"The Cost of Good Intentions" examines the fiscal crisis that New York City faced in the 1970s, tracing its origins back to the expansive welfare policies initiated in the 1960s. The book argues that these well-meaning social programs, designed to alleviate poverty and improve urban life, inadvertently set the stage for economic disaster by creating unsustainable financial obligations. Through detailed analysis, the narrative explores how the city's commitment to generous social services, coupled with inadequate fiscal management and broader economic challenges, led to a situation where New York nearly declared bankruptcy, highlighting the complex interplay between political ambitions and economic realities.

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