9. From deficit to surplus
Michael Bloomberg’s success covers not only his own business ventures but also the city he once ruled. New York City had $6 billion of deficit before he became the city’s Mayor. But he turned that deficit into a $3 billion surplus. That means in total, he earned the city $9 billion!
How did he do that?
Well, this part is a bit controversial. Bloomberg claims that he did that by being a fiscal conservative. He made sure that the city’s services were provided efficiently only to the people who need them. This included finding innovative ways to do more with less.
However, some criticized him for increasing property taxes. To his defense though, he did that only when necessary to balance the budget. Well, does it really matter since New York City is the home to many rich and famous living in some of the most expensive penthouses in the United States?
