Special Briefing

Cities around the world are facing a host of challenges. As the Organization for Economic Cooperation and Development observed recently, "places are rethinking how to stay competitive on the global stage. Technological change, the green transition and shifting global value chains are reshaping local economies." Join Eugenie Birch, Co-Director of Penn IUR, and William Glasgall, Penn IUR Fellow and Volcker Alliance Public Finance Advisor, as our panel of current and former global mayors examine what cities should do now to set their future agendas for growth and shared prosperity. Speakers include Steve Adler, former Mayor, Austin, Texas; Stephanie Miner, former Mayor, Syracuse, New York; Nasiphi Moya, Mayor of Tshwane, South Africa; and Jaime Pumarejo Heins, former Mayor of Barranquilla, Colombia. Notable Quotes: “Today, the (Barranquilla) waterfront gets 10 million people visiting a year, from all types of places, from all of the socioeconomic strata of the city. It paid for itself because when we reappraised the land around it, within seven years, we were able to recuperate the investment." - Jaime Pumarejo Heins “As a city, we must be creative about how we fund our needs. We want to ramp up revenue collection, but we don't want to do that without taking care of the root cause, which is economic growth.” - Nasiphi Moya (Syracuse, New York, is currently facing) “a $27 million deficit—and that's with a 2 percent tax increase. Normally, when this kind of thing happens, you would turn to the state or even the federal government to ask for help. But given the uncertainty that's going on with the federal government, and this idea that there's a recession, there's not going to be that kind of aid coming through.” - Stephanie Miner (The [Austin, Texas] city council is) “projecting a $13 million shortfall this year, projected to go up to $35 million in the next couple years. We have stagnant sales tax revenue and a property tax revenue constraint imposed by our legislature.” - Steve Adler Be sure to subscribe to Special Briefing to stay up to date on the world of public finance. Learn more about the Volcker Alliance at: volckeralliance.org Learn more about Penn IUR at: penniur.upenn.edu Connect with us @VolckerAlliance and @PennIUR on Twitter, Facebook and LinkedIn Special Briefing is published by the Volcker Alliance, as part of its Public Finance initiatives, and Penn IUR. The views expressed on this podcast are those of the panelists and do not necessarily reflect the position of the Volcker Alliance or Penn IUR.

This Special Briefing is focused on the future of mass transportation under the new Administration and Congress. Our expert panel discusses the upsurge in construction funded by the Bipartisan Infrastructure Law as well as solutions to hundreds of billions of dollars in budgetary shortfalls facing transit networks from coast to coast. Speakers include Leslie Richards, Professor of Practice at the University of Pennsylvania Stuart Weitzman School of Design and former General Manager & CEO of Southeastern Pennsylvania Transportation Authority (SEPTA), the fifth-largest U.S. transit system; Kurt Forsgren, Managing Director and Sector Lead for Transportation, S&P Global; Randy Iwasaki, President and CEO of Iwasaki Consulting Services, Inc. and former Leader of State and Local Transportation for Amazon Web Services; Polly Trottenberg, who recently served as Deputy Secretary of Transportation under Pete Buttigieg; and David Greising, President and CEO, Better Government Association. Notable Quotes: "All new administrations when they come in, of course, set new policy priorities, but I think this is the first time an administration has tried to cancel or rescope projects in mass that have already been awarded funding through a competitive application process." - Polly Trottenberg "Septa's experienced a huge capital budget crunch as well. And obviously that comes into play with what Polly just described, with the discretionary funds and the uncertainty of what's getting paid out and will get paid out. And what's coming out through formula this year? Septa is facing over a 200 million dollars shortfall." - Leslie Richards "They're preparing for the Olympics. And Mayor Bass has said that the Olympic trips will be not by car. And so they're making a tremendous investment in transit and the airports in LA. I think we have about 85 billion dollars worth of projects ongoing in Region 9, which includes 4 States, and the the only large project that's outside of California is the heart project in Hawaii. So there's investments in California and transit." - Randy Iwasaki "The Democrats, at least on the Illinois Congressional delegation, wrote a letter to the office of management Budget a couple of weeks ago, just simply referencing the the suspension of spending on various programs already approved or anticipated. And they added it up and came up with about 1.9 billion dollars worth of programs." - David Greising "So this sort of strength in taxes and tax support by system operators and by their policymakers and legislators, you know, has been a real strength for credit quality across the sector. In fact, we raised the ratings on about 7 transit operators just in November of last year to reflect the strength and growth that we've seen in this tax support sector." - Kurt Forsgren Be sure to subscribe to Special Briefing to stay up to date on the world of public finance. Learn more about the Volcker Alliance at: volckeralliance.org Learn more about Penn IUR at: penniur.upenn.edu Connect with us @VolckerAlliance and @PennIUR on Twitter, Facebook and LinkedIn Special Briefing is published by the Volcker Alliance, as part of its Public Finance initiatives, and Penn IUR. The views expressed on this podcast are those of the panelists and do not necessarily reflect the position of the Volcker Alliance or Penn IUR.

The first Special Briefing of 2025 offers a deep dive into the new President's first month and the implications of new policies. Featured speakers include former US Representative Carolyn Bourdeaux (D-GA); Jeffrey Holland, Vice President, Research, Peter G. Peterson Foundation; Eric Kim, Senior Director, U.S. Public Finance at Fitch Ratings; Vikram Rai, Fixed Income Strategist, Head of Municipal Markets Strategy at Wells Fargo; Torsten Slok, Partner and Chief Economist at Apollo; and Mark Zandi, Chief Economist, Moody's Economics. Notable Quotes: “The implications from a macro perspective could become very, very important for interest rates, especially, of course, if the layoffs begin to show up in the form of a high unemployment rate.” - Torsten Slok. “State and local governments really need to take this moment to do an assessment of how the federal government, federal spending and federal tax policy, even the economic impacts, will affect their budget." - Carolyn Bourdeaux. “So why does that matter? Well, high and rising debts crowd out savings and investment, which could lower future output and income relative to what would otherwise occur." - Jeffrey Holland “Midwestern state economies could be particularly vulnerable to the imposition of blanket tariffs on imports from [Canada, Mexico, and China], and natural resource-rich states could face the most direct consequences from retaliatory tariffs by those nations. North Dakota, Louisiana, and Texas are the states with the most in exports to Canada, Mexico, and China as a percentage of their state GDP.” - Eric Kim “State and local governments realize that they have to rely on their own sources to meet their projects and financing needs." - Vikram Rai “The risks are decidedly to higher interest rates. The biggest risk is that we see a major sell-off in the bond market. The bond market feels incredibly fragile.” - Mark Zandi Be sure to subscribe to Special Briefing to stay up to date on the world of public finance. Learn more about the Volcker Alliance at: volckeralliance.org Learn more about Penn IUR at: penniur.upenn.edu Connect with us @VolckerAlliance and @PennIUR on Twitter, Facebook and LinkedIn Special Briefing is published by the Volcker Alliance, as part of its Public Finance initiatives, and Penn IUR. The views expressed on this podcast are those of the panelists and do not necessarily reflect the position of the Volcker Alliance or Penn IUR.

Major policy shifts in immigration, taxes, trade, energy, health care, and pandemic-era programs passed under the Biden Administration look increasingly likely with Donald Trump capturing the White House and his fellow Republicans taking control of both houses of Congress for the first time in two years. Our panel of experts share their views on what this sea change may mean for the economy and Federal Reserve, as well as the impact on states, localities, and the $4 trillion municipal bond market, including the possible elimination of the federal tax exemption on most muni bond interest. Our panel of experts includes Torsten Slok, Partner and Chief Economist, Apollo Global Management; Annie Linskey, Wall Street Journal White House Reporter; Former US Representative Carolyn Bourdeaux (D-GA); Eric Kazatsky, Head of Municipal Strategy, Bloomberg LP; and Teryn Zmuda, Chief Research Officer and Chief Economist, National Association of Counties (NACo). Notable Quotes: “The short version of what's happening is that the economy is doing really well. GDP growth for the last two and a half years has continued to surprise from the upside. The big issue in financial markets and policymaking continues to be why did Fed hikes not slow the economy down more, why was GDP growth in the third quarter 2.8, and why is GDP growth in the fourth quarter, according to the Atlanta Fed, going to be 3.3.” - Torsten Slok “The primary program that they (the White House) are working on which impacts states and localities is getting money out of the door for the CHIPS Act. It was a $39 billion program, about $30 billion of that is tied up right now in complicated negotiations between the government and companies, and so the Biden administration is working very hard right now to get those negotiations finished.” - Annie Linskey “This brings me to the DOGE effort, and you have Elon Musk and Vivek Ramaswamy out there pounding their chests about how they are going to make all these dramatic cuts. Well, most of us who have been around the block on budgeting know that it's really easy to do this in the abstract, but it is very hard to do it when you are actually putting programs on the line.” - Carolyn Bourdeaux “When we're thinking about the effects of any administration and talking about policy changes, cost cuts could really be cost shifts. Sometimes programs are cut but you do have to think how the effect of that is carried out throughout communities.” - Teryn Zmuda “Right now, state and local payrolls are at the highest levels they've been ever. We've had a 3% growth since the great financial crisis, and 2% growth since 2019. So, as efficiencies have come into the job market, technology has been embraced even by state and local governments, and payrolls has continued to expand.” - Eric Kazatsky Be sure to subscribe to Special Briefing to stay up to date on the world of public finance. Learn more about the Volcker Alliance at: volckeralliance.org Learn more about Penn IUR at: penniur.upenn.edu Connect with us @VolckerAlliance and @PennIUR on Twitter, Facebook and LinkedIn Special Briefing is published by the Volcker Alliance, as part of its Public Finance initiatives, and Penn IUR. The views expressed on this podcast are those of the panelists and do not necessarily reflect the position of the Volcker Alliance or Penn IUR.

The US economy's extraordinary recovery since the darkest days of the COVID-19 pandemic has continued into the fall of 2025, with inflation retreating and the Federal Reserve cutting interest rates to keep jobs and investment humming along. Our expert panel discusses where the economy is growing fastest—and less fast—and what this means for state and local budgets and finances. Our panel of experts includes Rochester (Minnesota) Mayor Kim Norton, Georgia State Economist Robert Buschman, Fitch Ratings head of US State ratings Eric Kim, and PIMCO Senior Vice President Tom Schuette. Notable Quotes: “We were very pleased that money came directly to the cities and local jurisdictions, so we didn't have to go through a lot of time to get it through the state. It was very beneficial to get that money into our communities quickly, starting with ARPA and then the CARES Act funds.” - Mayor Kim Norton “Since the last quarter before the pandemic, Q4 2019, Georgia real GDP growth has run 2.4% per year, on average, slightly better than the 2.3% average for the nation. And though we had our own soft landing in the first half of 2023, we're up 3.5% since then, compared to 3% for the nation. Job growth has also outpaced the nation for most of the expansion.” - Bob Buschman “Growth coming out of the pandemic has been very robust nationally, so strong in fact that it beats expectations month after month, quarter after quarter, year after year. I think most economists were anticipating a recession for about two years before finally giving up and accepting that the economic growth was simply going to continue, even with the Federal Reserve ratcheting up interest rates above 5%.” - Eric Kim “I think in 20-plus years doing this at a rating agency and also on the buy side, I would argue that I've never seen the public sector so well-prepared for any turbulence or volatility on the revenue or expenditure side as they are right now.” - Tom Schuette Be sure to subscribe to Special Briefing to stay up to date on the world of public finance. Learn more about the Volcker Alliance at: volckeralliance.org Learn more about Penn IUR at: penniur.upenn.edu Connect with us @VolckerAlliance and @PennIUR on Twitter, Facebook and LinkedIn Special Briefing is published by the Volcker Alliance, as part of its Public Finance initiatives, and Penn IUR. The views expressed on this podcast are those of the panelists and do not necessarily reflect the position of the Volcker Alliance or Penn IUR.

