Zohran Mamdani mocks iconic Margaret Thatcher quote as New York’s socialist mayor marks first 100 days in office

New York City is currently facing an estimated $5billion budget deficit, with the 34-year-old Mayor invoking Lady Thatcher’s famous line to blame previous administrations for fiscal mismanagement.

He said: "I have thought often of the Margaret Thatcher quote: 'The problem with socialism is that you eventually run out of other people's money'.

"If anything my friends, it seems that you eventually need a socialist to clean up the mess."

Mr Mamdani - New York's first Muslim mayor - also doubled down on his political identity as a democratic socialist, vowing to not shy away from ideas deemed too radical.

He said: "As I said on that freezing January afternoon to more than 8 and a half million New Yorkers, 'We will make no apology for what we believe. I was elected as a democratic socialist, and I will govern as a democratic socialist.'

"Tonight, I want to talk about what we’ve done. Not to congratulate ourselves, but as a reminder of what is possible. With what we’ve accomplished in 14 weeks, imagine what we can do together in four years."

While Mr Mamdani has yet to deliver many of the flagship policies he was elected on, he used the speech to highlight his administration’s early achievements and unveil a series of new proposals.

The New York Mayor pointed to pothole repairs as proof there was “no task too small” for his administration.

He said: “By the end of this fiscal year, the Department of Transportation will repave 1,150 lane miles of our streets. Enough to stretch from New York City to Miami.

“This is pothole politics, our 2026 answer to sewer socialism, where government is not too busy, not too self-important, not too mired in paperwork to fix the problems of this city, no matter their size.”

One of the Mayor’s key achievements, he said, was securing $1.2billion in partnership with Governor Kathy Hochul to expand New York’s 3-K programme and launch a pilot scheme offering free childcare for two-year-olds.

However, many of his flagship policies - including free buses, expanded fast lanes, a rent freeze for rent-stabilised flats and city-owned grocery stores - have stalled.

In his speech, he vowed to open the first of five city-owned grocery stores by next year.

But plans for the East Harlem site, already owned by the city, are expected to cost $30million - nearly half of the proposed $70million budget for all five stores, according to The New York Times.

His plan for a rent freeze will not move forward until the Rent Guidelines Board - which Mr Mamdani has stacked with appointees who support his position - votes this summer.

To plug the budget gap, Mr Mamdani had proposed raising property taxes - the only levy the mayor can increase unilaterally - but has since backed away from the plan.

The proposal was widely rejected by the City Council, with the Mayor warning it would have to be reconsidered unless the Governor and state legislature raise taxes on the city’s wealthiest residents.

Vermont Senator Bernie Sanders made a surprise appearance at the event, telling the crowd: “This is the first time I was ever introduced by someone who talked proudly about democratic socialism.”

The long-time democratic socialist, who ran for President in 2016 and 2020, added: “What you are doing and what the mayor is doing is providing hope and inspiration not only to people all across our country but honestly all across the world.”

A survey by the Marist Institute for Public Opinion found 48 per cent of New Yorkers approve of Mr Mamdani’s administration, while 30 per cent disapprove and 23 per cent remain unsure.

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