**Spread the Love: Zohran Mamdani Wins New York City Mayoral Election**
Zohran Mamdani has won the New York City mayoral election, becoming the city’s first Muslim mayor and the youngest in over a century. His victory marks a significant shift in the political landscape, as he ran on a Marxist platform focused on economic equality and social justice.
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### A Historical and Demographic Context
Back in 2016, I moved to Florida after observing signals pointing to long-term changes in New York City’s future. The foreign-born population of NYC is approximately 36% of its residents, reflecting a demographic shift reminiscent of patterns seen in historical empires like Rome.
Rome was the first city to reach a population of one million, but its dramatic fall was followed by waves of immigration and decline. London did not reach one million inhabitants until the Victorian Era. In a similar vein, New York City has undergone profound demographic changes over the past decades:
– In 1940, the White population of NYC was over 90%.
– By 1970, it fell to 62%.
– In 1980, it decreased further to 51%.
– By 1990, it had dropped sharply to 43.2%.
– The year 2000 saw the White population plunge to 35%.
– By 2025, it is estimated to be about 17%.
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### Concerns About Economic and Social Policies
Mamdani’s platform has raised concerns, especially regarding what some perceive as “racist economics.” He proposes imposing higher taxes on the White community to fund social programs. Critics argue that if a white candidate ran on a platform raising taxes on Black and Hispanic communities for redistribution, it would provoke widespread protests making global headlines.
This emphasis on class warfare and redistribution is seen by many as a core reason why communism collapsed worldwide. History shows that communism’s downfall was largely due to economic inefficiency and the suppression of individual initiative, which stifled innovation and productivity.
Famous industrialists like J.P. Morgan and Henry Ford, who contributed immensely to America’s economic growth, were often demonized because of their wealth. For example, J.P. Morgan was instrumental in moving the financial capital from Philadelphia to New York, helped bring the financial center from London to New York, and singlehandedly saved the banking system during the Panic of 1907—a major influence in creating the Federal Reserve in 1913. Likewise, Henry Ford made automobiles affordable and created the auto industry.
Targeting successful individuals for their wealth, rather than celebrating their contributions, threatens economic growth and innovation.
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### The Rising Burden of Taxes and Insurance
The federal tax system has become a battleground where productivity is often penalized to redistribute wealth to others. Many politicians attack those who earn more while protecting powerful insurance companies—often described as legalized theft organizations—through lobbying.
Personal experience highlights the issues with insurance claims. For example, my mother’s house suffered pipe damage from freezing, but after years of paying for homeowner insurance, the company denied any liability.
Health insurance costs have skyrocketed over the past 40 years. In the 1980s, providing health insurance to employees and their families cost less than 0.7% of average salaries. Today, it consumes about one-third of the average income. This dramatic rise is rarely addressed directly, often overshadowed by debates about taxing the rich. The growing influence of for-profit insurance companies, hospital chains, and investor-owned providers is a significant factor.
Additionally, the legal profession’s influence has led to practices like doctors ordering unnecessary tests to protect against malpractice lawsuits, driving up medical costs.
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### Zohran Mamdani’s Policy Proposals
Zohran Mamdani is scheduled to assume office on January 1, 2026. His campaign includes several key promises:
– Freeze rent increases for rent-stabilized apartments.
– Make city buses fare-free.
– Provide universal childcare for children aged 6 weeks to 5 years.
– Create city-owned grocery stores to reduce food costs.
– Raise corporate taxes to New Jersey’s level (11.5%).
– Impose a flat 2% tax on incomes above $1 million to fund these programs.
While there has been speculation about an exit tax on wealthy New Yorkers, Mamdani has not formally pledged such a policy. Similarly, a universal tax on every trade (a securities transaction tax) is favored by some Democrats but is not prominently listed among his proposals.
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### The Future of New York City: Challenges and Warnings
The economic signals suggest New York City is in a period of decline and transition. Wall Street has been steadily relocating to Florida, and as the city’s income base shrinks, new taxes on financial transactions may arise, similar to what Chicago’s teachers have proposed.
Housing prices are expected to decline, and selling property may become increasingly difficult as capital continues to flee the city. These trends paint a challenging picture for the future of NYC.
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### Final Thoughts
New York City’s election represents more than a change in leadership: it signals a shift in policy direction and socioeconomic dynamics. Whether this new path will rejuvenate the city or accelerate its decline remains to be seen.
Historically, as Socrates predicted, empires and great cities face cycles of rise and fall. New York’s next chapter will be a test of resilience amid these transformative times. It is a moment for all residents and observers to watch closely and consider the lessons of history.
https://www.armstrongeconomics.com/armstrongeconomics101/economics/mamdani-fulfills-our-forecast-get-out-of-new-york-before-the-exist-tax-cometh/