Listen in to this episode of Special Briefing as Bill Glasgall of the Volcker Alliance, Susan Wachter of the Penn Institute for Urban Research (Penn IUR), and our panel of experts discuss the year ahead for America's states and municipalities. Fiscal 2025 will be an especially consequential one, with the Federal Reserve expected to cut interest rates for the first time in almost five years as inflation and the economy cool; the impending end of federal emergency pandemic aid; and, of course, the likely consequences of the November presidential and congressional elections. Our panel of experts includes Vikram Rai, head of municipal markets strategy, Wells Fargo; Jane Ridley, managing director and local government sector leader, S&P Global; Matthew Stitt, managing director, PFM's Management and Budget Consulting team, and former CFO, Philadelphia City Council; and Mark Zandi, chief economist, Moody's Analytics. Notable Quotes: “There's much to be optimistic about all the business formation that we've seen since the pandemic hit, and that generally means more innovation and more productivity gains. So if I were a prudent planner I would count on a 10-year treasury yield, which is the benchmark for all of the borrowing of state and local governments, but [I think we will be] somewhere around four to four and a half percent.” - Mark Zandi “S&P is projecting the same kind of expectation in terms of where the national economy is going, so that provides a stable spot for governments. And regardless of whether or not it is a strong economy or a weak one, proactive management and strong governance is really what we see across this sector too.” - Jane Ridley “A lot of local governments have had their sights on the dwindling of federal funds. They're coming up with newer baselines as we're starting to see what the recovery of downtown looks like after the pandemic, in terms of buildings and occupancy rates of commercial buildings – some of that is starting to be baked into projections going forward.” - Matt Stitt “There are worries about interest rate volatility or even a rate sell off. Because despite the fact that the cut is very large, the worry is that if inflation comes back because they cut too much too quickly, then there's a rate sell off, and that's why the market has to settle down. So these worries about a great volatility or a sell off could keep investors on the sidelines a little longer.” - Vikram Rai Be sure to subscribe to Special Briefing to stay up to date on the world of public finance. Learn more about the Volcker Alliance at: volckeralliance.org Learn more about Penn IUR at: penniur.upenn.edu Connect with us @VolckerAlliance and @PennIUR on Twitter, Facebook and LinkedIn Special Briefing is published by the Volcker Alliance, as part of its Public Finance initiatives, and Penn IUR. The views expressed on this podcast are those of the panelists and do not necessarily reflect the position of the Volcker Alliance or Penn IUR.

On this episode of Special Briefing, experts discuss the latest Volcker Alliance issue paper, Benefit or Burden: Evaluating $1 Trillion in State Tax Expenditures. The issue paper addresses how US states hand out massive tax breaks every year to advance policy goals, such as aiding low-income families, spurring business investment and job creation, or mirroring the federal tax code. Known broadly as tax expenditures, these exemptions, credits, abatements, and other measures reduce state revenues by an estimated $1 trillion a year, almost three times their 2021 total state expenditures on education. Such tax expenditures, which often suffer from lax government oversight, may be leaving states short on revenue at time when the effects of climate change and the cost of deferred maintenance means that they will need to spend more on infrastructure now and in the decades ahead. Our panel of experts includes one of the issue paper's authors, Matt Fabian, partner, Municipal Market Analytics; as well as Jonathan Ball, legislative fiscal analyst, State of Utah; Tim Bartik, senior economist, W.E. Upjohn Institute for Employment Research; and Arlene Martinez, deputy executive director, Good Jobs First. Notable Quotes: “We went into this project expecting a mess. It was much worse than that. We're not even advocating for true, actual public disclosure of the information. We just want states to get their arms around what it is they're doing.” - Matt Fabian “I would also make sure that before you massively fund tax breaks, that you fund infrastructure and job training which evidence suggests is more cost effective in creating jobs than some of these tax breaks. States need to fund more programs where community colleges will train workers for companies so they can make sure they have the labor and the real estate they need.” - Tim Bartik “I was a journalist for many years, reporting a lot on local spending and budgets, and I could see what would happen when communities were strapped for cash. The programs that often got cut were often programs that targeted low-income folks or vulnerable people, because they tended to have less of a voice in the process.” - Arlene Martinez Be sure to subscribe to Special Briefing to stay up to date on the world of public finance. Learn more about the Volcker Alliance at: volckeralliance.org Learn more about Penn IUR at: penniur.upenn.edu Connect with us @VolckerAlliance and @PennIUR on Twitter, Facebook and LinkedIn Special Briefing is published by the Volcker Alliance, as part of its Public Finance initiatives, and Penn IUR. The views expressed on this podcast are those of the panelists and do not necessarily reflect the position of the Volcker Alliance or Penn IUR.

Ever since the arrival of the COVID-19 pandemic in the US in 2020 led to a surge in people working from home, New York and other big cities have been forced to reckon with the possibility of a Doom Loop scenario of vacant offices and flagging economies. But given the right set of policies, cities can reverse their fortunes and embark upon a path to a Boom Loop of greater productivity and economic growth. Join Special Briefing as the authors of the Volcker Alliance issue paper, Doom Loop or Boom Loop: Work from Home and the Challenges Facing America's Big Cities, and an expert panel discuss the future economic impacts of remote work. Our panel of experts includes the paper's authors, David Stanek, vice president, and Richard Voith, founding principal, Econsult Solutions Inc.; as well as Jose Maria Barrero, assistant professor, Instituto Tecnológico Autónomo de Mexico; Stijn Van Nieuwerburgh, professor of real estate, Columbia Business School; and Kathryn Wylde, president and chief executive officer, Partnership for New York City. Notable Quotes: “Work from home poses a direct and serious challenge in New York City, especially in the commercial office sector and public transportation, but work from home also potentially offers great opportunities for the city.” - Dick Voith “San Francisco is the ‘poster child' for a difficult post-pandemic recovery, meanwhile Miami has gained upwards of 100,000 jobs since the pandemic.” - David Stanek “Recently, we've asked a series of qualitative questions in our surveys, asking people about returning to the office. What draws them to the office? Many firms said that they've done several big pushes to return to the office, which I think gives you a sense of how difficult it is for certain organizations, especially in knowledge work industries, to bring their people back,” - Jose Maria Barrero “Employers' real estate commitment to New York City is extremely positive. More than half are committed to at least maintaining their current footprint, more than 30% have actually increased or anticipate increasing their footprint in the next year, and only 10% are looking at reducing their footprint.” - Kathryn Wylde “We need to convert brown offices to green apartments, in a nutshell. Of course, there are both regulatory and financial obstacles to conversion. We've come to the conclusion that roughly 10% of the office stock is readily convertible based on its physical characteristics. In cities like New York or Chicago, where we have an older office stock, that number is probably closer to 30%.” - Stijn Van Nieuwerburgh Be sure to subscribe to Special Briefing to stay up to date on the world of public finance. Learn more about the Volcker Alliance at: volckeralliance.org Learn more about Penn IUR at: penniur.upenn.edu Connect with us @VolckerAlliance and @PennIUR on Twitter, Facebook and LinkedIn Special Briefing is published by the Volcker Alliance, as part of its Public Finance initiatives, and Penn IUR. The views expressed on this podcast are those of the panelists and do not necessarily reflect the position of the Volcker Alliance or Penn IUR.

While the 2021 Bipartisan Infrastructure Law provides $50 billion to upgrade America's drinking water, wastewater, and stormwater systems, much more will be needed to address the nation's water infrastructure needs amid a changing climate and shifts in population. The Environmental Protection Agency estimates the US will need almost $900 billion in water investment over the next twenty years, plus hundreds of billions more for maintenance. These sums will burden federal, state and local budgets but also pose new opportunities—and risks—for investors in water projects. Our panel of experts includes Senator Bill Bradley, former United States Senator, D-NJ; Doug Evanson, executive vice president and chief financial officer, San Antonio Water System; Howard Neukrug, executive director, The Water Center at the University of Pennsylvania; Nicole Lick, senior life scientist, water division, United States Environmental Protection Agency Mid-Atlantic Region; and Reese Tisdale, president and chief executive officer, Bluefield Research. Notable Quotes: “There was bipartisan support for the infrastructure bill, and so this is a matter of modifying and taking that support and moving into something even more critical than roads and bridges –– our supply of water to areas of the country that don't have it.” - Senator Bill Bradley “It's amazing how much the water industry has changed in the last ten years and certainly 20 to 30 years looking back, but the concept of reusing water, particularly in the West and other parts of the world, is… new… it's a technology that's growing.” - Howard Neukrug “The VISTA Ridge water supply project [in San Antonio] has been recognized nationally as one of the largest public-private partnerships to be constructed in North America....The project is essential for San Antonio meeting its demand requirements in 2023 and could not have been completed without the public-private partnership structure.” - Doug Evanson “Ever since the Clean Water Act, since 1976, federal funding towards the water sector has shifted away from 15% to 5% now. [That funding gap] has been pushed on the local communities and local governments to address the challenges that they face.” - Reese Tisdale “52 years ago, the Clean Water Act resulted in $200 billion in federal water infrastructure investments over a 10-year period, and that investment was incredibly successful in cleaning up our water.... But it also means that our water infrastructure is aging and nearing the end of its lifespan and requires upgrades or replacement.” - Nicole Lick Be sure to subscribe to Special Briefing to stay up to date on the world of public finance. Learn more about the Volcker Alliance at: volckeralliance.org Learn more about Penn IUR at: penniur.upenn.edu Connect with us @VolckerAlliance and @PennIUR on Twitter, Facebook and LinkedIn Special Briefing is published by the Volcker Alliance, as part of its Public Finance initiatives, and Penn IUR. The views expressed on this podcast are those of the panelists and do not necessarily reflect the position of the Volcker Alliance or Penn IUR.

Western and southern states including Idaho and Florida were among those growing the fastest from the eve of the pandemic in 2019 through 2022. But there were some surprises as well, with Delaware, Maine, and New Jersey also joining the Census Bureau's hot growth list. While the ability of many Americans to move to low-tax states and work from home played a large role in the population shift, other factors may have been at play as well. Meanwhile, rapid population expansion poses challenges in many of these states as they cope with enlarging school systems, updating infrastructure, and preparing communities for the impact of extreme weather conditions. Our expert panel explores these issues and what they may portend for state and local finances. Our panel of experts includes New Jersey Governor Phil Murphy; Alex Adams, chief budget officer, state of Idaho; Shatakshee Dhongde, professor of economics, Georgia Institute of Technology; Thomas Doe, president, Municipal Market Analytics, Inc.; and Torsten Slok, chief economist, Apollo Global Management. Notable Quotes: “I use two words: talent and location. Historically, when New Jersey invested aggressively in talent and location, it did well –– and when it didn't –– it did poorly. It's really not a political ideology, it's playing the hand that you were dealt.” - Governor Phil Murphy “But the big picture is: tax revenue is still good, and we still have a good economy… with the little caveat that the cost of borrowing will remain elevated, probably for another six-to-nine months.” - Torsten Slok “A lot of [why we're growing] is that we are a low-regulated state. This is the least regulated state in the country, we're also a low taxation state… we're stable financially, and then there's all those intangible benefits and tangible benefits as we have access to outdoor recreation, beautiful lakes, mountains, access to skiing –– things that were really rejuvenating for many people during COVID.” - Alex Adams “We talk a lot about pensions, but here in Texas, there are also going to be increased costs because of the changing climate, whether it's the electricity, water, the airport, or highways. You just are taking abuse from extraordinarily volatile weather conditions that are now commonplace.” - Thomas Doe “A recent report by the Federal Reserve Bank of Atlanta showed that the Southeast region, which consists of Alabama, Florida, Georgia, Louisiana, Mississippi and Tennessee, grew around 0.2 percentage points per year faster than the United States in most major metrics of economic performance.” - Shatakshee Dhongde Be sure to subscribe to Special Briefing to stay up to date on the world of public finance. Learn more about the Volcker Alliance at: volckeralliance.org Learn more about Penn IUR at: penniur.upenn.edu Connect with us @VolckerAlliance and @PennIUR on Twitter, Facebook and LinkedIn Special Briefing is published by the Volcker Alliance, as part of its Public Finance initiatives, and Penn IUR. The views expressed on this podcast are those of the panelists and do not necessarily reflect the position of the Volcker Alliance or Penn IUR.

