Do you think that commonalities can be drawn between the economic crisis that confronted NYC during the 1970s and the financial challenges it is currently experiencing because of the pandemic?

At least before the pandemic swept through it, New York was a go to location for virtually everything – a financial center as well as a cultural center. But New York has not always been viewed in such lofty terms. During the 1970s, it fell into debt; considered dangerous, it lost millions in revenue when tourists and others avoided it. Finally, the city’s finances became so precarious it barely escaped ending up in bankruptcy; the official papers were filed but never signed. (text pages 220  – 227)   In completing this assignment, you should respond to these two questions:   Question One: What factors do you perceive as being responsible for New York sliding into a fiscal abyss? Fingers have been pointed in many directions: Politicians who kept borrowing more money to meet the city’s expenses; municipal unions who constantly demanded higher wages and benefits; the federal government’s failure to support the city.   Question Two: Do you think that commonalities can be drawn between the economic crisis that confronted NYC during the 1970s and the financial challenges it is currently experiencing because of the pandemic? Are both of these events likely to leave a permanent imprint on the city?