US Cities Face Looming Fiscal Crisis: Climate Change, Pensions, and Dying Downtowns
Many U.S. cities are grappling with a severe fiscal crisis. A confluence of factors, including climate change-induced disasters, long-underfunded public employee pensions, and declining downtown economic activity, is pushing many cities into massive budget deficits. Even large cities like Chicago, Houston, and San Francisco are under serious financial strain. The article explores the history of urban fiscal crises in the U.S. and points out that the current crisis is a result of multiple factors, including climate change, shrinking downtown economies, reduced federal funding, and massive pension and retirement commitments. It stresses the need for frank conversations between city governments and residents to build consensus on the costs and scope of municipal services.