Assigned Reading: Philly Borrows $275M to Pay Vendors
(FROM: NBC Philadelphia)
On August 20, in a piece entitled Liberal Policies in Action in Philadelphia, I noted that the City of Brotherly Love will pay $215 million during the next fiscal year to service the debt it already has incurred. That $215 million would be enough to fully fund so many different programs and services here in the city, and nearly enough to pay off the vendors that have, as Mayor Michael Nutter admitted, gone without payment since July.
Borrowing an additional $275 million is not the answer, though under the current arrangement the city may be obligated to pay that money. Still, in the long term, only fiscal responsibility and an aggressive campaign to stimulate real, lasting growth by making Philadelphia attractive to business and industry again will ensure the survival and renewed prosperity of what could be a world-class city.
This city is a microcosm of our federal government. Plagued by pay-to-play politics, hindered by liberal groupthink, rapidly expanding the size and scope of governmental reach, and powerless to stop the growing tide of people who take far more from the government than they put in. But with a little common sense, a little sacrifice, and a fiscally conservative attitude toward everything, the true progress could be staggering.