http://www.theepochtimes.com/n2/content/view/25797/

...Bloomberg discussed details of the projects during his weekly radio address on Sunday. He began by referencing the fiscal crisis in the 1970s when New York City cut back on maintaining and upgrading infrastructure. The result was that "for years afterwards, we all paid a steep price in fixing bridges, sewers, and other facilities after they'd already broken down. So we're not going to take that path again," said Bloomberg in a transcript of the address.