economic crisis

With new jobs numbers coming in it is clear things aren't getting better for most in America. While the economy is starting to gain more jobs than lose jobs, with a gain of 231,000 jobs in April, people are going longer without work than any other time in history.

Philadelphia is home to some of the top paid CEOs in the country. Heading the list of the 25 Top Paid CEOs recently put together by the Philadelphia Inquirer is Comcast CEO Brian Roberts. Roberts earned $24,683,315 up 2 percent from last year.
 
In a city that faces continued budget issues, and growing poverty the increase in earnings that these CEOs have seen mark a growing inequality that is being experienced across the country.

Mayor Nutter is offering regressive taxes as a solution to the city budget deficit, showing just how limited a vision our elected leaders have for addressing this economic crisis. 
 

 
On the eve of Mayor Nutter's budget speech, Kristin Campbell, an organizer with the Coalition to Save the Libraries, has a piece in Organizing Upgrade that reminds us what the city has learned from last year’s successful fight to keep the Nutter administration from closing 11 libraries. 
 
 

 
Democracy Now reported recent numbers that show improved profits of major corporations is not translating to the creation of jobs. Revenue across the Standard & Poor 500 (an index of major companies) have increased to a combined total of $1.18 trillion. This is up $518 million from last year, while capital expenditures, the kind of spending that can create jobs is down by 43%. In short, the market is profiting without workers.

 
With next year's budget proposals underway we are already seeing the hatchet for slashing budgets that brought about fears of government stand still last year.
 
Philadelphia is faced with a budget deficit of upwards of $100 million for fiscal year 2011. Over the five years that the city has to plan for, it's looking at a $500 to $700 million shortfall. This is a significant chunk of change to add on to the $2.4 billion already cut in the city's five-year plan last round.

The Wall Street Journal ran an article summing up some of the job losses that defined this recession - and that many of these jobs will never return. Unlike recessions past, when workers were temporarily laid off and then brought back on the job, this time around marked high rates of permanent layoffs and the disappearance of whole sectors of work. Real estate and construction took some of the hardest hits, with over 1.6 million construction jobs lost - a fifth of the 7.2 million lost since December 2007.

Philadelphia is in crisis. People across the city are feeling the effects of the global economic downturn and wondering what the future will bring for them and their families. The city has finally resolved a long, drawn out, and deeply unsettling budgeting process, and it feels now like the dust has finally settled. But even though massive service cuts and layoffs are off the table for now, this economic crisis is far from over, and we in Philadelphia now have a clear idea of the kinds of solutions our city government is willing to present.