If any further evidence was needed to prove that the country is in a recession, the CBS Early Show found it, as co-host Maggie Rodriguez declared: "Coming up this morning, during hard times in some U.S. cities, they're as good as gold. Manhole covers being stolen and sold for scrap." Co-host Harry Smith later introduced the segment on this desperate trend: "Across the country thieves are stealing metal objects like manhole covers because the price of scrap metal has sky rocketed."

Correspondent Priya David reported on the problem: "That's right, thieves are literally stealing the street right out from under you. One area of the nation hardest hit by these thefts is Philadelphia. Typically they'd lose about a hundred manhole covers or grates a year to theft. But in the past year, 2,000 have gone missing." She went to describe how: "When you look at this street, you probably see a manhole cover. But to a thief, this looks like free money." As David later mentioned, that "free money" isn’t much: "Each cover nets a thief a grand total of about $10."

David detailed how the crime wave was starting to take it’s toll: "In Philadelphia, this girl is one of two children who suffered minor injuries from falling into open holes." She then turned to Democratic Mayor of Philadelphia, Michael Nutter: "That can be a very dangerous situation. But, you know, you can never be too surprised at the creativity and the lengths that people will go, you know, when facing, you know, a financial challenge, trying to take care of themselves."

David concluded her report with some proposed solutions: "It's a public safety problem and an expensive one. In a year, Philadelphia replaced 2,000 manhole covers at the cost of $150 each. Then these two employees came up with a cheaper solution. Simply chain the covers down...Philadelphia is also looking at other creative solutions to protect its 140,000 covers. In the coming months it'll be testing plastic covers, such as this one." It is unclear how people dependent upon scrap metal from manhole covers as a source of income will be able to survive these new measures in a struggling economy.

Here is the full transcript of the segment:

7:15AM TEASER:

MAGGIE RODRIGUEZ: Coming up this morning, during hard times in some U.S. cities, they're as good as gold. Manhole covers being stolen and sold for scrap.

7:19AM SEGMENT:

HARRY SMITH: Across the country thieves are stealing metal objects like manhole covers because the price of scrap metal has sky rocketed. CBS News correspondent Priya David is back with the story. Good morning, Priya.

PRIYA DAVID: Harry, good morning. That's right, thieves are literally stealing the street right out from under you. One area of the nation hardest hit by these thefts is Philadelphia. Typically they'd lose about a hundred manhole covers or grates a year to theft. But in the past year, 2,000 have gone missing. When you look at this street, you probably see a manhole cover. But to a thief, this looks like free money. Nationwide, manhole and sewer covers are vanishing and leaving gaping holes in streets from Phoenix, Arizona, to Flint, Michigan. Thieves are turning the heavy metal covers into cold, hard cash. In the United States, the price of scrap iron has sky rocketed 300% in just the past five years. In 2003, one ton of metal scrap, such as sewer grates, sold for $125. Six months ago, $300. Today they're worth $600 a ton. Each cover nets a thief a grand total of about $10. That's if the scrap metal yard doesn't turn the seller into police. As yard owner David Richman now does.

DAVID RICHMAN: Because no responsible yard will take one. If someone steals a manhole cover, somebody else can fall in it.

UNIDENTIFIED WOMAN: The whole top was off.

DAVID: In Philadelphia, this girl is one of two children who suffered minor injuries from falling into open holes.

UNIDENTIFIED GIRL: I was scared. And I hurt myself.

MICHAEL NUTTER: That can be a very dangerous situation. But, you know, you can never be too surprised at the creativity and the lengths that people will go, you know, when facing, you know, a financial challenge, trying to take care of themselves.

DAVID: It's a public safety problem and an expensive one. In a year, Philadelphia replaced 2,000 manhole covers at the cost of $150 each. Then these two employees came up with a cheaper solution. Simply chain the covers down.

RINA CUTLER: They could easily get them up off the ground but they can't actually take them away. It's just not that easy to steal the chain. We've got about 300 of them which we've done so far. Not one of them has been stolen.

DAVID: Philadelphia is also looking at other creative solutions to protect its 140,000 covers. In the coming months it'll be testing plastic covers, such as this one.

CUTLER: This is in fact, a prototype. They have no metal in them, so they have no metal value for salvage.

DAVID: Valuable to the city, but worthless to thieves. Now worthless to thieves because they're just made of plastic. Take a look at this, it's about 35-40 pounds. Look at Harry doing his weightlifting this morning. The city of Philadelphia hopes that these will foil future thieves. What do you think?

SMITH: Priya, thanks very much. Very impressive.

—Kyle Drennen is a news analyst at the Media Research Center.