With their revenues and cash reserves at record highs after unprecedented federal aid to offset the impact of COVID-19, dozens of states embarked on the biggest wave of tax cuts in decades, slashing levies by at least $124 billion on everything from personal income to groceries and gasoline. Tune into this Special Briefing as the authors of the forthcoming Volcker Alliance issue paper, State Tax Cuts after the Pandemic: Strategies to Sustain Fiscal Health, and an expert panel discuss whether these reductions can be sustained as revenues have begun to weaken despite the strong US economy. Our panel of experts includes the paper's authors Can Chen, associate professor, Andrew Young School of Public Policy at Georgia State University (GSU), and Alex Hathaway, senior research associate, Center for State and Local Finance at GSU; as well as Geoffrey E. Buswick, managing director and government sector leader, S&P Global Ratings-US Public Finance; and Natalie Cohen, founder and president, National Municipal Research. Notable Quotes: “When governments use one-time budget surpluses for permanent tax cuts, they may face long term budget challenges. This is why we wanted to specifically look at the long term fiscal implications of permanent expansions of tax cuts.” - Can Chen “States that have opted for permanent tax cuts recently could face depleted safety net funds and less generous aid in the future. Our report proposes four strategies that states can consider going forward when they implement future tax reductions.” - Alex Hathaway “As the paper highlights, thanks to a stronger than projected growth across many revenue streams the past few years and the ability to build the reserves to all time levels — typically well above policy — most states passed tax cuts and relief in some form.” - Geoff Buswick “You never know when that black swan event is going to hit, whether it's climate change or some major crisis in the world, geopolitical issues can rear their heads and suddenly put a state on its back foot in terms of revenue changes.” - Natalie Cohen Be sure to subscribe to Special Briefing to stay up to date on the world of public finance. Learn more about the Volcker Alliance at: volckeralliance.org Learn more about Penn IUR at: penniur.upenn.edu Connect with us @VolckerAlliance and @PennIUR on Twitter, Facebook and LinkedIn Special Briefing is published by the Volcker Alliance, as part of its Public Finance initiatives, and Penn IUR. The views expressed on this podcast are those of the panelists and do not necessarily reflect the position of the Volcker Alliance or Penn IUR.

For America's states and municipalities, 2024 is likely to bring long-awaited relief from inflation and higher interest rates while presenting challenges—and not just because it's a presidential election year. States, cities, and counties will have to contend with the imminent end of $350 billion in federal pandemic budget aid even as the revenue boom of recent years cools and the need for increased spending to ameliorate the risks of a changing climate put pressure on infrastructure spending. Listen in as our panel of experts discuss strategies that state and local governments are adopting to meet these challenges. Our panel of experts includes Clarence Anthony, CEO and executive director, National League of Cities; Mayor Kim Norton of Rochester, Minnesota; Mark Ferrandino, director, Colorado Office of State Planning and Budgeting; Eric Kim, senior director, Fitch Ratings; and Mark Zandi, chief economist at Moody's Analytics. Notable Quotes: “There is a lot on the plates of local leaders, but city leaders are also resilient and optimistic, and they're determined to build their communities back better than ever before, in tandem with their state and federal partners.” - Clarence Anthony “Obviously, there are lots of risks… there are things that can go off the rails, but I will say that for the first time in a long time, the risks are more symmetric.” - Mark Zandi “We're a town of about 124,000 people and we're home in Minnesota to the state's largest employer, which is the Mayo Clinic, and we are pleased to say that our local economy has rebounded fairly well from the pandemic.” - Mayor Kim Norton “We definitely see some headwinds in terms of revenue for the next year, but long term, we see continued growth. We also see the demand on those revenues and the demand on the state government to just continue to grow.” - Mark Ferrandino “In December, our economics team published its quarterly global economic outlook. And as we were just talking about, 2023 was a surprisingly good year. So good, in fact, that Fitch took off its recession forecast for 2024 in our last update, [and] we were one of those many in the consensus that we're expecting a recession, but we've pulled back on that.” - Eric Kim Be sure to subscribe to Special Briefing to stay up to date on the world of public finance. Learn more about the Volcker Alliance at: volckeralliance.org Learn more about Penn IUR at: penniur.upenn.edu Connect with us @VolckerAlliance and @PennIUR on Twitter, Facebook and LinkedIn Special Briefing is published by the Volcker Alliance, as part of its Public Finance initiatives, and Penn IUR. The views expressed on this podcast are those of the panelists and do not necessarily reflect the position of the Volcker Alliance or Penn IUR.

Many states, counties, and cities emerged from the COVID-19 pandemic and resulting recession with record cash reserves following the US government's injection of $5 trillion to revive the economy and prop up local government budgets. But even after the unprecedented federal support, states and municipalities have been left with more than $1.3 trillion in unfunded liabilities for public employee pension benefits that were promised but are not fully funded. Join our panel of experts as they discuss strategies that state and local governments are adopting to reduce this pension burden and whether they may have to reduce spending for education, infrastructure, and other critical public services to make room for increasing retirement contributions. Our panel of experts includes Liz Farmer, public finance journalist and co-host of the Public Money podcast; Vedanta Goenka, senior municipal strategist, Citigroup; Merl Hackbart, professor emeritus, Martin School of Public Policy and Administration, University of Kentucky; Shoaib Khan, director, New Jersey Treasury Division of Investment; Anthony Randazzo, executive director, Equable Institute; and Les Richmond, vice president and actuary, Build America Mutual. Notable Quotes: “We have a target of approximately 30% of the [pension] portfolio to alternative asset classes,” - Shoaib Khan. “Our top assessment from a 50 state review of data is that funding strategies for public plans have significantly improved whether we look at the last five years or the last 15 years,” - Anthony Randazzo “As far as pension funding is concerned, we–– as Anthony mentioned –– have seen a tremendous improvement in ratios since the pandemic,” - Vedanta Goenka “The adjustments that state and local governments have made to their pension systems in response to pension system concerns, such as adjusting benefits, supplemental funding, and ensuring contributions are meeting their requirements, has demonstrated a commitment to take actions to ensure the sustainability of pension systems,” - Merl Hackbart "So, you might have neighboring towns that have very similar pension profiles — one is carrying a high amount of debt, one is carrying a little amount of debt — I would say the one with a little amount of debt is in much better shape. So it calls for granular analysis [if] we're going to answer the question if pensions are still in crisis.” - Les Richmond “In a lot of places, [pensions are] still very much an issue, but in terms of the national conversation, pensions have definitely kind of taken a step back.” - Liz Farmer Be sure to subscribe to Special Briefing to stay up to date on the world of public finance. Learn more about the Volcker Alliance at: volckeralliance.org Learn more about Penn IUR at: penniur.upenn.edu Connect with us @VolckerAlliance and @PennIUR on Twitter, Facebook and LinkedIn Special Briefing is published by the Volcker Alliance, as part of its Public Finance initiatives, and Penn IUR. The views expressed on this podcast are those of the panelists and do not necessarily reflect the position of the Volcker Alliance or Penn IUR.

The Volcker Alliance and Penn Institute for Urban Research invite you to join an online Special Briefing on how the rollout of the $1.2 trillion Infrastructure Investment and Jobs Act (IIJA) is proceeding. A critical part of legislation passed by Congress to combat the economic impact of the COVID-19 pandemic and enhance the durability and sustainability of the nation's infrastructure, the bipartisan deal promises thousands of new jobs and billions of dollars for roads, bridges, public transportation, water systems, and broadband access. Through July, the value of highway and bridge construction work was running 24 percent ahead of the 2020-21 pace, American Road & Transportation Builders data show. But there are bottlenecks as well, and the process of applying for federal grants is confusing, especially for smaller governments. Our panel of experts will sort this out and explain where infrastructure construction is headed. Our panel of experts will include Representative Earl Blumenauer (D-OR); Samantha Silverberg, deputy infrastructure implementation coordinator at The White House; Alison Premo Black, senior vice president and chief economist, American Road & Transportation Builders Association; and Leah Brooks, professor, Trachtenberg School of Public Policy and Public Administration, George Washington University; Jessica Jennings, legislative director for transportation and infrastructure, National Association of Counties; and Vikram Rai, lead strategist, Wells Fargo municipal division. Notable Quotes: “This is the first time we have a commitment unequivocally to be able to rebuild and renew America. It's a refreshing change and an opportunity for us,” Representative Earl Blumenauer. “The IIJA, or the bipartisan infrastructure law as we call it, is a once-in-a-generation investment in our nation's infrastructure,” Samantha Silverberg. “I can tell you from a market standpoint, for the transportation sector, we're absolutely seeing that program have a very big market impact,” Alison Premo Black. “Most of America's roads are in rural areas, and 70% of counties are rural. We experienced all kinds of challenges when it comes to our small counties. And the biggest one really is our capacity,” Jessica Jennings. “Infrastructure costs more in the U.S. than it does in almost any other country in the world. And you might not be surprised that it costs more in the U.S. than it does in developing countries like China. But you might be surprised to hear that it costs the U.S. substantially more than other countries like Germany or Australia, countries that we think actually have a full suite of environmental protections in the same way that we would like to,” Leah Brooks. “The IIJA aims to put more transportation infrastructure by public-private partnerships. It does so by doubling the amount of availability with the objective to increase P3 (public-private partnerships) funding,” Vikram Rai. Be sure to subscribe to Special Briefing to stay up to date on the world of public finance. Learn more about the Volcker Alliance at: volckeralliance.org Learn more about Penn IUR at: penniur.upenn.edu Connect with us @VolckerAlliance and @PennIUR on Twitter, Facebook and LinkedIn Special Briefing is published by the Volcker Alliance, as part of its Public Finance initiatives, and Penn IUR. The views expressed on this podcast are those of the panelists and do not necessarily reflect the position of the Volcker Alliance or Penn IUR.

The Volcker Alliance and Penn Institute for Urban Research (Penn IUR) invite you to join an online Special Briefing focusing on whether Federal Reserve moves to slow inflation may result in a recession or soft landing in coming months and how states and localities may be impacted. Our panel of experts includes Zac Jackson, Indiana budget director; Eric Kim, senior director, Fitch Ratings; Torsten Slok, chief economist, Apollo Global Management; Matthew Stitt, director and national lead for equitable recovery and strategic financial initiatives, PFM's Management and Budget Consulting team, and former CFO, Philadelphia City Council; and Kate Watkins, president and chief economist, Bright Fox Analytics, and former chief economist, Colorado state legislature's Legislative Council Staff. Notable Quotes: “We are seeing delinquency rates going up on credit cards, and auto loans for consumers, and we are seeing default rates going up for high yield companies that are highly leveraged, but we're still not quite seeing any significant slowdown in the broader economic data.” - Torsten Slok “Regardless of recession or not, there are some important implications for state and local governments when it comes to our revenue streams…” - Kate Watkins “Fitch's view is that state governments as a whole are in a relatively strong fiscal position because tax collections have been just extraordinary…” - Eric Kim “We took a very responsible approach when it came to using our stimulus funds in order to avoid building fiscal cliffs down the road where the state would have to supplant that one time federal money with ongoing state dollars.” - Zac Jackson “I think when cities are really thinking about their budgets, they're always trying to look ahead to take care of your core expenses, your core services...” - Matt Stitt Be sure to subscribe to Special Briefing to stay up to date on the world of public finance. Learn more about the Volcker Alliance at: volckeralliance.org Learn more about Penn IUR at: penniur.upenn.edu Connect with us @VolckerAlliance and @PennIUR on Twitter, Facebook and LinkedIn Special Briefing is published by the Volcker Alliance, as part of its Public Finance initiatives, and Penn IUR. The views expressed on this podcast are those of the panelists and do not necessarily reflect the position of the Volcker Alliance or Penn IUR.

