Philly Suburb Cities Feeling the Pinch

13 October 2009 - 8:00am

Townships surrounding Philadelphia have managed to survive the recession until now, but city coffers are now going into the red and cities are being forced to take action.

"Township finance experts repeatedly use the "perfect storm" cliche to sum up this year's predicament.

A dormant real estate market has dried up commercial and residential transfer-tax revenues, a staple of most local tills. Rising unemployment has put an added hit on earned-income taxes levied by many municipalities.

Building permits are in the tank, pension obligations are soaring, rainy-day funds are being depleted, and residents - their personal budgets similarly strapped - are in no mood for tax increases."

Source: The Philadelphia Inquirer, October 12, 2009
Bookmark and Share
In short, we’ve seen the last of the cheap oil on which we’ve built our economy, our communities, and our daily lives.