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In Philadelphia, no money for vendors -- and no IOUs, either

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posted on Jul, 20 2009 @ 10:51 AM
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Mayor Michael Nutter on Friday blamed the drastic move on the failure of the Pennsylvania legislature to act on his request for authorization to raise the city sales tax and change the formula for the city's contribution to its employee pension plan. Nutter says these items are necessary to help close a projected city budget deficit of $1.4 billion over the next five years.

The sixth-largest U.S. city by population will delay spending on anything other than payroll, debt service and emergencies, until passage in Harrisburg of a state budget and laws related to the sales-tax and pension proposals. Philadelphia's sales tax would increase by one percentage point to 8% for five years under the proposal.

"These steps come amid a growing cash crisis which must be addressed immediately," Nutter said at a press conference. He has attributed the city budget shortfall to broader economic weakness, which has eroded tax revenue, coupled with rising city pension obligations.

www.latimesblogs

Another city which is deep in a recession and possible close to a Depression.

I wonder what sort of steps they wold recommend to stop this appart from raising the taxes.

Again we see in this article the response from those in power is to "raise taxes", and claim the problem is also because of rising pension obligations.

So apart from raising taxes i guess they will want not to pay pensioneers and instead might even require pensioneers to go back to the market, or make it by themselves without their pensions.

The state of the nation looks sadder, and sadder by the week.




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