Recent News Articles
Local Economy
May 21, 2009
Nutter Lobbies for Approval of Proposed City Sales Tax Hike
City Council on Thursday is expected to give final approval to a budget that would raise the sales tax in Philadelphia for five years. The hard part is next -- Mayor Nutter must convince Harrisburg lawmakers to also lend their approval.
May 21, 2009
Forum on taxes and the budget
The City is holding a forum tonight to discuss taxes and the budget.
May 21, 2009
Taxpayers Assail 'Rich People's Budget'
Protestors are gathering at City Hall on Thursday morning to voice their concerns about the budget proposal. They want city council to think twice about how they say "the rich people's budget" will hurt Philadelphia residents.
May 19, 2009
PHA gets HUD go-ahead to sell abandoned houses
For two years, the Philadelphia Housing Authority begged the federal government for permission to sell a bevy of long-abandoned properties, all at the same time.
May 18, 2009
4 strikes ... they're out? There are only 6 weeks to go until city union contracts expire.
The contracts expire June 30 and with six weeks to go, rhetoric is heating up. Nutter says that he needs concessions to help balance the budget. Union leaders are pushing back hard. The city may be teetering closer to a strike by nonuniformed workers than it has in more than a decade.
May 18, 2009
City attempting to find jobs for workers it laid off
70 municipal employees were handed layoff notices as part of Mayor Nutter's plan to close a $1.4 billion gap in Philadelphia's five-year financial plan. The city is attempting to reroute about 50 of those employees into now-vacant jobs in other parts of the sprawling government.
May 15, 2009
Winners & losers in new budget plan
MAYOR NUTTER and City Council have hailed the compromise budget announced this week as a victory for Philadelphians because residents will be spared from paying higher property taxes.
May 14, 2009
RealtyTrac: Pace of Phila. foreclosure filings slows
The pace of Philadelphia-area foreclosures slowed in April. Philadelphia accounted for 1,188 of the 4,943 foreclosures in the 13-county region.
May 14, 2009
Cracking down on litterbugs
The city is turning to some new tactics to clean up and crack down on people who put their litter where no one wants it. Let's just say someone's watching:
May 14, 2009
City budget advances toward approval
The budget agreement reached by Mayor Nutter and City Council this week is on target for final approval next Thursday after receiving the committee vote it needed yesterday.
May 13, 2009
Half of $14M stimulus here going to job training, education
The city is set to get $14.1 million in workforce-development funds from the $792 billion stimulus package.
May 13, 2009
Nutter's budget mostly holds up
In all, the budget agreement calls for $276 million worth of spending cuts over the next five years, including $56 million next year.
May 13, 2009
Pa. lawmakers hold key to city budget hopes
The city budget is supposed to be approved by the end of May, but the state's budget deadline is the end of June and negotiations often drag into July. So city officials will likely pass their budget without knowing if they will get approval for plans they need to close a $1.4 billion five-year hole.
May 13, 2009
Views divided on city pension proposal
Both Mayor Nutter and City Council this week spackled over a $235 million hole in the next two budget years by agreeing to delay payments to the municipal pension fund, pending state legislature approval.
May 13, 2009
Ask The Mayor for 5/13/09
KYW city hall bureau chief Mike Dunn presents Philadelphia mayor Michael Nutter questions from KYW listeners.
May 13, 2009
Mayor Nutter, DA's Office Reach Budget Compromise
The mayor originally proposed cutting DA Abraham's budget by $7 million -- from $32 million to $25 million -- but Mayor Nutter's budget director Stephen Agostini, says $4 million of that cut is now being restored.
May 13, 2009
Pa. Lawmaker Sees Tough Going for Phila. Budget Proposal
The Republican leader of the Pennsylvania state Senate says he’s keeping an open mind about Philadelphia’s proposal to increase the sales tax by one percentage point for five years.
May 12, 2009
Getting Sales Tax Hiked 'Won't Be Easy'
Mayor Michael Nutter joined "Good Day Philadelphia" on Tuesday morning to discuss the latest budget developments and made the contention that agreement on the spending plan is more important than how the funding issues were resolved.
May 12, 2009
Phila. property tax hike scrapped
Mayor Michael Nutter and city council have reached an agreement on a budget plan that scraps the mayor's proposed two-year property tax increase.
May 12, 2009
City Sales Tax May Grow Under New Budget
City Council has announced that they have reached an agreement on a joint budget proposal that will minimize the economic pain to residents of Philadelphia.
