Philadelphia's municipal finances are in a bad way. All Philadelphia knows it; few Philadelphians seem to care. The city's gas plant is in hock to RFC. Its public libraries can afford to replace only 20,000 of 85,000 dog-eared books which are thumbed to tatters each year. More than a third of Philadelphia's annual revenues go to service old debts. Expensive subways, promoted during the heedless '203, are sealed and empty catacombs; Philadelphia lacked the money to run them or to pay for them.

In council assembled last week, the Fathers of the busted City of...

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