Stephen Mullin, a president and principal at Econsult Solutions, Inc., was quoted in in an article comparing Detroit’s present and Philadelphia’s future. Mullin argues Philadelphia has a stronger economic position, and does not face the same risk of bankruptcy.

Could Philly be the next Detroit?

July 19, 2013

By John Featherman

“I believe the probability of Philadelphia following in Detroit’s bankruptcy footsteps is miniscule to nil,” chimed Stephen Mullin, president of Econsult Solutions Inc. “In the past decade Detroit passed a tipping point in its economy due to massive flight of people, businesses, production and tax base to support public services and income transfers to the poor. NOBODY and no business was/is moving into Detroit. And Michigan’s economy is too weak to compensate and continue to cover up the declining productivity. Philadelphia never got even near that point and in the past decade has been moving in the right direction, albeit too slowly for my liking. And Pennsylvania’s economy, while no match for Texas, is far stronger than Michigan’s. And the ratings agencies agree with this assessment, given our recent GO debt rating upgrade. None if this suggests that our economy is growing as well as it could but Detroit is no comparison.” > Read Full Article here.

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