Wilmington in decline, says Wall Street
Corporate center's poverty spreads, tax base 'weakening': Moody's keeps "negative outlook"
Wilmington in decline, says Wall Street
Joseph N. DiStefano
Wilmington, Delaware, which is roughly the same size as rundown Camden, N.J., further up the Delaware River, remains "America's Corporate Capital," with a white-collar downtown office center that's a banking, legal and corporate headquarters and the titular home of more than half the Fortune 500, thanks to business-friendly courts, low corporate fees and a long history of activist business leadership and accomodating politicians.
But Moody's Investors Service says Wilmington's city-government fiscal outlook remains "negative," as Delaware's largest community looks to refinance $37 million of its $285 million public debt.
In his report, analyst Dan Seymour praised the city's "conservative and forward-looking" financial management under new mayor Dennis P. Williams, and the "substantial corporate and commercial presence" by DuPont, Bank of America, JPMorgan Chase, Capital One and other corporations whose buildings tower over the partly-renovated Market St. retail and theater district and the Christina riverfront.
But the "high poverty rate" in the city's predominantly slum neighborhoods (scarred by an aggressive drug trade and regular shootings), along with "high fixed costs, a heavy pension burden, economically sensitive revenues, and weakening wealth levels," plus heavy debt from past borrowing, makes it more likely Moody's will cut the city's Aa2 bond rating, boosting future borrowing costs, Seymour warned. He affirmed Wilmington's "Negative Outlook" from Moody's.
reminds me of philadelphia:
"But the "high poverty rate" in the city's predominantly slum neighborhoods (scarred by an aggressive drug trade and regular shootings), along with "high fixed costs, a heavy pension burden, economically sensitive revenues, and weakening wealth levels," plus heavy debt from past borrowing"— hannibal barca
Hannibal Barca - Actually our wealth levels are rising, and our debt isn't nearly as bad. Also we are 21 times the size and have neighborhoods far outside the city center that are problems. Philadelphia is vibrant, strong and growing. But thanks for your baseless input— bjb2416- you're crazy. the city's pension plan is 40% funded and billions in the red. which is why nutter has raised taxes every single year he's been mayor, with no end in sight. a "vibrant" city wouldn't have lost 10% of its population since 1990 — hannibal barca
- place is a dump,,while Phillyis no prize in certain areas, to comparing it to Philly shows the sign of a brain on crack...— hvitoloco
- The way large urban areas in country are run has to change. The old ways of budgeting for the short term has got to change to longer term outlooks on costs vs revenues. The unions will not want to hear it, but they are as much of the problem as the poor management of the finances. This goes for the private sector unions also. For cities to do business both in the public and private sectors, the costs have to be controlled. The cost of government must be controlled so that it does not drive business and jobs from the area.— Wildman Bill
- Joe Biden must be so proud to say his 36 years of service to the 1st State has led to this...wonder if he is going to make an overture to the prez for a bailout?— CTL
- Hey how about that? More proof that unchecked corporate activity, boosted by government-financed corporate welfare in the guise of "tax breaks" does nothing but benefit the greedy at the expense of the average amerikan.— CiceroSpuriousDeodatusTheSecond
- Philly, Chester, Camden, Wilmington - they are all pretty much the same. The latter three are much smaller versions of Philly. Once great towns with a lot of industry that has moved out and away and closed down for decades. If Philly was really vibrant strong and growing people would not have been moving out like crazy since the 60's and 70's. A city that averages almost a murder a day is not vibrant strong and growing. It's in decay and your average person wants out. It's a big hood with drugs and murders being a daily occurrence. Philly and these other cities will never ever be the same period! I guess you would like to walk around North Philly or West Philly at night by yourself no thanks don't want to get shot!— fedphilafan
- What's your Plan B?— Mr. Smith
- DuPont's endowment finally expired. I see Biden relocating to another state very soon. The trough is dry.— dogman5
- Neighborhoods "far outside of center city are the problems"... uhhhh look at Market West. That's a problem and it's 20 ft from City Hall.— jbruder02
- downtown wilmington is a ghost town after 6PM.— Tyrone Biggums
- All ur Cities run by the Democrats are crime infested poverty ridden dumps, and the Democrats keep getting reelected. Amazing!— Faadoogled
This is what happens when your social policies allow irresponsible, over-sexed bums have unlimited numbers of illegitimate children. Goodbye America.
Is anyone asking themselves how they're going to survive after the US SHIP of FOOLS sinks into the oblivion of human history?
Though it's been quite a trip - filled with all types of thoughts and emotions, triumphs and defeats, dramas and comedies - its clearly been an example of how not to run a tight ship.
The ship was built by very capable craftsmen. The best ship ever.
But the captains, crews and passengers that have come and gone have operated the great massive ship with alarming incompetence, entitlement, selfishness and greed.
The passengers, being a captive audience with no idea how to change the ships' operation for the better, have suffered ship misuse and deterioration for decades.
They've tried changing the captain and crew many, many times, but never achieved any success. They've now resigned to fighting among themselves over whatever limited spoils are left on the ship.
The ship is now a floating toilet filled with toxic build-up, decaying infrastructure, and a rotted, rusted shell.
It makes no difference what cabin area anyone is located in now - they're all decaying non-functioning areas way beyond repair.
It's far too late to save the US SHIP of FOOLS now,
It's going down into the sea of human history for good.— verbAL
