| Philadelphia agreed to borrow $50 million just to be able to reopen schools for the fall with minimum staffing.
"Just a month after Detroit became the largest American city to file for bankruptcy, and with major cities like Chicago and Los Angeles struggling, this former manufacturing behemoth is also edging toward a financial precipice. But here the troubles are centered on the cash-starved public schools system. ... In June, the district closed 24 schools and laid off 3,783 employees, including 127 assistant principals, 646 teachers and more than 1,200 aides, leaving no one even to answer phones....The unusual situation stems from a combination of politics and long-term structural problems., as was the case with Detroit, the district's full debt is even worse than what is known because retiree health and pension obligations have not been disclosed. That is about to change... |
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