NEW YORK (FOX 5 NY) - The possibility of a recession this year or next is real in the U.S., according to economists.
New York City would not be spared but Mayor Bill de Blasio isn't worried. Speaking with FOX 5 NY morning program, 'Good Day New York,' Hizzoner said he is confident the city will make it through the storm, if it strikes.
"We just had the first bond rating agency in a decade say this city's finances are so strong they upgraded our bonds ," said de Blasio. "The agency looked at the city's economy, government and reserves. We have the biggest reserves we've ever had in the history of New York City."
While the rating is a positive sign, many New Yorkers feel it's getting too expensive to live or work here. Throw in a recession, life would get very difficult for many.
"Our finances are extraordinarily stable," said de Blasio. "We've set aside the reserves to be ready."