Getting the Business (Vol. 42, Issue 2)
The financial ills of New York City, which will in all likelihood culminate in fiscal default, are affecting every one of us, as students of Yeshiva University. A default would not only result in considerable cutbacks of vital city services, but would significantly afflict all private colleges whose financial health and credit are to a major extent tied up with the city’s.
At this critical moment in New York’s history, when direct federal assistance is not only needed but expected, our president, in a politically motivated move, has conspicuously disregarded the plight of New York City. What is particularly disheartening is the fact that President Ford whose executive legitimacy depended on Congressional approval, is now attempting to override the duly elected Congress, which represents the will of the people. By threatening to veto any Congressional action which would guarantee the solvency of the city, Mr. Ford is turning his back not only on the people of New York, but on every American whose job and security will be threatened by the chaotic conditions resulting from a New York default.
The Commentator, therefore, recognizing the critical state of affairs, urges all Yeshiva students to impress upon their individual Congressmen the disastrous consequences a New York default would portend, not only for Yeshiva University but for most Americans. President Ford's marked antipathy concerning the New York situation is deplorable. Only through a concerted Congressional effort can New York City be saved from imminent disaster.