Read the above article as opposed to this:
5th Largest City in US is Effectively Bankrupt
You know a city is in deep trouble when its mayor invites Wall Street but not the press and not private citizens to a closed meeting to discuss the future, including a sell-off of city assets.
Philadelphia Mayor Michael Nutter, whose municipality has the lowest credit rating of the five most-populous U.S. cities, did just that.
My translation: Philadelphia is bankrupt. However, that easily discernible fact will of course be denied until it officially happens.
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Chicago sold off the cash stream from the right to park a car anywhere in the city for the next 75 years.
Of course, the contract that solemnized that deal is only one Supreme Court decision from becoming "inoperative," but still.
Phillys just a little smarter as their wage tax is higher. The magic bullet wage tax ya know.