The New America Foundation teamed up with Economists for Peace and Security and Bernard Schwartz to host a symposium on the budget crises faced by state and local governments in the wake of the Great Recession. The symposium included an impressive lineup of experts from a wide array of fields including leading policy institutes, academia, and the federal government.
It has been argued that cities and states need to implement punishing budget cuts in order to balance budgets which have fallen deep into the red as a result of a confluence of factors: the housing crisis, falling revenues, rising pension and health care costs, and political stalemates over budget and tax reform. But will budget cuts help, as some claim -- or hurt, as others believe - the economies of affected jurisdictions and the country? How correct is the popular narrative surrounding the budget crises? And what is the way forward?
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