Wall Street woes will hammer NYC so Eric Adams must cut spending NOW

After a week of tariff-driven ups-and-downs in the financial markets, New York City’s economy may soon start feeling woozy.The longtime finance capital stands to lose more than just luster in a rapidly de-globalizing world: Billions in city tax revenue and thousands of jobs are on the line.Greater uncertainty will make foreign and domestic companies more risk-averse, turning them away from dealmaking.Fewer buyouts and mergers mean leaner times — and not just for investment bankers and hedge fund tycoons.It may be hard to pity an industry whose members in the city get bonuses averaging $244,000, but New York runs on Wall Street.Besides generating 20% of Gotham’s total income, finance funds a big chunk of the city’s essential services and safety net.About 23% of the city’s personal income tax collections and 7% of its total tax revenue come from the securities industry, according to state Comptroller Tom DiNapoli.That’s more than $5 billion annually out of the current year’s $112 billion budget.History shows that the city’s fortunes are joined at the hip with Wall Street’s.By 1977, Wall Street jobs had dwindled to 70,000, declining by some 30% during that bad old decade.As the city clawed back from fiscal ruin, the finance industry boomed in the Gordon Gekko 1980s, more than doubling employment to 160,000.That set the stage for the extraordinary safety improvements and prosperity of the feel-good 1990s.Today, big banks, hedge funds and asset managers lease space in or own the city’s choicest skyscrapers and spend big bucks on corporate-card dinners, making them indispensable to real estate, restaurants and retail.Yet New York needs Wall Street far more than Wall Street needs New York.Securities jobs in the city peaked in 2000, when they numbered roughly 200,000, and fell after 9/11.A quarter-century later, despite the sector’s enormous growth, the industry accounts for about 195,000 Big Apple jobs.The reason? Competitors like Dallas and Mia...