Good morning, Mr. President. Thank you. Thank you, Councilmembers. I'm here to address the Resolution 120118. That is the feasibility study authorizing the sale and/or operation of Philadelphia Gas Works to a private entity.
Philadelphia political leadership must be informed that the private-sector finance system that supports the proposed sale of PGW is dependent on the Federal Reserve's unlimited bailout system. It is only through expanding the City's capacity to increase energy flux density per capita per square mile that economy growth can occur.
PGW is vital to the City's economy formation, an economy platform that can bring the City into the hydrogen economy and on into the fusion economy. There is no such thing as limits to growth. There is only limitless growth.
However, through the logic of private-sector finance, contraction is demanded in every sector of the population's economy. Labor, the basis of capital formation, is purged. Schools and hospitals are to be closed, police, fire, teachers, and medical professionals are all threatened. We suffer a constant degradation of our standard of living.
Philadelphia must seek its independence from the private-sector finance. Philadelphia is in control of about $6.5 billion in assets. The City has its own redevelopment corporation. Philadelphia Gas Works can be improved and expanded through the facilitation of its own agencies. The Pennsylvania Energy Fund, a $650 million fund, may serve as a resource for PGW.
Philadelphia has many agencies, and so an intercity agency for financing and funding a corporation through a public bank could be formed. I ask the City in this collapsing economy to go back to old-school government, invest through a public bank in education, health, and science-driven infrastructure projects that facilitate economy platforms creating the higher order of existence humanity demands.
Thank you so much.