Fiscal Challenges Facing Cities: Implications for Economic Recovery
The current economic crisis is not only a national crisis; it is also a metropolitan crisis. And soon the downturn will bring a local government fiscal crisis. Given the normal lag time of 18–24 months between changes in the economic cycle and its impact on city fiscal conditions, local officials anticipate that the next year or two will bring large-scale city government layoffs, deep cuts to local government services, and halted or delayed capital projects. Just as federal stimulus package spending trails off, city fiscal dynamics could well place a serious drag on economic recovery.
On November 19, the Brookings Metropolitan Policy Program and the National League of Cities co-hosted a forum on city fiscal conditions, the responses being undertaken by creative mayors, and the implications for national economic recovery. Brookings Vice President Bruce Katz and National League of Cities Executive Director Donald Borut opened the event. Following reviews of current and projected trends in local government fiscal conditions, Wall Street Journal economics editor David Wessel moderated a panel of sitting mayors, including Michael Nutter of Philadelphia; Chuck Reed of San José, California; Scott Smith of Mesa, Arizona; and Elaine Walker of Bowling Green, Kentucky. Jared Bernstein, chief economist and economic policy advisor to Vice President Joseph Biden, closed the session.
Panelists and speakers took audience questions.
Agenda
Welcome
Donald Borut
Executive Director, National League of Cities
Opening Remarks
Christopher W. Hoene
Executive Director - California Budget & Policy Center
Steve Cochrane
Moody's Economy.com
Panel Discussion
Moderator: David Wessel
Economics Editor, Wall Street Journal
The Honorable Chuck Reed
Mayor - The city of San Jose, CA
Scott Smith
Chief Executive Officer - Valley Metro
Former Nonresident Senior Fellow - Metropolitan Policy Program
Former Mayor - City of Mesa
The Honorable Elaine Walker
Mayor, City of Bowling Green, Ky.
Closing Remarks
Jared Bernstein
Member, Council of Economic Advisers - The White House
Former Senior Fellow - Center on Budget and Policy Priorities
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