Tag: Philadelphia

Just 2% of Philadelphia’s pension fund could boost the local economy

Mary Pat Campbell

Link:https://www.inquirer.com/opinion/commentary/philadelphia-pension-fund-investments-20240214.html?utm_source=email&utm_campaign=edit_social_share_email_traffic&utm_medium=email&utm_content=&utm_term=&int_promo=

Excerpt:

The primary responsibility of the $8.4 billion Philadelphia pension fund is to assure the continuing financial security promised to city workers upon retirement. The welfare of city employees, along with all Philadelphians, depends on the economic and social well-being of the city itself. Therefore, the Philadelphia Public Banking Coalition has proposed that the city pension fund invest $168 million, 2% of its portfolio, in local economically targeted investments to fund projects that benefit Philadelphians.

These investments would address policy goals while achieving returns as high or higher than many of the fund’s current asset classes. Currently, the 2023 pension fund investment policy describes risky investments in options, futures, forwards, and swap agreements. And there’s a precedent for public policy considerations, for example, in limitations on investments in Russian companies, private prisons, and arms manufacturers. The current portfolio exhibits a strong real estate focus but without preference for Philadelphia projects.

Below are just a few of the possible opportunities for targeted investments that would strengthen the health of Philadelphia’s economy.

Author(s): Stan Shapiro and Peter Winslow, For The Inquirer

Publication Date: 14 Feb 2024

Publication Site: The Philadelphia Inquirer

Philadelphia surpasses 500 homicides as gun violence crisis continues

Mary Pat Campbell

Link: https://www.washingtonexaminer.com/restoring-america/fairness-justice/philadelphia-homicides-gun-violence-crisis

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Excerpt:

Philadelphia has recorded more than 500 homicides this year as the city’s gun violence crisis continues to rise dramatically.

The city has only ever recorded this large loss of human life twice in its history, matching the record of 500 deaths during the crack cocaine epidemic in 1990.

Since Tuesday, the total has risen to 502, a 7% reduction from 2021, per the city’s dashboard .

The total in 2022 only pales slightly in comparison to last year’s record-breaking total. In 2021, Philadelphia recorded 562 homicides, with 501 of the deaths due to gun violence alone, per Axios.

Homicide victims in Philadelphia for 2022 spanned across all ages, from as young as 9 to as old as 78. The 500th homicide was a man, 35, shot in the city’s Ogontz section on Sunday afternoon, and he died hours later from his injuries, police confirmed to multiple outlets.

The demographics surrounding the homicides reflect the extent to which gun violence plagues the city. Of the 500 homicides, 30 victims were juveniles, with seven being 14 years old or younger. According to police, 84% of people killed or injured in shootings this year were black.

Author(s): Rachel Schilke

Publication Date: 21 Dec 2022

Publication Site: Washington Examiner

Which US vaccine plans actually helped hard-hit communities?

Mary Pat Campbell

Link: https://www.technologyreview.com/2021/06/07/1025824/us-vaccine-equity-success-story/

Excerpt:

One success story took place in Philadelphia, thanks to an effective collaboration between two health systems and Black community leaders. Recognizing that the largely online signup process was hard for older people or those without internet access, Penn Medicine and Mercy Catholic Medical Center created a text-message-based signup system as well as a 24/7 interactive voice recording option that could be used from a land line, with doctors answering patients’ questions before appointments. Working with community leaders, the program held its first clinic at a church and vaccinated 550 people.

….

In Alabama, for example, National Guard mobile vaccination units were set up with the ultra-cold freezers needed to transport and store mRNA-based covid-19 vaccines. “Why not, when this particular push is over, leave those freezer units with the federally qualified health centers that are already in those communities?” McClure says. “You’re starting to build the infrastructure for being able to deliver vaccination on a consistent basis.”

Author(s): Mia Sato

Publication Date: 7 June 2021

Publication Site: MIT Technology Review

City Combined Taxpayer Burden Report 2021

Mary Pat Campbell

Link: https://www.truthinaccounting.org/news/detail/city-combined-taxpayer-burden-report-2021

Full report PDF: https://www.truthinaccounting.org/library/doclib/City-Combined-Taxpayer-Burden-Report-2021.pdf

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Excerpt:

Truth in Accounting has released a new analysis of the 10 most populous U.S. cities that includes their largest underlying government units. With the exception of New York City, most municipalities do not include in their annual financial reports the finances of large, underlying government units for which city taxpayers are also responsible, such as school districts, and transit and housing authorities.

This report takes into account these underlying government entities and provides residents and taxpayers in these cities with a more accurate and holistic view of their respective city’s finances. We only include underlying entities that city governments claim responsibility for in their annual financial reports. These underlying governments are essentially subsidiaries of the city and the majority of their debt falls on all city taxpayers. When the unfunded debt of these underlying government units is combined with the county, municipal, and state debt, city taxpayers are on the hook for much more than they think. 

Publication Date: 11 May 2021

Publication Site: Truth in Accounting