ABSTRACT

Human Costs of Local Fiscal Crises During COVID-19   [open pdf - 20MB]

From the Introduction: "COVID-19 [coronavirus disease 2019] has dire implications for the vitality of US cities. While cities play a crucial role in the direct provision of essential services that will affect the health and economic security of millions of Americans, they are also ground zero for a deep fiscal crisis. A recent National League of Cities survey of 485 cities reveals that nearly 90 percent of cities will be less able in FY 2021 than in FY 2020 to meet their fiscal needs. In the immediate term, US state and local governments anticipate a budget shortfall of nearly $500 billion through the end of 2022. Revenue shortfalls in some cities could be as high as 20 percent in Fiscal Year 2021. Behind these numbers lay potentially devastating consequences for all citizens and communities alike. Looking back to the Great Recession (GR) of 2008-09, we identify some of the likely local impacts of the economic downturn in the absence of federal intervention. While often ignored in national coverage of the recession, they have left an indelible mark on US cities and, by extension, the overall economy."

Author:
Publisher:
Date:
2020
Series:
Copyright:
2020 National League of Cities. Posted here with permission. Documents are for personal use only and not for commercial profit.
Retrieved From:
National League of Cities: https://www.nlc.org/
Format:
pdf
Media Type:
application/pdf
URL:
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