Crisis Impact on US Cities

From The Financial Times. Worthy of note:









Recession hits US cities' finances
By Nicole Bullock in New York
Financial Times
Published: September 1 2009 13:44 | Last updated: September 1 2009 13:44

The finances of US cities continue to deteriorate as the ripple effects of a national recession reach local revenues, according to research.

For 2009, 88 per cent of city finance officers said their cities were less able to meet fiscal needs than in 2008, amid declining house values, restrictive credit markets, slowed consumer spending and rising unemployment, a survey conducted by the National League of Cities and released on Tuesday shows.

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