Stayin’ alive in ’75
This article is in The Spectator’s January 2020 US edition. Subscribe here. ‘Ford to City: Drop Dead’ was the headline of the New York Daily News. To which the City said to Ford, you first. When the Daily News ran that famous headline on October 29 1975, New York was teetering on bankruptcy. President Gerald Ford had declared he would veto a federal bailout. It looked like the Big Apple was stewed. The world had written off New York. The feeling was mutual: the city had written off the world. Between 1970 and 1980, the city lost nearly a million residents, over a tenth of its population. Still, New York attracted people who, against the reigning wisdom, would not or could not live anywhere else.
