The Inquirer reported that the city simply cleared the books on almost a billion dollars of debt from one time fugitives mostly because it was uncollectible. Such sad irony that this news came just a few days after Mayor Nutter said it was necessary to cancel the teachers’ union contract in order to fund the schools. It certainly brings into question the competency and the sanity of city officials in dealing with the school fiscal crisis. Speaking of competency, when will Nutter and the SRC demand fair school funding from Harrisburg? They seem to be afraid to incur the wrath of a weak Governor Corbett – he might get mad at them and cut school funding. Wait – he has already that, hasn’t he?
This brings up a great way to fund the city schools. Go and borrow a gazillion dollars from large corporate banks, and then a day later declare that the loan cannot be repaid and just wipe it off the books. Problem solved!