July 30th 10pm
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New Blog Posts


​Notes From The Field By Simon Black
July 30, 2018 Punta Cana, Dominican Republic
​
Bankrupt Philadelphia Plunders Its Property Owners For Cash
 
Like a lot of major cities in the United States, Philadelphia is in pretty rough financial condition.
 
One of the city’s biggest problems is its woefully underfunded public pension, which has a multi-billion dollar funding gap.
 
In 2001, Philadelphia’s pension fund was still in decent shape with a funding level of 77%, meaning that it had sufficient assets to meet 77% of its long-term obligations.
 
By 2017 the funding level had dropped to less than 50%.
 ...