The panel discusses the outlook for mass transportation across the US amid waning federal pandemic emergency aid and lagging ridership as metropolitan area commuters continue to work from home. This episode includes a remembrance of our great friend and colleague, Richard Ravitch, the former New York State lieutenant governor, Metropolitan Transportation Authority chairman, Volcker Alliance director, and tireless advocate for fiscally sustainable state and local budgeting, who passed away on June 25. Our panel of experts includes Janno Lieber, chair and chief executive officer, Metropolitan Transportation Authority; former US Transportation Secretary Anthony Foxx; Kurt Forsgren, managing director and sector lead for transportation in US Public Finance at S&P Global; Frank Jimenez, senior fiscal policy analyst, California Legislative Analyst's Office; and Leslie Richards, general manager and chief executive officer, Southeastern Pennsylvania Transportation Authority. Notable Quotes: “I made the case that it was insane for New York [to not receive funding to avert a fiscal cliff], when 85% of our commuters use mass transit. It was an intense equity issue.” - Janno Lieber “What is clear in the post-COVID era is that the critical role that transit plays is not going to change. We have to rethink how we make decisions. We know that cities, regions and transit are intrinsically related – we know that our futures are tied together; that the stronger a transit system is, the stronger the region it operates in is as well.” - Leslie Richards “Ultimately in the final budget package, the legislature provided $5.1 billion to support transit agencies across the state over a four-year period. This funding is on top of the state's baseline funding which supports transit agencies and is funded by fuel taxes and vehicle fees.” - Frank Jimenez “Whether that is in the form of sales taxes, or as New York has done with congestion pricing, I think we're going to have to look at new ways to generate income from local and state sources to support our transit systems.” - Anthony Foxx “Even for transit agencies where we have sales tax or other forms of tax that make up the bulk of revenues, we felt like the ridership loss is likely to impact their operating funds and have ripple effects across their enterprise.” - Kurt Forsgren Be sure to subscribe to Special Briefing to stay up to date on the world of public finance. Learn more about the Volcker Alliance at: volckeralliance.org Learn more about Penn IUR at: penniur.upenn.edu Connect with us @VolckerAlliance and @PennIUR on Twitter, Facebook and LinkedIn Special Briefing is published by the Volcker Alliance, as part of its Public Finance initiatives, and Penn IUR. The views expressed on this podcast are those of the panelists and do not necessarily reflect the position of the Volcker Alliance or Penn IUR.

The panel of experts discusses the fallout for the US economy, states, and municipalities from the recent deal to raise the federal debt ceiling. Our panel of experts includes Matt Fabian, partner, Municipal Market Analytics; Marcia Howard, executive director, Federal Funds Information for States; Annie Linskey, white house reporter, the Wall Street Journal; Vikram Rai, managing director and head of the municipal strategy group, Citigroup; and Torsten Slok, chief economist, Apollo Global Management. Notable Quotes: “The problem that this debt crisis identified is that talking about cutting spending has revealed a field of landmines, even for Republicans who got to office to cut spending, and find themselves now unable to… If we can't cut spending, we have to raise taxes to make up for that spending” - Matt Fabian “The way to avoid [future debt ceiling crises] is to have Congress change the law they created in the first place, that requires this debt ceiling dance every few years...” - Annie Linskey “This drama is going to play out again in 2025… Once the US debt defaults, it will set a very unhealthy precedent.” - Vikram Rai “From the financial market perspective, [the debt ceiling debate] is something that is self-inflicted, and something that obviously is creating a lot of volatility…” - Torsten Slok “While we believed that the original legislation paved the way for a very smooth process with incentives to get things done, now we've come to believe that recent developments have unraveled that agreement, and that the months ahead are going to be very perilous, complicated, and politically fraught.” - Marcia Howard Be sure to subscribe to Special Briefing to stay up to date on the world of public finance. Learn more about the Volcker Alliance at: volckeralliance.org Learn more about Penn IUR at: penniur.upenn.edu Connect with us @VolckerAlliance and @PennIUR on Twitter, Facebook and LinkedIn Special Briefing is published by the Volcker Alliance, as part of its Public Finance initiatives, and Penn IUR. The views expressed on this podcast are those of the panelists and do not necessarily reflect the position of the Volcker Alliance or Penn IUR.

While the US unemployment rate is near a record low and $5 trillion in federal pandemic aid continuing to support the economy, American cities are enjoying healthy budget surpluses as COVID-19 recedes. But many of the underlying contributors to municipal distress and bankruptcy in the 2010s—underfunded pensions, deteriorating infrastructure, and population loss among them—still pose threats to many cities' long-term fiscal health. Our panel of experts includes Rob Dubow, director of finance, City of Philadelphia; Heather Gillers, reporter, the Wall Street Journal; Stephanie Miner, former mayor, Syracuse, New York, and director, the Volcker Alliance; Richard Ravitch, former lieutenant governor, New York, and director, the Volcker Alliance; and David Schleicher, professor, Yale Law School. Notable Quotes: “Things could have been much much worse with that ARP funding. We would have had to make even more painful cuts, and those cuts would have been not only bad for the city, but bad for the entire region because we are the economic engine for the region.” - Rob Dubow “You have this pretty significant expense as Chicago and other cities start to go and weather this next period where you have a possible recession. You have the impact of remote work on city revenues, you have the expiration of the federal stimulus aid that was handed out during COVID. So that's sort of a new chapter in a lot of ways.” - Heather Gillers “Have the same crises facing them once again. And they're the crisis of, whether you say legacy costs or unfunded liabilities, both pensions and something that nobody really wants to talk about because it is so hugely immense, which is retiree health care. When I was facing this after the Great Recession, Dick Ravich said to me, ‘Kid, it's not that hard. You either have to cut your expenses or increase your revenues. That's how you balance a budget.' But of course, it is extremely difficult.” - Stephanie Miner “We've been living through this period of flush state and local budgets, and we're about to see a real turn. We can use that to look forward, but we can also use that to look backward to say, ‘How good of a boom did we have, and how does that set us up for the coming difficulties?'” - David Schleicher Be sure to subscribe to Special Briefing to stay up to date on the world of public finance. Learn more about the Volcker Alliance at: volckeralliance.org Learn more about Penn IUR at: penniur.upenn.edu Connect with us @VolckerAlliance and @PennIUR on Twitter, Facebook and LinkedIn Special Briefing is published by the Volcker Alliance, as part of its Public Finance initiatives, and Penn IUR. The views expressed on this podcast are those of the panelists and do not necessarily reflect the position of the Volcker Alliance or Penn IUR.

America's hottest growth cities and states are facing challenges as they deploy resources to handle the recent pickup of domestic and international immigration to the South and West. US Census data show that Texas and Florida showed a net gain of almost 1 million residents in 2022; they and the rest of the ten fastest-growing states added a total of 1.6 million people. Will this influx help keep these states out of recession? What are the budgetary demands on infrastructure, housing, public safety, education, and the environment, and how will governments tap into recent federal infrastructure legislation? Our panel of experts includes Mayor Steve Adler, former mayor, Austin, Texas; Alex Adams, budget director, Idaho; Matthew D. Chase, chief executive officer and executive director, National Association of Counties; Darryl Martin, county administrator, Dallas County, Texas; and Anna Roach, chief executive officer and executive director, Atlanta Regional Commission. Notable Quotes: “What our approach has been is to assume that a lot of it is one time in nature, so our revenue forecast projects that we'll have about $5.5 billion in ongoing revenue and we've structured our ongoing expenses at $5.1 billion.” - Alex Adams “We built more houses per capita last year than any city in the country and it still wasn't enough. We're going to have to do a better job with the land development codes so that we can build more densely and higher in our main community areas within the city.” - Mayor Steve Adler “What we're also finding is the areas of the country that are really growing tend to be the suburban or exurban areas around these major metropolitan areas. And we're really starting to see real tension between deploying new clean energy, like solar and wind farms, versus housing development versus agricultural land.” - Matt Chase “We've seen a 4% reduction in homelessness this year but we are experiencing an increase in homelessness among our veterans, our youth and our families which I believe is due in part due to the housing affordability crisis.” - Darryl Martin “We are doing innovative things like developing a new concept called Aerotropolis Atlanta that has been successful and has been in the works for many years and it's been in operation for several years.” - Anna Roach Be sure to subscribe to Special Briefing to stay up to date on the world of public finance. Learn more about the Volcker Alliance at: volckeralliance.org Learn more about Penn IUR at: penniur.upenn.edu Connect with us @VolckerAlliance and @PennIUR on Twitter, Facebook and LinkedIn Special Briefing is published by the Volcker Alliance, as part of its Public Finance initiatives, and Penn IUR. The views expressed on this podcast are those of the panelists and do not necessarily reflect the position of the Volcker Alliance or Penn IUR.

With working from home persisting even as the COVID-19 pandemic wanes, our panel of experts discuss how to attract more people back to center cities, and the keys to increasing street life, bolstering commerce, and preventing further losses in municipal property and sales tax revenues. Our panel of experts includes Maria Torres-Springer, New York City Deputy Mayor for Economic and Workforce Development; Stijn Van Nieuwerburgh, Earle W. Kazis and Benjamin Schore professor of real estate and professor of finance, Columbia University's Graduate School of Business; Amy Cotter, director of climate strategies, Lincoln Institute of Land Policy; and Heather Long, columnist and Editorial Board member, Washington Post. Notable Quotes: “We have to build together. This is the type of work that no one level of government and no one sector of the economy can do alone. It is a model for what public-private partnership needs to look like and it's what's needed given the crises that we are facing in the city.” - Deputy Mayor Maria Torres-Springer “Make no mistake: This is a win-win for the public and private sector. We turn the corner and start building much-needed housing. At the same time, the government will generate a lot more tax revenue from this because the tax revenue is going to be falling dramatically from these old office buildings that are losing value.” - Stijn Van Niewwerburgh “It is not too soon for any central business district to start thinking about how it responds to a decline in their office market. And I would suggest that the first thing they can do is to avoid deterioration and further destabilization of the districts in which there is a preponderance of office uses.” - Amy Cotter “We have written that we think this is generally a good plan, however, it's going to be very very tough in the interest rate environment that we are in and given the vast need of buildings that need to be converted to achieve all of those end goals.” - Heather Long Be sure to subscribe to Special Briefing to stay up to date on the world of public finance. Learn more about the Volcker Alliance at: volckeralliance.org Learn more about Penn IUR at: penniur.upenn.edu Connect with us @VolckerAlliance and @PennIUR on Twitter, Facebook and LinkedIn Special Briefing is published by the Volcker Alliance, as part of its Public Finance initiatives, and Penn IUR. The views expressed on this podcast are those of the panelists and do not necessarily reflect the position of the Volcker Alliance or Penn IUR.

As governors and mayors announce their spending plans for fiscal 2024, the panel of experts discuss state and local budgets in uncertain times. Our panel of experts includes Shelby Kerns, executive director, National Association of State Budget Officers; Eric Kim, senior director, Fitch Ratings; Lauren Larson, director, Colorado Governor's Office of State Planning and Budgeting; and Gabriel Petek, legislative analyst, State of California. Notable Quotes: Notable Quotes: “People only think about the impact on state budgets when we are facing a recession, when it's getting closer, when the risks are getting higher; I can assure you that state budget officers are always thinking about it. They're always planning for it.” - Shelby Kerns “We think states are well positioned for volatility. After the Great Recession states really had more than a decade to recover and learn the lessons about revenue forecasting and building up fiscal resilience. I think for the most part, they took that to heart and came into the pandemic with a solid set of tools to manage volatility.” - Eric Kim “This is a really exciting time in Colorado. Our revenues last year were up 24% and as a benchmark, we are measuring our trendline from pre-pandemic and we are exceeding our pre-pandemic trend line....” - Lauren Larson “But I do want to be clear: Our office is not saying that the state should never use reserves. If after solving the level of deficit that we estimate the problem has gotten worse or the economy is going into a recession, we would say that that is the time to use reserves and it would be warranted at that point.” - Gabe Petek Be sure to subscribe to Special Briefing to stay up to date on the world of public finance. Learn more about the Volcker Alliance at: volckeralliance.org Learn more about Penn IUR at: penniur.upenn.edu Connect with us @VolckerAlliance and @PennIUR on Twitter, Facebook and LinkedIn Special Briefing is published by the Volcker Alliance, as part of its Public Finance initiatives, and Penn IUR. The views expressed on this podcast are those of the panelists and do not necessarily reflect the position of the Volcker Alliance or Penn IUR.

