Despite robust economies, many local officials entered 2020 already worried about budget balances that looked fragile in the short term and problematic in the long term due to enormous pension and health-care issues. Today, in the wake of COVID-19, clearly federal support is necessary, but it is also apparent that it cannot alleviate all the pressures on communities as responsibilities related to the pandemic skyrocket while revenues plummet.
Goldsmith, Stephen, and Charles "Skip" Stitt. "Fiscal Strategies to Help Cities Recover—and Prosper." HKS Faculty Research Working Paper Series RWP20-019, June 2020.