Estimates mid-2020 forecasted budgetary shortfalls of as much as $1 trillion, with uncertainty surrounding how state and local governments would close the gap panelists discuss the steps that public officials are deploying for the recession and eventual recovery. Additionally, the panelists contemplate the prospect of further federal relief.

This special briefing features a panel of experts, including Natalie Cohen, president and founder of National Municipal Research; Elizabeth Kellar, senior fellow, Center for State and Local Government Excellence and director of public policy, International City/County Management Association (ICMA); Chuck Reed, former mayor, San Jose, California and special counsel, Hopkins & Carley.

Notable Quotes:

“During the Great Recession, State and Local Governments lost 720,000 over a period of several years, but we have already lost over twice that number of jobs in just two months, April and May of 2020.” - Elizabeth Keller

“Local governments are extremely creative at coming up with ways to shift money around and borrow from the future.” - Chuck Reed

“In the municipal bond market, in the first half of the year borrowing was actually up, by $25 billion. You might ask, let’s look at the March through June period, and borrowing was up by only $1.9 billion.” - Natalie Cohen

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Special Briefing is published by the Volcker Alliance, as part of its Public Finance initiatives, and Penn IUR. The views expressed on this podcast are those of the panelists and do not necessarily reflect the position of the Volcker Alliance or Penn IUR.