The panel of experts discuss the future of downtowns in American cities as office vacancy numbers remain high and public transportation usage remains low. Our panel of experts includes Howard Cure, director of municipal bond research, Evercore Wealth Management; Steven J. Davis, senior fellow, Hoover Institution, and professor of business and economics, University of Chicago Booth School of Business; Tracy Hadden Loh, fellow, Anne T. and Robert M. Bass Center for Transformative Placemaking, Brookings Metro; Stijn Van Nieuwerburgh, Earle W. Kazis and Benjamin Schore professor of real estate and professor of finance, Columbia University's Graduate School of Business; and Romy Varghese, politics editor, Bloomberg News. Notable Quotes: “There's no one-size-fits-all problem or solution. In some cities and regions, these losses are quite urgent, and are yielding fiscal and operational crises in the very near term. In others, these impacts may take years to fully manifest, in part due to one-time federal financial aid.” - Tracy Hadden Loh “Now there is widespread acceptance that remote work is here to stay and now they're [city officials] focusing on different ways to bring people back into the downtown…It is going to take a really long time for these recommendations [to attract businesses] to be implemented and it's really going to take a change in mindset because for so long, business came to San Francisco.” - Romy Varghese “The stakes are higher now than they were before the pandemic with respect to getting the right mix of the right local policies. Cities that get it right, either by virtue of a well-functioning political system or just being endowed with amenities that people value – those cities are well-positioned to benefit from the shift to work-from-home.” - Steven J. Davis “In the long run we are sort of going through this revolutionary change, which will take decades to play out and which will basically call for a major reallocation of space away from office to residential.” - Stijn Van Nieuwerburgh “You have a number of vacancies, you're having turnover come in, and because of that, I think you really have to pay attention to the people who are applying and the quality of the people applying for these jobs.” - Howard Cure Be sure to subscribe to Special Briefing to stay up to date on the world of public finance. Learn more about the Volcker Alliance at: volckeralliance.org Learn more about Penn IUR at: penniur.upenn.edu Connect with us @VolckerAlliance and @PennIUR on Twitter, Facebook and LinkedIn Special Briefing is published by the Volcker Alliance, as part of its Public Finance initiatives, and Penn IUR. The views expressed on this podcast are those of the panelists and do not necessarily reflect the position of the Volcker Alliance or Penn IUR.

The panel of experts discuss issues including inflation, employment, housing, jobs, and the possibility of a recession, as we look towards the new year. Our panel of experts includes Mayor Kate Gallego, Mayor of the City of Phoenix, Arizona; Emily Brock, director, Federal Liaison Office, Government Finance Officers Association; Natalie Cohen, president and founder, National Municipal Research; Julia Coronado, president, MacroPolicy Perspectives and clinical associate professor of finance, McCombs School of Business at the University of Texas at Austin; and Mark Zandi, chief economist, Moody's Analytics. Notable Quotes: “I've been serving as mayor since 2019, so COVID hit at the tail end of my first year. We then went into a very deep and very short recession and came out when Taiwan Semiconductor Manufacturing Corporation (TSMC) made a major announcement, our largest in city history that might be familiar to folks because President Biden was in Phoenix last week to celebrate TSMC.” - Mayor Kate Gallego “The inflation numbers we've been getting, particularly one we got for the month of November, a couple of days ago, are pretty, pretty good. It feels like we're moving into the right direction.” - Mark Zandi “Historically, when the Fed is raising interest rates, [it is] usually sooner or later in a recession. And so we are on that side of the cycle. The easing of policy, the support from fiscal and monetary policy is behind us now. We are seeing policy tighten on both fronts. It's a small sample and there's been a lot of unusual elements to this cycle.” - Julia Coronado “Now, on the prospect for the 118th Congress, which starts in January, obviously we have a split Congress. What some people negatively characterize is gridlock. We might actually positively characterize gridlock in the form of a calming down.” - Emily Brock “The bottom line is in pretty good health across the board. On the revenue side, inflation actually on a nominal basis serves well on the sales tax side. On the property tax side, on the income tax side, and certainly also in the energy sphere on severance taxes. So those areas, again, it's nominal.” - Natalie Cohen Be sure to subscribe to Special Briefing to stay up to date on the world of public finance. Learn more about the Volcker Alliance at: volckeralliance.org Learn more about Penn IUR at: penniur.upenn.edu Connect with us @VolckerAlliance and @PennIUR on Twitter, Facebook and LinkedIn Special Briefing is published by the Volcker Alliance, as part of its Public Finance initiatives, and Penn IUR. The views expressed on this podcast are those of the panelists and do not necessarily reflect the position of the Volcker Alliance or Penn IUR.

The panelists discuss how Inflation has yet to be controlled, recession is looming, federal COVID-19 budgetary aid will soon expire, and working from home is decreasing demand for Center City businesses. What can be done? Our panel of experts includes Greg David, director, business and economics reporting program, City University of New York Craig Newmark Graduate School of Journalism, and a contributor to The City, covering fiscal and economic issues; Shirley Clarke Franklin, former mayor, Atlanta, Georgia, and director, The Volcker Alliance; Heather Gillers, reporter, the Wall Street Journal; and Farhad Omeyr, program director of research and data, National League of Cities. Notable Quotes: “We observe that governments that rely heavily on only property taxes for their general-purpose expenditures, saw less turbulence in their budgeting after the shutdown of the economy because property taxes were inelastic, relatively speaking.” - Farhad Omeyr “When I moved to Atlanta 50 years ago, the metropolitan area was 1 million people, and the state was 4 million. Today the metropolitan area is close to 6 million. The infrastructure that is needed to support a healthy community and healthy economy has really not kept pace.” - Sharley Clarke Franklin “All the contracts with our unions either have expired or the last view will expire in the next month or two. We could get short term contracts instead of four- and five-year contracts. We could get contracts with reopeners, we could get one one-time upfront payments, because after all, we don't know if inflation is going to continue at this rate.” - Greg David “Longtime Mayor Richard Daley underfunded the pension plans, just set aside far less money than really needed to be in those pension funds to meet future obligations.” - Heather Gillers Be sure to subscribe to Special Briefing to stay up to date on the world of public finance. Learn more about the Volcker Alliance at: volckeralliance.org Learn more about Penn IUR at: penniur.upenn.edu Connect with us @VolckerAlliance and @PennIUR on Twitter, Facebook and LinkedIn Special Briefing is published by the Volcker Alliance, as part of its Public Finance initiatives, and Penn IUR. The views expressed on this podcast are those of the panelists and do not necessarily reflect the position of the Volcker Alliance or Penn IUR.

The panelists discuss the impact of the Inflation Reduction Act on state and local budgets, focusing on the opportunities and challenges that are on the road ahead. Our panel of experts included Ben Beachy, vice president of manufacturing and industrial policy, BlueGreen Alliance; Sarah Gimont, associate legislative director for environment, energy and land use policy, National Association of Counties; Justin Marlowe, research professor, University of Chicago Harris School of Public Policy; and Richard Prisinzano, director of policy analysis, Penn Wharton Budget Model, the Wharton School, University of Pennsylvania. Notable Quotes: “This win-win approach to climate change that we see here is a rebirth of the US industrial policy.” - Ben Beachy "The funding provided in the law is really going to be beneficial for community and economic development, areas in which counties play a critical role." - Sarah Gimont "It creates all sorts of interesting and creative opportunities for states and localities and public utilities and pension plans and potentially even nonprofits foundations, other ways to get directly involved." - Justin Marlowe "Our modeling and analysis basically says it has no meaningful effect on inflation, either increasing or decreasing." - Richard Prisinzano Be sure to subscribe to Special Briefing to stay up to date on the world of public finance. Learn more about the Volcker Alliance at: volckeralliance.org Learn more about Penn IUR at: penniur.upenn.edu Connect with us @VolckerAlliance and @PennIUR on Twitter, Facebook and LinkedIn Special Briefing is published by the Volcker Alliance, as part of its Public Finance initiatives, and Penn IUR. The views expressed on this podcast are those of the panelists and do not necessarily reflect the position of the Volcker Alliance or Penn IUR.

The panelists discuss the latest figures on inflation released on quarter 3 of 2022, and analyze the likelihood of stagflation and recession as these inflationary pressures continue to impact the US economy as well as the outlook for states and municipalities and their budgets. Our panel of experts includes Alison Premo Black, senior vice president and chief economist, American Road & Transportation Builders Association; Beth Ann Bovino, US chief economist and managing director, S&P Global Ratings; Hughey Newsome, chief financial officer, Wayne County, Michigan; Gabriel Petek, legislative analyst, State of California; and Mark Zandi, chief economist, Moody's Analytics. Notable Quotes: “I don't see recession [in the] next six months or the next nine months, but now I have a 50/50 outlook by the latter part of 2023 going into 2024.” - Mark Zandi “There's no question that in terms of infrastructure investment, there are a couple of things that the industry has been dealing with in terms of those construction projects. There's no doubt the increase in prices is definitely impacting [projects] as well as material availability.” - Alison Premo Black “Our judgment was that historically speaking, it's been difficult for the Fed to navigate a soft landing when you have such a situation,” - Gabriel Petek “We've been able to kind of store some nuts away for the winter; that was somewhat on purpose but also somewhat on accident,” - Hughey Newsome Be sure to subscribe to Special Briefing to stay up to date on the world of public finance. Learn more about the Volcker Alliance at: volckeralliance.org Learn more about Penn IUR at: penniur.upenn.edu Connect with us @VolckerAlliance and @PennIUR on Twitter, Facebook and LinkedIn Special Briefing is published by the Volcker Alliance, as part of its Public Finance initiatives, and Penn IUR. The views expressed on this podcast are those of the panelists and do not necessarily reflect the position of the Volcker Alliance or Penn IUR.

Even as the US recovers from the worst days of the COVID-19 pandemic, many cities continue to see substantial weakness in commercial office space utilization. The expert panel discusses research findings that reflect the slow return of employees to offices, which cities' tax revenues may be most vulnerable, and what solutions are being deployed to adapt to the new workplace reality. Our panel of experts includes Nick Bloom, William Eberle Professor of Economics, Stanford University, and co-founder, WFH Research; Andrew S. Rein, president, Citizens Budget Commission; Stijn Van Nieuwerburgh, Earle W. Kazis and Benjamin Schore Professor of Real Estate, Columbia Business School; and Lauren Weber, reporter, the Wall Street Journal. Notable Quotes: “...there are four reasons why people have been going hybrid. The first is employees really like it. If you survey employees, which I've been doing in multiple waves, they report that getting to work from home 2-3 days a week is about the same as a 5-10% pay increase.” - Nick Bloom “Office tenants have to make multi-years commitments when they sign a new lease, and what the data shows so far is about a 10% drop in revenue on all active leases between the end of 2019 and the end of 2021.” - Stijn Van Nieuwerburgh “380,000 Manhattan workers live elsewhere in New York State, so there's a question of that shift in economic activity. Doesn't hurt the state necessarily, but it hurts the city. Also, 380,000 live in New Jersey and Connecticut, and that is where that change in economic activity is going to hit the city fisc and the state fisc.” - Andrew Rein “I think a huge issue is that many workers just feel that no one has made a case to them about why they should be back in the office, and I think that's especially the case for younger people, who don't necessarily want to be told what to do.” - Lauren Weber Be sure to subscribe to Special Briefing to stay up to date on the world of public finance. Learn more about the Volcker Alliance at: volckeralliance.org Learn more about Penn IUR at: penniur.upenn.edu Connect with us @VolckerAlliance and @PennIUR on Twitter, Facebook and LinkedIn Special Briefing is published by the Volcker Alliance, as part of its Public Finance initiatives, and Penn IUR. The views expressed on this podcast are those of the panelists and do not necessarily reflect the position of the Volcker Alliance or Penn IUR.

