Continue to Finance the City?

In the summer of 19 75, New York came under pressure to make a set of budget cuts. It lays off about 20 % of its work force over the subsequent three years. This affects almost every aspect of the city's public sector. Hospitals are closed and local health clinics are closed. The school day is shortened by 90 minutes nor all. Many teachers are laid off. Class sizes go up, in some cases, forty five or 50 kids per class. There are o the libraries are cut, ours are cut. All all through the city'sPublic sector there is this profound contraction e police officers are laidoff. And this, again, is met with a, now a wave of