May 12, 2009
Mayor, Council reach an accord on tax rise
Dropping his push for a steep but temporary two-year increase in property taxes, Mayor Nutter yesterday agreed to back City Council's proposal for a five-year sales-tax increase to help close Philadelphia's $1.4 billion budget deficit.
May 12, 2009
Nutter, Council agree on budget
The city will deal with a $1.4 billion five-year financial hole by extending a proposed temporary 1-cent sales-tax hike from three to five years. And to ease immediate financial pressures, officials plan to defer some payments into the city pension fund for two years and pay back the fund later.
May 12, 2009
Free of Property Tax Hikes, Phila. Budget Heads to Harrisburg
Mayor Nutter and City Council members are now banking on the goodwill of state lawmakers after reaching a budget compromise that no longer includes Nutter's proposal to boost property taxes.
May 12, 2009
Casey Talks Up Stimulus to Phila. Business Leaders
US Senator Bob Casey says the money will be invested in critical infrastructure, including roads and bridges, mass transit, and clean water projects.
May 12, 2009
As Economy Struggles, Phila. Office Vacancy Rate Spikes
Office leasing specialist Wayne Fischer with Grubb and Ellis says between 2008 and 2009, Philadelphia jumped from a vacancy rate of 10 percent to 11.3 percent. That translates to about 4.5 million square feet of vacant office space.
May 11, 2009
Mayor and Council agree for now: No property tax hike
Mayor Nutter and City Council have reached an agreement in principal on the city’s budget which would wipe out the Mayor’s proposed property tax increase and instead raise the city’s sales tax a penny on the dollar for five years, five sources familiar with the plan confirmed this morning
May 11, 2009
Mayor's Office Puts Up Web Site To Track Stimulus Cash
Curious about how Philadelphia is applying for and spending money through the the American Recovery and Reinvestment Act of 2009, aka the federal stimulus program? Mayor Nutter's staff just went live with a web site to track the cash.
May 11, 2009
They'd talk trash, but union leader, mayor aren't speaking
Matthews said the administration had not tried enough to reduce costs by eliminating unnecessary outside contracts. He detailed four areas in which he believed money could be saved: the Water Department, Fleet Management, the airport, and the City Solicitor's Office.
May 11, 2009
Council gets an earful on library cuts
Staffing cuts earlier this year mean that 53 branches - all except the Central Library - will open five days a week beginning July 1. Most are open six days now.
Regional Economy
May 18, 2009
The great budget divide largely ideological
When Republicans secured Senate passage of their bare-bones Pennsylvania budget this month, they hailed it as "prudent" and "fiscally responsible," while Democratic lawmakers lined up to oppose its across-the-board spending cuts, calling it "out of touch" and "mean."
May 18, 2009
Rendell Says "No Whining" - Then Complains About Senate Budget
Governor Rendell, after declaring that he would not tolerate any “whining” about his budget cuts, is up in arms about a state Senate budget that cuts even deeper.
May 18, 2009
Budget Deficit Could Kill History
With Pennsylvania's $3 billion state deficit, Governor Rendell proposed cutting $1.8 million from the $25.8 million budget of the Pennsylvania Historical and Museum Commission.
May 15, 2009
Pa. legislator urges study of statewide reassessment
The explosive issue of unfair real estate taxes and unequal property assessments is roiling the political waters in counties across the state, from Philadelphia to Allegheny. And the idea of having the state take a bigger role in the property tax system, now controlled at the county level, appears to be gaining some support.
May 14, 2009
Many in Pa. are nearing end of jobless benefits
Figures released Thursday by the state Department of Labor and Industry show that more than 43,000 people have exhausted their 33 weeks of additional federal benefits.
May 14, 2009
Possible Pa Furlough
Rendell says the approach is the result of a recent court decision. That decision ordered the state to either furlough all employees after the fiscal year expires on June 30th or keep them working without pay during an impasse.
May 14, 2009
Rendell: Budget impasse will stall state paychecks
Gov. Rendell notified nearly 70,000 state workers yesterday that they will not be paid if a state budget cannot be passed on time, although they are expected to show up for work despite the lack of a paycheck.
May 14, 2009
Pa. State Workers Face Prospect of Payless Paydays
The Rendell administration says in the event of a prolonged budget battle this year, Pennsylvania state workers would not be furloughed, but would face the prospect of payless paydays.
