When I say that Comcast should buy the city of Philadelphia I’m not joking at all. This is just a theory. An idea. A concept. But hear me out. Don’t discount this before you really think about it. Because we are in dire straits here and nobody is really willing to tell the truth right now. The truth is that the people running our city are corrupt, inept, and incapable of leading us (the residents and taxpayers) out of this mess. For over 70 years we have suffered with a lack of real leadership. At this point the pattern is always the same. Mayor runs the city into the ground, waits for a federal bailout.
Meanwhile, that mayor’s buddies, colleagues, and associates rob the city blind. Once a mayor gets too corrupt or powerful, they move on. The city forgets. Somebody else takes their place. But we (the residents and taxpayers) can no longer accept this endless cycle of insanity. It results in escalating murder rates. The nation’s opioid crisis’ epicenter. 5x the national average of AIDS cases. We continue to be the “poorest big city” or however they call it now, because of this cycle of governmental abuse.
The answer? Take it out of their hands. If there is a non-competitive market where government itself is the only option for managing itself, we get this kind of apathetic, lazy, and corrupted system. Therefore, I recommend we consider a radical approach. Structure a deal with a corporate giant. A company with more money than the city itself would make in a lifetime.
Comcast Is The Perfect Candidate For This
Here are a few staggering numbers to think about when it comes to what Comcast can afford. According to MacroTrends, Comcast had about $11,000,000,000 cash on hand in 2020. Statista reports that in 2020 they generated about $103,000,000,000 in annual revenue.
In 2018 Comcast bought Sky for $39,000,000,000. Obviously, if they only have a third of that in cash on hand, they borrowed money to buy this. Imagine that, if you aren’t in finance. This company which has more money than you could ever imagine, still borrows money from banks or other investors or other companies. Either way, they figured out how to raise that money.
Comcast is also based in Philadelphia. Therefore they would have to be responsible for their investment directly. They own (2) massive skyscrapers in our skyline, too. This company employs thousands of Philadelphians as well. The theory would be that a company of this nature would have a much better chance at running our city well, compared to the crop of prospective government officials we have right now. Nobody that the political parties in this state have produced, would be adequate either.
With no genuine way for the city of Philadelphia to create enough revenue to pay back the next round of federal bail outs, we will sink deeper in debt.
Jim Kenney Ran Us Into The Ground (Again) Before The Government Lock Downs
I heard Jim Kenney admit to owing over $500,000,000 once on a “COVID-19” press conference. He might have even said $750,000,000 or “three quarters of a billion” to be exact. But here are reports with direct quotes. Back in May of 2020, apparently the deficit was $649,000,000. But somehow in Q1 of 2021 it’s only $450,000,000? You let me know if that makes sense to you. Does it make sense that the city closed its deficit by about $200,000,000 during a time when the world economy crashed for several months? It shouldn’t.
Former US attorney Bill McSwain caught, and charged multiple people from Kenney’s administration with financial crimes. Even our former Treasurer was in on some part of the scams. Several members of the Revenue department have been charged with similar crimes. Fraud & corruption go hand in hand with waste, too. This city does not spend its money well. It doesn’t know how to budget for things. They don’t make enough money either. On top of all of that, people that work for the city have their hands in the metaphorical cookie jar. Comcast should buy the city of Philadelphia because we can’t trust the people in charge to do what’s right.
The City Doesn’t Generate Enough Revenue To Ever Pay Back This Debt
In 2019, the city of Philadelphia recorded $5,800,000,000 in revenues. It is unclear where that figure is exactly calculated from, though. As you’ve seen already, the city of Philadelphia tends to lie about its own figures as well. So it’s impossible to trust this government to tell us exactly how bad it even is.
But even if it’s as *good* as they suggest, it’s pretty bad. Also, if the city were able to muster up any more revenue, much of it would be stolen. Or wasted.
Also, on a macro level, it’s a horrible plan to let the federal government keep bailing us out. I mean somebody has to pay that money back. Some way some how. Down the line, it isn’t just free money. But our city officials can act like it is free money because they aren’t on the hook for it. They get a paycheck whether the city functions or not. We keep paying them and they don’t have to be accountable for anything.
Plus, the money that the city makes is from our taxes. So the harder we work, the more money the city can make, when they can raise taxes. The city of Philadelphia already has one of the most complex tax codes. There are also so many types of tax here. No wonder. They have to keep inventing new taxes to cover the fact that they’re stealing our money with no plan to make enough to ever have things work right here.
More Debt Obligations From The Federal Government Isn’t The Answer
Like I said, somebody has to pay that money back. Think about it from the borrower’s perspective. The federal government keeps giving this city money. Every year new officials lie and cheat and steal. Then those officials ask for more money from the federal government. At what point does the federal government stop giving that money? That point is where we were at when Trump was in office. Kenney was refusing to work with him. So Trump was refusing to bail out the city. That pushed Kenney to enable more looting, rioting, and horrors here. This conflict of interest is deadly for us.
So that’s why I propose we consider another lender. Forget taking money from the federal government all the time. They aren’t a good strategic partner for us anyway. What value do they bring to the table besides cash?
Also, the money we borrow from the federal Treasury, as a city, is the money of the American people. We cannot allow the people who control this city to continue taking advantage of the country in this way either. It has crippled our ability to thrive economically, and socially.
Therefore Comcast Should Buy The City Of Philadelphia From Us & Set Up A Repayment Plan
The city of Philadelphia needs to go into corporate receivership. A company like Comcast has the money, management ability, incentive, and necessity to do this. If the city of Philadelphia completely fails, that means Comcast would have to move. They would need to figure out how to rearrange a lot.
Their two towers in center city need to be serviced, too. They can’t afford to have this city go into bankruptcy – unless they were part of it. So let’s bring them to the table and have them make an offer. The city would turn over the books to Comcast’s accounting department and a full audit will take place. Everybody that was stealing money gets arrested for white collar crimes and gets prosecuted in federal court. Elected officials who were involved get impeached and then tried in court. Criminal conspiracy.
We collect as much money as we can from whoever was involved, and their associates. Comcast has the lawyers who can make that happen, too. The press will love this because it’s a shit show of epic proportions, the likes of which nobody has ever seen. Comcast’s stock should grow from it. The city of Philadelphia residents would know that a responsible group of people would finally handle our money. Comcast could train & hire new people.
The economy would boom. We would all get the best technology in the world. Comcast would become King of Worldwide telecommunications. I wouldn’t have to complain about the corrupt city government every single day, and we could finally restructure the government to work for the people. I’m sick of the same old same old. I don’t know about you.
But I’m willing to trust Comcast over anybody in the city government.
Comcast should buy the city of Philadelphia to save the city from itself.