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Report: Philadelphia debt burden more than $50,000 per taxpayer

MAY 28, 2019 | KPVI NEWS (PENNSYLVANIA) | by Dave Fidlin

“Of the 10 largest U.S. cities, the ‘City of Brotherly Love’ had the fourth largest taxpayer burden, Truth in Accounting said in its report, ‘Taxpayers on the Hook.’ The ranking was based on outstanding debts – including unfunded pension bills – in the city itself, as well as other units of government. … Truth in Accounting’s report has raised criticism from at least one state-based organization, the Pennsylvania Budget and Policy Center. ‘It’s not a red herring, and it’s not a real problem,’ Director Marc Stier said. “[The debt] will shrink at some point in the 2030s.’ …”

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‘Fungibility’ means there’s no free lunch

MAY 28, 2019 | CALMATTERS | by Dan Walters

“Let’s talk about ‘fungibility’ – the economic concept that one unit of a commodity may be interchangeable with another. That’s true if the commodity involved is something like a bushel of corn or a barrel of crude oil. But in politics, the commodity is money and fungibility means that a dollar is a dollar and if it’s spent on one thing, it’s not available for another thing, no matter how it may be spun to the public.”

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