May 14, 2009
Senate's Budget Would Close at Least 35 State Parks, Put Help for Communities, Natural Resources at Risk
Senate proposal will force the agency to close at least 35 state parks and 1,000 miles of state forest roads, which would sharply reduce access for anglers, hunters and hikers.
May 13, 2009
Rendell: No pay for state workers under budget impasse
Gov. Rendell is notifying nearly 80,000 state workers today by e-mail that they will stop being paid in the event that a new state budget is not adopted on time - but should continue showing up to work.
May 12, 2009
State-operated landmarks endangered by Pa.'s financial crisis
Rendell's budget alone has led the commission to recommend closing or curtailing operations at Brandywine and five other state historic sites.
May 11, 2009
Pa., N.J. getting $372 million in weatherization stimulus
Energy-saving home improvements - that's how the federal stimulus program will first be felt by tens of thousands of low-income American families. About 30,000 homes in Pennsylvania and 13,000 in New Jersey will benefit from $5 billion that Congress has allotted nationally for weatherization work.
National Economy
May 21, 2009
California braces for brutal budget cuts
Gov. Arnold Schwarzenegger sees a voter mandate for his plan to slash billions, and Democratic leaders say they won't hesitate to make deep cuts that could antagonize their allies.
May 21, 2009
Jobless claims dip slightly
12,000 less people filed for unemployment this week from last week but there where 631,000 first-time claims last week.
May 20, 2009
America goes on furlough
More corporations are turning towards furloughs to help during the economic crisis to save money instead of layoffs in an effort to retain talent.
May 20, 2009
Most businesses shouldn't expect stimulus, state officials say
Among the biggest "winners," Lt. Gov. Matthew Denn of Delaware said, are state governments - which will get budget relief - and many companies that are involved in highway construction and energy projects.
May 20, 2009
Schwarzenegger to discuss drastic California cuts
Governor plans to meet with state leaders after voters reject budget initiatives aimed at cutting huge deficit.
May 20, 2009
Corzine: Suspend property tax rebate
Most New Jersey homeowners, already paying the highest property taxes in the nation, will not see a property tax rebate check next year under Gov. Jon Corzine's revised 2010 budget proposal.
May 19, 2009
Many seek N.J. stimulus money in Trenton
800 people packed the Trenton War Memorial yesterday to learn how they could get some of the federal stimulus money.
May 19, 2009
L.A. City Council OKs job cuts and unpaid leave
Spending plan imposes layoffs and furloughs to make up for the city's expected $530-million shortfall in 2009-10. But new revenue will help prevent police hiring freeze.
May 19, 2009
Plan: State workers avoid pay cut
The Governor of Maine is opting to impose 10 furloughs days over the next two years on state workers instead of imposing a one-time 5% pay cut to close the budget hole.
May 19, 2009
New Oregon budget cuts 1,700 state jobs
An estimated 1,700 Oregon state positions would be cut across the board, including education, human services and public safety to fill the budget gap.
May 19, 2009
Consumers are spending, but on used goods, debt payments
Consumers may not be buying new cars, but they are spending: They're buying used and second-hand goods, repaying debt, and even paying to fix up their homes.
May 18, 2009
N.J. budget gap now at $4.4B
Nearly 92 percent of the $4.4 billion shortfall is the result of state revenue shortfalls. Budget cuts will close about one-half of the shortfall and $700 million in federal funding, including Medicaid and federal stimulus, will also help offset the gap.
May 18, 2009
Questions remain about state furloughs
The Governor Wisconsin announced the furloughs on May 7 as a way to help deal with an additional $1.6 billion budget hole added to the existing $5 billion shortfall. He also proposed laying off up to 1,100 state workers along with deeper cuts to state agency budgets.
May 18, 2009
Economy limiting services of local police
The recession is altering local law enforcement in the U.S. by forcing some agencies to close precincts, merge with other departments or even shut down. Once largely spared from the deepest budget cuts, some police departments are struggling to provide basic services, police officials say.
May 15, 2009
Gov't losses big in home market
The combination of a deep recession and a foundering housing market has left the government with more than 50,000 houses on its hands — enough homes to fill a city the size of Riverside, Calif., or Miami.
May 15, 2009
Corzine cuts $150 million more from budget
Gov. Corzine went back to his spending plan yesterday to help close a budget gap, trimming an additional $150 million in spending.
