Re:Bill Allowing Big Tech to Form “Techno-Governments” to Be...
by calvinmorrison on Friday February 26, 2021 @09:19AM
(#26274967)
If my city were owned by its residents, were its shareholders, it would be an abysmal stock to hold.
Philadelphia is 400+ years old. If we had just put away 1% a year of our budget into a endowment, we would be making more money on it each year than our entire yearly budget. Cities are long lived, but the financial side of it is so short lived because there's no city-state, there's no expectation that the city needs to be able to bail itself out. We're always looking for state and federal funds.
It's a shame, Philadelphia could be the nicest, richest city in the world if we had something just like this.
Philadelphia is 400+ years old. If we had just put away 1% a year of our budget into a endowment, we would be making more money on it each year than our entire yearly budget. Cities are long lived, but the financial side of it is so short lived because there's no city-state, there's no expectation that the city needs to be able to bail itself out. We're always looking for state and federal funds.
It's a shame, Philadelphia could be the nicest, richest city in the world if we had something just like this.