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Bloomberg Defends NYC Wealth Gap

Bloomberg Defends NYC Wealth Gap
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Mayor Bloomberg says the income gap isn't all bad

Michael Bloomberg says the reason there's such a big income gap between the poor and rich in New York City is that the city attracts so many wealthy people.

He says it would be a "godsend" if every billionaire came to live in the city because they pay a lot of taxes. The billionaire mayor says those taxes fuel the city's economy and help people throughout the rest of the income spectrum.

Bloomberg made his comments Friday on his weekly WOR radio show. He was responding to a question about new Census data that showed an increase in the city's poverty rate and a wide gap between the poor and rich.