New York City could be one recession away from bankruptcy, financial analysts are warning.

Experts say that the city’s high tax burden, its net out-migration, and skyrocketing public spending could result in New York’s first bankruptcy in more than 40 years.

‘The city is running a deficit and could be in a real difficult spot if we had a recession, or a further flight of individuals because of tax reform,’ economist Milton Ezrati told the New York Post.

‘New York is already in a difficult financial spot, but it would be in an impossible situation if we had any kind of setback.’

The last time New York was close to bankruptcy was in 1975, when then-President Gerald Ford famously refused to bail out the city from its crippling debt.

New York City could go bankrupt if a recession hit, financial analysts are warning

Mayor Bill de Blasio’s new budget includes an additional $3billion in spending - on top of the current $89.2billion

Last October, the city said that its long-term liabilities, including bonded debt, pensions, and other retirement benefits for its public sector workers, reached a record $257.3billion, an increase of $4.7billion since fiscal year 2017.

The average liability per New York City household has increased by more than $1,500 to $82,577, according to the Citizens Budget Commission.

Mayor Bill de Blasio’s new budget includes an additional $3billion in spending - on top of the current $89.2billion.

Analysts say de Blasio’s preliminary fiscal 2020 budget includes $750million in savings, but that won’t be enough if a recession comes - as many predict.

The mayor has also increased spending since taking office. The pace of his spending increase is triple the rate of inflation, according to the Post.

The state has also added more than 33,000 public sector workers in the last five years, thus increasing its long-term liabilities.

The last time New York was close to bankruptcy was in 1975, when then-President Gerald Ford famously refused to bail out the city from its crippling debt

To make matters worse, Governor Andrew Cuomo’s preliminary budget calls for a $600million in cuts to spending on the city.

Economic worries are also on the mind of the powers that be in Albany.

Cuomo said on Monday that the state is running a $2.3billion deficit.

Cuomo said the new tax law passed by the Republican-led Congress in 2017, which limits the ability to deduct state and local taxes from federal income taxes, contributed to the deficit, according to WAMC.

The governor also said that the dip in the stock market in December led to lower than anticipated tax payments.

Cuomo says he is opposed to plans by progressive to impose even higher taxes on wealthy New Yorkers in order to subsidize ambitious programs like single payer health care.

The governor says that New York already has the second highest taxes on millionaires in the country.