Philadelphia Inquirer: Pew: Raising Taxes and Cutting Costs Helped Philly Recover
When it comes to postrecession recovery, Philadelphia is in the middle of the pack of large cities, according to a Pew Charitable Trusts report released Monday.
While the city was almost near full recovery in 2011 - the last full year of data used for the report - Pew researchers warned that Philadelphia's unfunded pension and retiree health benefits posed great threats to the city's available revenue in years to come.
The report, "America's Big Cities in Volatile Times," was based on data from 2007 through 2011 and looked at how the country's 30 most populous cities fared in the aftermath of the recession, which ended in June 2009.
In a news conference call Monday, Pew's director of state and local fiscal health, Kil Huh, offered this advice to all cities still recovering from the recession: "First step is to pay your bills each year."
Read the full article at philly.com.
- American Cities Project