In episode 5 of the Market Urbanism podcast, we talk about the state of municipal finance in America. Are cities spending their way into long-term financial ruin? Or do their good credit scores and lack of bankruptcy signal health?

In segment 1, we discuss a general overview of the issue with Liz Farmer, the municipal finance reporter for Governing Magazine. In segment 2, we discuss California's growing pension crisis with Steven Greenhut,  a senior fellow for the R Street Institute.