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11-06-2008, 08:40 AM
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Senior Member
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Join Date: May 2008
Location: Philly
978 posts, read 402,125 times
Reputation: 157
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Pittsburgh's Finances
So with Philadelphia grappling with its biggest deficit since it barely avoided bankruptcy in 1992, what are Pittsburgh's finances like in this economy?
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11-06-2008, 09:41 AM
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Senior Member
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Join Date: Dec 2007
Location: Pittsburgh, USA
1,627 posts, read 1,190,472 times
Reputation: 321
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It seems not long ago (2002?) we narrowly escaped bankruptcy and was put under some type of state guardianship. I think we're out of that now and things are looking brighter. We're aware of what our financial problems are but the politicians don't care to address it.
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11-06-2008, 09:49 AM
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Senior Member
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Join Date: May 2008
Location: Philly
978 posts, read 402,125 times
Reputation: 157
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Quote:
Originally Posted by PeterRabbit
It seems not long ago (2002?) we narrowly escaped bankruptcy and was put under some type of state guardianship. I think we're out of that now and things are looking brighter. We're aware of what our financial problems are but the politicians don't care to address it.
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as a warning, Philly narrowly escaped Pittsburgh's predicament in 1992...Rendell forced through some much needed reforms but didn't go far enough. Philly was assigned PICA to monitor its budget situation to keep it honest. Still, after Rendell's initial term and the crisis was averted, there was no will to address the city's long term competitiveness and fiscal problems...PICA and all the good government groups warned the city for years to no avail. not the city is facing a $850million to $1bn shortfall and, like pittsburgh, as a hopelessly underfunded pension plan.still, it seems like some projects are happening in pittsburgh which is a good thing. |
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11-07-2008, 02:02 PM
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Senior Member
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Join Date: May 2007
Location: Erie, PA
710 posts, read 529,564 times
Reputation: 147
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Last I heard, the city itself was almost $2 billion in debt and debt intrest was 25% of the budget! I think they have had some budget surplusses since then; I hope to goodness they are paying down that debt!!
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11-07-2008, 02:53 PM
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Senior Member
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Join Date: Dec 2007
Location: Pittsburgh, USA
1,627 posts, read 1,190,472 times
Reputation: 321
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$2 billion is what I heard too. I didn't know the interest was so high. How did we get twice as much in debt as Philly?
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11-07-2008, 03:21 PM
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Senior Member
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Join Date: May 2008
Location: Philly
978 posts, read 402,125 times
Reputation: 157
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Quote:
Originally Posted by PeterRabbit
$2 billion is what I heard too. I didn't know the interest was so high. How did we get twice as much in debt as Philly?
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the number I quoted is the budget shortfall NOT the total debt. I don't know what total debt is but I found this post in another forum (please don't delete) that indicates the debt service is $200 million alone. |
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11-07-2008, 06:56 PM
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Senior Member
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Join Date: Apr 2008
Location: Just East of the Southern Portion of the Western Part of PA
447 posts, read 237,379 times
Reputation: 164
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