Treasury Secretary Warns NYC of Economic Ruin Under Mamdani’s Socialist Plans

WASHINGTON — Treasury Secretary Scott Bessent warned Wednesday that New York City would face financial collapse and beg for a federal bailout if mayoral candidate Zohran Mamdani implements his socialist economic policies, vowing the city would be told to “drop dead” if it seeks federal aid.

Bessent, a Wall Street veteran, told “Mornings with Maria” that Mamdani’s agenda, including free buses, city-owned grocery stores, and rent freezes, would drive away high earners and businesses. “You can’t enact policies like this and expect to be bailed out,” he said, predicting New York City would come to Washington for help if Mamdani wins the mayoral race.

“I guarantee you, New York City will be coming to the federal government for a bailout if Mamdani’s plans are implemented,” Bessent said, echoing President Gerald Ford’s 1975 refusal to rescue the city from fiscal crisis. He highlighted the ongoing exodus of wealth from Manhattan to Palm Beach County, noting, “We’ve already seen the greatest transfer of wealth in U.S. history” over the past five years.

Mamdani, a 33-year-old democratic socialist who won an upset in the Democratic mayoral primary, has prioritized affordability but drawn fierce criticism from Wall Street. Billionaire hedge fund manager Bill Ackman, a vocal opponent, warned that Mamdani’s financial plan would “destroy jobs and cause businesses and wealthy taxpayers” to flee. Ackman vowed to fund a rival candidate, declaring on X, “Socialism has no place in the economic capital of our country.”

Mamdani’s campaign did not immediately respond to requests for comment.

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