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Abstract: 

This special issue of Municipal Finance Journal is a symposium devoted to understanding the Great Recession and its impact on big city budgets. Although much attention has been given to the economic and fiscal health of the United States at the federal and state levels, relatively little attention has been given to cities. Because much of our economic output and growth takes place in or around cities, however, there are reasons to be concerned about their economic health. The six metropolitan areas included in this special issue account collectively for one-fifth of the United State’s gross domestic product—nearly $3 trillion. If the economies in our big cities are not growing, then our national economy is not growing either. Each presentation examines the city's demographic, politial, social, and economic fundamentals; budget processes and structures; revenue sources and impacts; fiscal policy and reaction to the crisis; and the likely long-term impact on government operations, tax policy, and financial management.

Keywords: Public budget process; municipal deficits; housing prices; revenues; taxes

Affiliations:  1: Rutgers University School of Public Affairs and Administration.