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

New York City's finance capital stands to lose luster in a rapidly de-globalizing world.

Wall Street generates 20% of city's income, funds a big chunk of the city’s essential services and safety net.

Competitors like Dallas and Miami are eating New York's lunch, as firms increasingly choose to locate new operations in Sun Belt .

Spending less money is rarely popular, but Adams shouldn’t wait for a budget crunch before doing the responsible thing. Strong fiscal leadership could even help him stand out among his competitors in November ’s general election. After all, when the waters get choppy, a steady hand at the wheel keeps the ship on course. John Ketcham is director of cities and a legal policy fellow at the Manhattan Institute ..