In a Special Briefing hosted by the Volcker Alliance and Penn IUR an expert panel discusses actions states and municipalities are taking related to tax relief, if they will provide inflation relief or spur economic growth—or whether they will lead to shortfalls if rising interest rates end in recession, just as much of the pandemic aid is set to expire. This Special Briefing features a panel of experts, including Alex Adams, budget director, Idaho; Beverly S. Bunch, professor, School of Public Management and Policy, University of Illinois Springfield; Howard Cure, partner and director of municipal bond research, Evercore Wealth Management and Shelby Kerns, executive director, National Association of State Budget Officers. Notable Quotes: “Lifted by federal support and unexpectedly strong revenue growth after the pandemic hit, rainy day funds hit a record of 13.5 percent of shared general fund expenditures in fiscal 2021.” - Shelby Kerns “If you're say cutting a gas tax within a state and that state uses the gas tax or leverages the gas tax to issue debt for basic transportation infrastructure needs, what happens when you suspend it?” - Howard Cure “It's not what you do in bad times, it's what you do in good times that will set you up for success or failure in the future.” - Director Alex Adams Be sure to subscribe to Special Briefing to stay up to date on the world of public finance. Learn more about the Volcker Alliance at: volckeralliance.org Learn more about Penn IUR at: penniur.upenn.edu Connect with us @VolckerAlliance and @PennIUR on Twitter, Facebook and LinkedIn Special Briefing is published by the Volcker Alliance, as part of its Public Finance initiatives, and Penn IUR. The views expressed on this podcast are those of the panelists and do not necessarily reflect the position of the Volcker Alliance or Penn IUR.

With the passage of the IIJA in November 2021, governments face the challenge of allocating more than $1 trillion of funding in a strategic manner that address both past neglected needs and paves the way for a sustainable future. Panelists discuss innovative solutions being pursued, roadblocks that are on the horizon, and the overall impact of this funding on the nation's infrastructure and economy. This Special Briefing features a panel of experts, including Patrick Brett, managing director and head, Citi Municipal Debt Capital Markets; Mayor Jorge Elorza, City of Providence, Rhode Island; Lauren Larson, director, Colorado Governor's Office of State Planning and Budgeting; and Larry Parks, co-founder, Forethought Advisors. Notable Quotes: “When you consider that 80 percent of the nation's infrastructure spending comes from state and local governments, this new federal funding is truly a gift that will keep on giving,” William Glasgall said. “We have a lot of divided governments at the state level,” said Larry Parks, co-founder of Forethought Advisors, which provides strategic counsel and political intelligence to clients in financial services and other regulated industries. “Let's say you have a Republican legislature in Michigan and a Democratic governor. Does Detroit benefit or not?” “We're expecting 120 programs to receive some type of money here, and that's in ten of our state agencies, so it's quite a coordination effort,” said Lauren Larson, director of the Colorado Governor's Office of State Planning and Budgeting. Be sure to subscribe to Special Briefing to stay up to date on the world of public finance. Learn more about the Volcker Alliance at: volckeralliance.org Learn more about Penn IUR at: penniur.upenn.edu Connect with us @VolckerAlliance and @PennIUR on Twitter, Facebook and LinkedIn Special Briefing is published by the Volcker Alliance, as part of its Public Finance initiatives, and Penn IUR. The views expressed on this podcast are those of the panelists and do not necessarily reflect the position of the Volcker Alliance or Penn IUR.

As the outlook for inflation, interest rates, the possibility of a recession, are in flux, this Special Briefing looks at what it all meant for state and local finance. Jerome H. Powell, Chair of the Board of Governors of the Federal Reserve System, delivers brief welcoming remarks in appreciation of Paul A. Volcker (1927-2019), former Federal Reserve Chair and founding Chairman of the Volcker Alliance. This Special Briefing features a panel of experts, including Mark Zandi, chief economist, Moody's Analytics; Matt Gress, budget director, Arizona; Natalie Cohen, founder, National Municipal Research; and Les Richmond, vice president and actuary, Build America Mutual Assurance. Notable Quotes: "Paul Volcker knew that in order to tame inflation and heal the economy, he had to stay the course,” Jerome H. Powell said. “He demonstrated resolve and integrity by refusing to be swayed by political expediency." “The most likely scenario for the U.S. economy over the next twelve to twenty-four months is for it to evolve into a self-sustaining economic expansion,” Mark Zandi said. He predicted inflation will fall close to the Fed's target of about 2 percent by the end of 2023, from more than 8 percent in March. “In higher inflation environment, the stage is set for underperforming assets versus what actuaries expected,” Build America Mutual's Richmond said. “When that happens unfunded liabilities grow, and budgetary requirements that are needed to pay for them will grow as well.” Be sure to subscribe to Special Briefing to stay up to date on the world of public finance. Learn more about the Volcker Alliance at: volckeralliance.org Learn more about Penn IUR at: penniur.upenn.edu Connect with us @VolckerAlliance and @PennIUR on Twitter, Facebook and LinkedIn Special Briefing is published by the Volcker Alliance, as part of its Public Finance initiatives, and Penn IUR. The views expressed on this podcast are those of the panelists and do not necessarily reflect the position of the Volcker Alliance or Penn IUR.

The shift to working from home, accelerated by the COVID-19 pandemic, poses a fiscal threat to the nation's biggest cities, which depend on commercial property taxes for revenue, according to panelists at the March 17 Special Briefing hosted by The Volcker Alliance and the Penn Institute for Urban Research. Panelists discuss research on the rise of at-home employment and its implications for budgets, real estate markets, and transit systems. This special briefing features a panel of experts, including Jose Maria Barrero, associate professor, Instituto Tecnològico Autònomo de Mèxico; Howard Chernick, professor emeritus, Hunter College, CUNY; Ally Schweitzer, reporter, WAMU; and Anthony Williams, former mayor, Washington, DC. Notable Quotes: “We're in for some heavy lifting, politically,” said Anthony Williams, mayor of Washington, DC from 1999-2007 and current chief executive officer of the Federal City Council, a nonprofit organization of business and professional leaders. “The pandemic acted like a mass experiment,” said Jose Maria Barrero, who helps conduct a monthly work-from-home survey. “The forced experiment that the pandemic imposed on us has taught us how well it works,” he said. “Employees and their companies have learned that work from home can work and that trying to get back to full time is something that we don't need.” Howard Chernick said that a 9 percent increase in the valuation of residential property would be enough to offset a projected decline in commercial property taxes. “The political problem,” he said, “is how do you tax that?” For example, New York City has had a property tax system that deliberately shifts the burden away from homeowners, he said, and that many cities have limits on property taxes and levy increases. Be sure to subscribe to Special Briefing to stay up to date on the world of public finance. Learn more about the Volcker Alliance at: volckeralliance.org Learn more about Penn IUR at: penniur.upenn.edu Connect with us @VolckerAlliance and @PennIUR on Twitter, Facebook and LinkedIn Special Briefing is published by the Volcker Alliance, as part of its Public Finance initiatives, and Penn IUR. The views expressed on this podcast are those of the panelists and do not necessarily reflect the position of the Volcker Alliance or Penn IUR.

As Mayor Adam's Administration begins to lay out plans for the future of New York City, panelists discuss the challenges New York City faces in 2022, including COVID-19, street crime, and the possibility of fiscal challenges as federal pandemic aid wanes in coming years. Featuring the findings from Penn IUR's Recovering Cities Project, which tracks the New York economy through 2020-21, and the final report Recovering New York City: A One Year Look Back on the Penn IUR Recovering Cities Project, and a Look Forward towards Recovery. This special briefing features a panel of experts, including Ronnie Lowenstein, former head of of the New York City Independent Budget Office; Ray McGuire, former Citigroup Vice Chairman and New York City mayoral candidate; Richard A. Ravitch, former New York State Lieutenant Governor and Kathryn Wylde, president and CEO, Partnership for New York City. Notable Quotes: "Things are getting better but they're not really where we need them to be," said Eugenie Birch, co-director of Penn IUR. "One thing that didn't happen is a robust economic recovery," Former New York City IBO Director Ronnie Lowenstein said. "These are in many ways one-time events, so we shouldn't get so seduced by where we are in the immediate future," Ray McGuire, former Citigroup Vice Chairman said. "We need to be careful not to create these zombie programs that will last into the future that we simply cannot finance." "New York City will come back" Former Lieutenant Governor Richard A. Ravitch said. "The mayor's proposed budget is good step in right direction, but he still is going to have deficits." He added that the city is home to “several million very poor people who are in desperate need. We have more homeless than we've ever had before.” Moreover, the city's low-income residents “are dependent in no small part on the education system. Providing them with the best is critically important to the future of New York." Be sure to subscribe to Special Briefing to stay up to date on the world of public finance. Learn more about the Volcker Alliance at: volckeralliance.org Learn more about Penn IUR at: penniur.upenn.edu Connect with us @VolckerAlliance and @PennIUR on Twitter, Facebook and LinkedIn Special Briefing is published by the Volcker Alliance, as part of its Public Finance initiatives, and Penn IUR. The views expressed on this podcast are those of the panelists and do not necessarily reflect the position of the Volcker Alliance or Penn IUR.

At the start of 2022 panelists join to discuss the anticipated path of the US economy, inflation, interest rates, the impact COVID-19 continues to have, and whether state and local governments face a “fiscal cliff” as federal pandemic budget aid is expended. This special briefing features a panel of experts, including Lucy Dadayan, senior research associate with the Urban-Brookings Tax Policy Center at the Urban Institute; Larry Johnson, Commissioner, DeKalb County (Georgia) Board of Commissioners and president, National Association of Counties; Eric Kim, senior director, Fitch Ratings Inc.; Torsten Slok, chief economist, Apollo Global Management, and Mark Zandi, chief economist, Moody's Analytics. Notable Quotes: “From a county perspective, we look at the funding we've received so far from Cares. For instance, for us in DeKalb, this past weekend we gave out about 10,000 free at-home COVID tests to residents in our community,” Larry Johnson “For 2022, Fitch is projecting US GDP growth of 3.7%, that's down from the 5.7% we estimated for 2021, but still well ahead of the 2% average we were seeing pre-pandemic,” Eric Kim “What is promising is that we see that local governments are also putting aside money in rainy-day funds. Of course, it all depends on what happens next. We have been seeing a growth in natural disasters, in the number of wildfires, the number of hurricanes, and my advice would always be it is better to be prepared than to be sorry,” Lucy Dadayan. “The year should be a solid one, I expect a GDP growth of about 4%. That means we will create enough jobs to get the economy back to full employment by the end of the year,” Mark Zandi Be sure to subscribe to Special Briefing to stay up to date on the world of public finance. Learn more about the Volcker Alliance at: volckeralliance.org Learn more about Penn IUR at: penniur.upenn.edu Connect with us @VolckerAlliance and @PennIUR on Twitter, Facebook and LinkedIn Special Briefing is published by the Volcker Alliance, as part of its Public Finance initiatives, and Penn IUR. The views expressed on this podcast are those of the panelists and do not necessarily reflect the position of the Volcker Alliance or Penn IUR.

