Treasury Secretary Scott Bessent warned on Wednesday that if Zohran Mamdani carries out his socialist economic plans as mayor, New York City will come begging Washington for a bailout – and he won’t give them one.
“I guarantee you, and there’re not a lot of things in life that are sure, but New York City will be coming to the federal government for a bailout if Mamdani’s plans are implemented,” Bessent told FOX Business’ Maria Bartiromo.
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“And are you going to give them that bailout?” asked Bartiromo.
“It will be the same thing that Gerald Ford said. Drop dead,” Bessent said during his interview on “Mornings with Maria.”
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Bessent, a Wall Street veteran, doubled down on his warning, saying: “You can’t enact policies like this and expect to be bailed out.”
Mamdani’s campaign did not respond to FOX Business’ request for comment.
Bessent added that New York risks losing its tax base if Mamdani’s plans take effect: “All the high earners, all the businesses. If you look back over the past five years, we’ve already seen the greatest transfer of wealth in U.S. history from Manhattan County to Palm Beach County.”
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His comments come as New York City eyes the potential election of 33-year-old democratic socialist upstart Mamdani.
Mamdani has placed affordability at the forefront of his campaign to helm America’s largest city. But his proposals have rattled Wall Street, where executives have emerged as some of the loudest critics of an agenda that includes free buses, city-owned grocery stores and rent freezes for rent-stabilized tenants.
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Following Mamdani’s underdog win in the Democratic mayoral primary, billionaire hedge fund manager Bill Ackman vowed to finance a rival candidate.
He also warned that Mamdani’s financial plan would “destroy jobs and cause businesses and wealthy taxpayers” to leave New York.
“Socialism has no place in the economic capital of our country,” the Pershing Square chief wrote in a post on X.
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