New York City Mayor Zohran Mamdani boasted this week that his $125.8 billion budget proves socialists “understand economics” and that his administration “budgeted honestly.” In reality, his supposed fiscal triumph is anything but honest. It relies heavily on fiscal gimmickry, a huge bailout from Albany, and accounting maneuvers that push fiscal pain into the future.

Standing in the City Hall Rotunda, Mamdani announced he had reached a “handshake agreement” with City Council Speaker Julie Menin on a $125.8 billion fiscal 2027 budget, a budget that the City Council would then vote to adopt later that day.