America's Next Crisis Is Already Here
THEATLANTIC.COM -- The speed with which this crisis has hit local economies exceeds that of even the Great Depression and has eviscerated state and local government finances. A survey by the U.S. Conference of Mayors and the National League of Cities found that 90% of American cities plan to make deep cuts to their budgets and services. Half of those will need to make last-resort cuts to their police and fire departments. Public schools are overwhelmingly dependent on state and local revenue and, if estimates that school-district revenues will drop by an average of 15% are right, 1 in 12 teachers may lose their jobs. In the worst-hit states, 1 in 5 may go. The fiscal crisis is building just as most cities ...
