If and when Congress can get together on an answer to the $700 billion financial bailout, how will it impact your city?
Well certainly, the emerging crisis will impact every American. It seems clear that financial turmoil could prompt more bank failures, losses of retirement savings, rises in unemployment as loans and other financing becomes unavailable to businesses large and small, and perhaps most dire for cities, increased foreclosures.
The National League of Cities has a City Fiscal Conditions in 2008 report, which it is now pointing to as a starting point as cities begin fiscal planning for 2009. Amidst the myriad uncertainties, NLC ominously writes in its most recent newsletter that consequences of the Wall St turmoil "would further compound fiscal conditions for citie." No kidding.
Incidentally, if you're wondering how California lawmakers voted on the plan...