May 15, 2009
Schwarzenegger calls for deep budget cuts
Gov. Schwarzenegger maybe cutting $3billion from education, laying off 5,000 worked beginning Friday and cutting aid for poor seniors to balance the state budget.
May 14, 2009
Mayor would tax college kids
The mayor of Providence wants to slap a $150-per-semester tax on the 25,000 full-time students at Brown University and three other private colleges in the city, saying that they use resources and should help ease the burden on struggling taxpayers.
May 14, 2009
Auto industry paces jobless claims surge
Auto industry job losses led to a surge in the number of people filing initial claims for unemployment benefits last week.
May 13, 2009
Stimulus Aid Trickles Out, but States Seek Quicker Relief
Nearly three months after President Obama approved a $787 billion economic stimulus package, intended to create or save jobs, the federal government has paid out less than 6 percent of the money, largely in the form of social service payments to states.
May 13, 2009
Consumers pull back in April
The Commerce Department said total retail sales fell 0.4% last month, compared with March's revised decline of 1.3%.
May 13, 2009
$5B boost for strapped states and cities
Cash-strapped cities and states with AA rating's can get a $5 billion boost from Citigroup.
May 13, 2009
Foreclosures: 'April was a shocker'
One of every 374 U.S. homes received a filing during the of April, the highest monthly rate that RealtyTrac, an online marketer of foreclosed properties, has recorded in four-plus years of record keeping.
May 12, 2009
750,000 stimulus jobs by August - White House
The Obama administration estimates that the economic stimulus plan will create or save 750,000 jobs by early August, a senior administration official said on Monday.
May 12, 2009
CFOs predict more layoffs - survey
Almost three out of five chief financial officers from throughout the world expect future workforce reductions in the recession, which they predict won't abate before next year, according to an annual survey released Tuesday.
May 12, 2009
Social Security and Medicare Seen Failing Faster
A year ago, the trustees projected that the Social Security trust fund would start paying out more in benefits than it collects in taxes in 2017 and that the trust fund would be depleted in 2041.
Global Economy
May 21, 2009
Mexico hit hard by US recession
Mexico's economy shrank by 8.2% in the first three months of this year compared with a year earlier, as the global downturn hit demand for exports.
May 20, 2009
Japan's economy in record plunge
Output in the world's second largest economy contracted by 4% during the period, or by 15.2% on an annual basis. Japan's economy, which depends heavily on exports, has been hit hard by the global downturn.
May 19, 2009
Further slowdown in UK inflation
UK annual inflation slowed in April as consumers' energy and food bills continued to drop, figures show.
May 18, 2009
Eurozone trade jumps to surplus
The EU is exporting more goods than it buys for the first time since June.
May 18, 2009
Russian economy in sharp slowdown
The falling price of oil and gas has hit Russia's economy.
May 15, 2009
UK repossessions up 50% in a year
The number of homes repossessed in the UK rose to 12,800 in the first three months of the year.
May 15, 2009
EU economy shrinks 2.5%
Europe sank to what may be the recession's low point in the first quarter of the year as tumbling German exports and investment plus further sharp drops in output elsewhere sped up the pace of a year-old contraction.
May 15, 2009
Hong Kong's economy shrinks 7.8%
Hong Kong's economy shrank by 7.8% in the first three months of this year compared with a year earlier as exports plunged during the global downturn.
May 14, 2009
Thriving Norway provides an economics lesson
Norway saved oil riches, allowing economic growth in midst of global slump
May 14, 2009
Ireland's new troubles
The global economic tempest has washed over Ireland, and its economy is suffering the deepest plunge of virtually any country outside of Iceland.
May 13, 2009
UK jobless total hits 2.2 million
The number of people out of work in the UK rose 244,000 to 2.22 million in the first three months of 2009.
May 12, 2009
Soup Kitchen Swells As Russia Economy Falters
The St. Petersburg Times claimed that the Kremlin was instructing television channels to soften their tone when reporting financial news and avoid using words like "financial crisis" or "collapse." One of the estimated 7.5 million unemployed Russians, already 1.5 million more than the government had predicted for 2009.
May 11, 2009
Prices in China continue to fall
China's consumer prices fell by 1.5% in the year to April, figures show, the third consecutive month of declines.
May 11, 2009
French and Italian output drops
France and Italy both saw sharp falls in industrial output in March, which were much larger than forecast.