With states and localities already contemplating how to maximize federal infrastructure funding after the passage of the Infrastructure Investment and Jobs Act, panelists in this episode discuss spending plan strategies and what may lay ahead for states and localities now burgeoning with one-time cash. This special briefing features a panel of experts, including US Representative Earl Blumenauer (D-Oregon); Patrick J. Brett, managing director and head of Citi's Municipal Debt Capital Markets and Capital Solutions businesses, chairman of the Municipal Securities Rulemaking Board, and advisory board member at Penn IUR; David Glick, associate professor in the Boston University Political Science Department, faculty director of MetroBridge, and co-principal investigator on the Menino Survey of Mayors with BU's Initiative on Cities; and Rebecca Rhynhart, Controller for the City of Philadelphia. Notable Quotes: “With the election of Joe Biden, we have, for the first time in my twenty-five-year career, we have a President who is not only committed to rebuilding and renewing America, but is willing to put resources behind it,” Congressman Earl Blumenauer. “So, in my view, I thought if the city spent one billion dollars more, and resident satisfaction declined, then we should be able to figure out how to balance the budget without raising taxes on people,” Philadelphia Controller Rebecca Rhynhart. “Roughly half of the mayors said something that was definitely in an infrastructure category that was in their top two, if we include housing… it is closer to two-thirds,” David Glick. “Any time you're talking about infrastructure in this country you're talking about state and local governments, because state and local governments, even with this bill, still fund over half of the infrastructure in this country,” Patrick Brett. Be sure to subscribe to Special Briefing to stay up to date on the world of public finance. Learn more about the Volcker Alliance at: volckeralliance.org Learn more about Penn IUR at: penniur.upenn.edu Connect with us @VolckerAlliance and @PennIUR on Twitter, Facebook and LinkedIn Special Briefing is published by the Volcker Alliance, as part of its Public Finance initiatives, and Penn IUR. The views expressed on this podcast are those of the panelists and do not necessarily reflect the position of the Volcker Alliance or Penn IUR.

Three days after President Biden signed the Infrastructure and Investment Jobs Act, panelists discuss the role of climate change in state and local finance budgeting, as well as the role the federal government may play under the bill and other measures proposed by the Biden Administration. This special briefing features a panel of experts, including Tim Coffin, director of sustainability, Breckinridge Capital Advisors in Boston; Hughey Newsome, chief financial officer for Wayne County, Michigan; Emily Robare, vice president and credit research analyst, PIMCO Municipals; and Nora Wittstruck, director-ESG Lead for US Public Finance, S&P Global. Notable Quotes: “For example, when oil was trending at negative dollars per barrel during the onset of the pandemic, we moved ratings for Alaska and Wyoming, because of their reliance on severance taxes that fund their budgets from the oil and gas sector,” Nora Wittstruck. “Our built environment, our communities, our cities, were built for a different time period where we weren't dealing with temperature increasing the way that it is,” Emily Robare. “The county did receive $340M of ARPA money, and we just reported to the County Commision and made public our intent to bring forth specific initiatives to fund the sustainability office. If those efforts are approved by our Commission, we will be able to launch a dedicated sustainability office,” Hughey Newsome. “Climate can magnify the existing credit issues, particularly for distressed communities, and can really become what we would recognize as a competing fiscal demand,” Tim Coffin. Be sure to subscribe to Special Briefing to stay up to date on the world of public finance. Learn more about the Volcker Alliance at: volckeralliance.org Learn more about Penn IUR at: penniur.upenn.edu Connect with us @VolckerAlliance and @PennIUR on Twitter, Facebook and LinkedIn Special Briefing is published by the Volcker Alliance, as part of its Public Finance initiatives, and Penn IUR. The views expressed on this podcast are those of the panelists and do not necessarily reflect the position of the Volcker Alliance or Penn IUR.

As finer details of the forthcoming infrastructure package are forming in congressional negotiations, panelists contemplate the unmet needs of US states and municipalities and how this federal funding could be strategically utilized to address these needs in a comprehensive manner. This special briefing features a panel of experts, including Carolyn Coleman, executive director and CEO of the League of California Cities; Andrew F. Haughwout, senior vice president and policy leader for Household and Regional in the Federal Reserve Bank of New York's Research and Statistics Group; Annie Linskey, White House reporter for the Washington Post; and Torsten Slok, chief economist for Apollo Global Group. Notable Quotes: “What we are still waiting for is more growth in services, more normalization in services. We are approaching more normal levels, but we are not back to the level of consumption of services we were at before the pandemic,” Torsten Slok. “One of the conclusions that I draw from all of this is that it's going to be difficult to figure out exactly what the impact of this particular plan is going to be, because so much of it is about reducing ris.,” Andrew Haughwout. “In terms of managing for potential fiscal cliffs, I think it's very good news that the ARPA dollars will be invested over time. They arrive in our communities in two tranches, and cities have until 2026 to expend those funds,” Carolyn Coleman. “What has changed this week is the President has begun to say, ‘OK, I've done a lot of listening, and this is probably going to be in the bill, and this is what's not going to be in the bill,'” Annie Linskey. Be sure to subscribe to Special Briefing to stay up to date on the world of public finance. Learn more about the Volcker Alliance at: volckeralliance.org Learn more about Penn IUR at: penniur.upenn.edu Connect with us @VolckerAlliance and @PennIUR on Twitter, Facebook and LinkedIn Special Briefing is published by the Volcker Alliance, as part of its Public Finance initiatives, and Penn IUR. The views expressed on this podcast are those of the panelists and do not necessarily reflect the position of the Volcker Alliance or Penn IUR.

As deliberations on an Infrastructure Package continue in Washington DC, the expert panel focuses on America's needs for investment in clean water and wider access to broadband Internet service in states, cities, and counties. This special briefing features a panel of experts, including Mayor Ras J. Baraka of Newark, New Jersey; Kathryn de Wit, project director of Broadband Access Initiative; Thomas Hazlett, Macaulay Endowed Chair in Economics at Clemson University; and Howard Neukrug, executive director of The Water Center at Penn. Notable Quotes: “We are also using this money for flood mitigation, rehab our water and waste pump stations, upgrade fire hydrants, to deal with resiliency. Hurricane Ida hit us very hard in New Jersey, and we had serious flooding in and around Newark and the North Jersey area.” Mayor Ras Baraka. “What we ultimately found was that state programs were really successful by focusing on the ‘why?' of broadband, and then on implementing inclusive and community-based approaches,” Kathryn de Wit. “Since the 1996 Telecommunications Act, in current dollars about $225B have gone out. These funds are awarded annually, and in recent years they have reached levels of about $10B,” Thomas Hazlett. “The new goal of the industry is to become greenhouse gas neutral facilities, and that is a remarkable change from just ten years ago,” Howard Neukrug. Be sure to subscribe to Special Briefing to stay up to date on the world of public finance. Learn more about the Volcker Alliance at: volckeralliance.org Learn more about Penn IUR at: penniur.upenn.edu Connect with us @VolckerAlliance and @PennIUR on Twitter, Facebook and LinkedIn Special Briefing is published by the Volcker Alliance, as part of its Public Finance initiatives, and Penn IUR. The views expressed on this podcast are those of the panelists and do not necessarily reflect the position of the Volcker Alliance or Penn IUR.

Municipal officials and analysts have their sights set on social equity and climate resilience as Congress debates more than a trillion dollars of infrastructure spending proposed by the Biden administration, panelists focus on how state and local governments will use existing American Rescue Plan Act funding to address broadband and water and sewer needs. Additionally, panelists weigh in on the outlook for investment by counties and cities and risks posed by climate change to states, counties, and cities in the $4 trillion municipal bond market. This special briefing features a panel of experts, including Governor Brad Little, Idaho; US Representative Carolyn Bourdeaux (D-Georgia); Laura Curran, Executive, Nassau County New York; Thomas G. Doe, president, Municipal Market Analytics. Notable Quotes: "I look at all infrastructure through the climate lens," Municipal Market Analytics (MMA) President Thomas G. Doe said "It's looking not just at existing projects and their risk, but also what the future probable risks are for any new efforts that are being done, and, especially, not just on durability but also on equity as well." "As you know this is not a sexy topic," but it is critical, Representative Bourdeaux said. "It's kind of like your abs when you work out: It is your core." Governor Little said Idaho was being cautious in its use of relief money. "We're not certain, and I don't think anybody is, about when this is going to normalize," he said. "We want to make sure we know what normal is … and what to do when the federal government ceases to inject money into the economy." "When you have stable communities, safe communities, and more environmentally resilient communities, that's good for the economy, ergo it's good for our credit rating," Nassau County Executive Laura Curran said, noting the county's efforts to rectify chronic credit issues. Be sure to subscribe to Special Briefing to stay up to date on the world of public finance. Learn more about the Volcker Alliance at: volckeralliance.org Learn more about Penn IUR at: penniur.upenn.edu Connect with us @VolckerAlliance and @PennIUR on Twitter, Facebook and LinkedIn Special Briefing is published by the Volcker Alliance, as part of its Public Finance initiatives, and Penn IUR. The views expressed on this podcast are those of the panelists and do not necessarily reflect the position of the Volcker Alliance or Penn IUR.

With states wrapping up FY 2021 and enacting FY 2022 budgets, the unique challenge of allocating the $350 billion in direct aid contained in the $1.9 trillion American Rescue Plan Act was being across the US. The expert panel discusses the impact on state budgets of the act's assistance to individuals and families, educational institutions, and health care and mass-transportation systems. This special briefing features a panel of experts, including Shelby Kerns executive director, National Association of State Budget Officers; Hughey Newsome, chief financial officer, Wayne County Michigan; Kim Norton, mayor of Rochester, Minnesota; Mark Zandi, chief economist, Moddy's Analytics. Notable Quotes: “The economy should be back to full employment, or something pretty close to that, by late 2022 or early 23,” Mark Zandi. “Beating those catastrophic revenue projections that we were all talking about a year ago doesn't necessarily mean that states are back to where they thought they would be,” Shelby Kerns. “One thing we're looking at as we go forward is, what're some of the things we are putting this money into? Is it an investment that provides a recurring reduction and an operational expenditure, or recurring increase in our general revenue?” Hughey Newsome. “Our estimation, in the city of Rochester, we are going to see the greatest hit this coming year in the 2022 budget that we're working on right now.... And so, we are frontloading our ARPA funds to fill that gap in the first two years,” Kim Norton. Be sure to subscribe to Special Briefing to stay up to date on the world of public finance. Learn more about the Volcker Alliance at: volckeralliance.org Learn more about Penn IUR at: penniur.upenn.edu Connect with us @VolckerAlliance and @PennIUR on Twitter, Facebook and LinkedIn Special Briefing is published by the Volcker Alliance, as part of its Public Finance initiatives, and Penn IUR. The views expressed on this podcast are those of the panelists and do not necessarily reflect the position of the Volcker Alliance or Penn IUR.

With the Biden Administration's newly proposed American Jobs Plan being debated and refined in Congress, the panelists review the Plan's priorities and what they estimate as likely to emerge as Congress debates the massive proposal. Additionally, the panelists discuss the concept of fifteen-year financing strategy on states, counties, cities, schools, and employment. This special briefing features a panel of experts, including Representative Earl Blumenauer (D-Oregon); Marc Morial, president and CEO, National Urban League; Robert Poole, director of transportation policy and Searle Freedom Trust Transportation Fellow, Reason Foundation; Richard A. Ravitch, former New York State Lieutenant Governor; and Polly Trottenberg, US Deputy Transportation Secretary. Notable Quotes: “The Biden administration is currently double-tracking, working on the big ideas of the America's Jobs Plan, but also really trying to engage in a bi-partisan way with committee leadership on Capitol Hill on a surface reauthorization,” Polly Trottenberg. “This is the fine point I think we all need to embrace, and that is this is a twenty-first century plan, for twenty-first century problems,” Marc Morial. “There's a lot of good things in the President's plan, but I think three key elements are missing, and they all three fit together. User fees, long-term financing, and private capital,” Robert Poole. “It's no secret to a number of you on this call that I have been deeply, deeply troubled by our continued underinvestment in infrastructure, and how we've reduced our investment since the 60s,” Earl Blumenauer. Be sure to subscribe to Special Briefing to stay up to date on the world of public finance. Learn more about the Volcker Alliance at: volckeralliance.org Learn more about Penn IUR at: penniur.upenn.edu Connect with us @VolckerAlliance and @PennIUR on Twitter, Facebook and LinkedIn Special Briefing is published by the Volcker Alliance, as part of its Public Finance initiatives, and Penn IUR. The views expressed on this podcast are those of the panelists and do not necessarily reflect the position of the Volcker Alliance or Penn IUR.

In reviewing the newly released Volcker Alliance report, Truth and Integrity in State Budgeting: Preparing for the Storm, panelists discuss fiscal reforms that many states put in place before the 2020 recession as well as the role of trillions of dollars in federal aid in restarting the economy and stabilizing state budgets. This special briefing features a panel of experts, including Erica MacKellar, program principal, National Conference of State Legislatures; Gabriel Petek, legislative analyst, State of California; Juliette Tennert, chief economist, Kem C. Gardner Policy Institute; and Lisa Washburn, managing director, Municipal Market Analytics. Notable Quotes: “Those states that upheld and strengthened their fiscal stability practices were better equipped to manage the acute fiscal stress, especially in those initial stages of the pandemic, when it really seemed like the economy was in free-fall,” Juliette Tennert. “Over forty states reported that they expect to meet or exceed their revenue projections for the current fiscal year,” said Erica MacKellar on FY2021. “Even since the Governor has released his budget proposal in January, revenues have remained very strong, exceeding even the Governor's estimates from January, and so through February the state tax collections are already $14.3B higher than what the January forecast estimated,” Gabriel Petek. “State reserve, rainy day funds plus general fund balances, grew to an all-time high of about $122B by the end of FY19,” Lisa Washurn. Be sure to subscribe to Special Briefing to stay up to date on the world of public finance. Learn more about the Volcker Alliance at: volckeralliance.org Learn more about Penn IUR at: penniur.upenn.edu Connect with us @VolckerAlliance and @PennIUR on Twitter, Facebook and LinkedIn Special Briefing is published by the Volcker Alliance, as part of its Public Finance initiatives, and Penn IUR. The views expressed on this podcast are those of the panelists and do not necessarily reflect the position of the Volcker Alliance or Penn IUR.

With the beginning of COVID-19 vaccine availability to the general population change is on the horizon for state and local economies, with panelists discussing the Biden Administration's COVID-19 vaccination plan and the impact on office work and state and local tax revenues and operations. This special briefing features a panel of experts, including Greg Brown, executive director, Kenan Institute of Private Enterprise, UNC Kenan-Flagler Business School; Matthew Chase, executive director, National Association of Counties; Toluse Olorunnipa, White House reporter, Washington Post; Torsten Slok, chief economist, Apollo Global Management. Notable Quotes: “America's Counties own over 900 hospitals, particularly for indigent care or for uninsured, we have over 800 nursing homes, and we run jails where we see about ten million inmates a year. I bring that up because all of those facilities are key COVID hotspots, so we are trying to keep our staff and residents safe,” Matthew Chase. “We came to the conclusion that this notion of herd immunity was a necessary condition for many of them, it may not be sufficient for all businesses or many individual employees, but it's at least a concept that let us frame a timeline for when things might normalize,” Greg Brown. “There was some talk about having bipartisanship, about bringing Republicans along for the negotiation process, but I think at this point, that has not borne very much fruit, and Biden is determined not to repeat what happened in 2009,” Toluse Olorunnipa. “Just in the last few weeks we have seen a very significant improvement in the number of new cases of COVID, certainly much better than what I had expected,” Torsten Slok. Be sure to subscribe to Special Briefing to stay up to date on the world of public finance. Learn more about the Volcker Alliance at: volckeralliance.org Learn more about Penn IUR at: penniur.upenn.edu Connect with us @VolckerAlliance and @PennIUR on Twitter, Facebook and LinkedIn Special Briefing is published by the Volcker Alliance, as part of its Public Finance initiatives, and Penn IUR. The views expressed on this podcast are those of the panelists and do not necessarily reflect the position of the Volcker Alliance or Penn IUR.

After the passage of the second federal COVID-19 relief funding in late 2020, public finance experts discuss the outlook for further federal stimulus and state and local revenues and budgets as the rollout of new vaccines brings hope for an easing of the COVID-19 pandemic. This special briefing features a panel of experts, including Shelby Kerns, executive director, National Association of State Budget Officers; Eric Kim, senior director and head of US State Ratings, Fitch Ratings; Vikram Rai, managing director and head of the Municipal Strategy Group, Citigroup; Mark Zandi, chief economist, Moody's Analytics. Notable Quotes: “After the Great Recession, even as revenues began to grow again in 2011, it took until FY 2013 for state general fund revenues to surpass the 2008 levels without adjusting for inflation. States did not see a return to 2008 levels until 2018, in inflation adjusted terms” - Shelby Kerns “Fitch's credit outlook for state and local governments this year is stable relative to a very challenging 2020. Last year we downgraded four states ratings, Alaska, Hawaii, Illinois, and New Jersey, and we've got six ratings right now on a negative outlook, Alaska, Illinois, Kentucky, Nevada, New Jersey, and New York” - Eric Kim “With respect to the economy, we're off to a tough start. 2021 is starting much like 2020, the economy is struggling, and it not surprisingly goes back to the pandemic.” - Mark Zandi Be sure to subscribe to Special Briefing to stay up to date on the world of public finance. Learn more about the Volcker Alliance at: volckeralliance.org Learn more about Penn IUR at: penniur.upenn.edu Connect with us @VolckerAlliance and @PennIUR on Twitter, Facebook and LinkedIn Special Briefing is published by the Volcker Alliance, as part of its Public Finance initiatives, and Penn IUR. The views expressed on this podcast are those of the panelists and do not necessarily reflect the position of the Volcker Alliance or Penn IUR.

As Congress debates the details of the Coronavirus Response and Relief Supplemental Appropriations Act (CRRSAA), panelists reflect on the lessons states and localities have learned from the spending of CARES Act funding and look ahead to what may be in store in the fight against COVID-19 and its fiscal fallout in 2021. This special briefing features a panel of experts, including US Representative Carolyn Bourdeaux (D-GA); Julie Demuth, budget manager, Pierce County, Washington; Mark Funkhouser, former mayor, Kansas City, Missouri, and president, Funkhouser & Associates; Fitzroy Lee, chief economist and deputy chief financial officer, District of Columbia; Brandon McComas, research associate, Peter G. Peterson Foundation; Richard A. Ravitch, former NY State Lieutenant Governor. Notable Quotes: “On the fundamental question of aid to cities and states, I would respectfully suggest that the compromise that has no ideological objection should be this: the revenue loss suffered by each city or state should be the amount of Federal money that is received in the subsequent 12-month period.” - Dick Ravitch “Politics has become, in many ways, more about culture and identity, than the actual needs of the people on the ground.” - Representative Carolyn Bourdeaux “So far, about 80-90% of that $2.3 Trillion has already been disbursed, meaning the Federal Government has sent the money out.” - Brandon McComas “We also expected in our forecast that the unemployment rate would come in at almost 18%, and it came in at just under 12%.” - Fitzroy Lee Be sure to subscribe to Special Briefing to stay up to date on the world of public finance. Learn more about the Volcker Alliance at: volckeralliance.org Learn more about Penn IUR at: penniur.upenn.edu Connect with us @VolckerAlliance and @PennIUR on Twitter, Facebook and LinkedIn Special Briefing is published by the Volcker Alliance, as part of its Public Finance initiatives, and Penn IUR. The views expressed on this podcast are those of the panelists and do not necessarily reflect the position of the Volcker Alliance or Penn IUR.

With Congressional inaction on COVID-19 relief aid since the passage of the CARES Act in March 2020, panelists in this episode focus on how states and localities are addressing trillions of dollars in public employee retirement obligations as governments attempt to balance budgets amid the COVID-19 pandemic and recession. This special briefing features a panel of experts, including Donald J. Boyd, co-director, State and Local Government Finance Project, Center for Policy Research, Rockefeller College of Public Affairs & Policy, University at Albany; David G. Lenze, economist, Regional Accounts, US Bureau of Economic Analysis; Timothy Little, director and lead analyst, US States, S&P Global Ratings US Public Finance; Stephanie A. Miner, former Mayor of Syracuse, NY, and Volcker Alliance Board Member; Herman B. Santos, Chairman, Board of Retirement, and Vice Chair, Board of Investments, Los Angeles County Employees Retirement System. Notable Quotes: “In the past, liabilities have been growing faster than state economies, but over the last five years they have been growing slightly slower.” - David Lenze “When interest rates are this low, you have to have relatively risky assets to high-risk assets, or else you have to reduce your return assumptions.” - Donald Boyd “So, while we are in good financial position at this point, my fear is that unless the federal government steps in and helps the local agencies we will be in serious trouble.” - Herman Santos “Unhappy pension funds are unhappy each in their own way.” - Stephanie Miner Be sure to subscribe to Special Briefing to stay up to date on the world of public finance. Learn more about the Volcker Alliance at: volckeralliance.org Learn more about Penn IUR at: penniur.upenn.edu Connect with us @VolckerAlliance and @PennIUR on Twitter, Facebook and LinkedIn Special Briefing is published by the Volcker Alliance, as part of its Public Finance initiatives, and Penn IUR. The views expressed on this podcast are those of the panelists and do not necessarily reflect the position of the Volcker Alliance or Penn IUR.

As governments look to balance budgets amid the stress of the COVID-19 pandemic and recession, panelists discuss potential further steps such as delayed infrastructure projects that may be seen barring any further passage of federal relief funding. With states and municipalities providing an estimated 80 percent of US public infrastructure investment, the panel also discusses how the slowdown on such projects may affect the economy, jobs, and the municipal market. This special briefing features a panel of experts, including Alison Premo Black, PhD, senior vice president and chief economist for the American Road & Transportation Builders Association (ARTBA); Norman E. Brown, nonvoting member, Metropolitan Transportation Authority Board of Directors and legislative director, New York State Council of Machinists; Howard Cure, director of municipal bond research, Evercore Wealth Management; Robert Poole, director of transportation Policy and Searle Freedom Trust Transportation Fellow, Reason Foundation. Notable Quotes: “One thing to really keep an eye on is the situation with federal investment. The Fast Act ended on September 30th, but federal investment accounts for about half of all state highway program capital outlays.” - Alison Premo Black “Finally, I think the idea of bringing private capital more into infrastructure in the US, through long-term P3s, has the potential to be bipartisan.” - Robert Poole “In some ways, the MTA is a victim of its own success.” - Howard Cure “In the age of COVID, having a system that relies so heavily on farebox recovery, dictates a system that is full of crowded trains.” - Norman Brown Be sure to subscribe to Special Briefing to stay up to date on the world of public finance. Learn more about the Volcker Alliance at: volckeralliance.org Learn more about Penn IUR at: penniur.upenn.edu Connect with us @VolckerAlliance and @PennIUR on Twitter, Facebook and LinkedIn Special Briefing is published by the Volcker Alliance, as part of its Public Finance initiatives, and Penn IUR. The views expressed on this podcast are those of the panelists and do not necessarily reflect the position of the Volcker Alliance or Penn IUR.

Navigating an unprecedented mix of challenges mayors across the US rely on innovative fiscal and managerial actions to navigate the lasting early impacts of the COVID-19 pandemic and new challenges on the horizon. In discussing these actions panelists touch on the research on city fiscal conditions by Professor Reschovsky as well as a new national survey of municipal leaders by Engaging Local Government Leaders, Route Fifty, and other partners. This special briefing features a panel of experts, including Linda J. Bilmes, Daniel Patrick Moynihan senior lecturer in public policy and public finance, Harvard Kennedy School, Harvard University; Andrew Reschovsky, professor emeritus of Public Affairs and Applied Economics, Robert M. La Follette School of Public Affairs, University of Wisconsin-Madison; Bill Lucia, senior reporter, Route Fifty; Andrew Rein, president, Citizens Budget Commission of New York. Notable Quotes: “A rough scaling up of these estimates to all local governments in the entire United States suggests revenue shortfalls this fiscal year of $103-$165 billion.” - Andrew Reschovsky “Just over 60% of respondents said that capital projects would be the budget item most impacted by revenue shortfalls stemming from the Coronavirus. Among leadership positions the percentage of respondents who said so was even higher.” - Bill Lucia “The Mayor (of NYC) has actually talked about, if we don't get this $1 billion saved, we need to lay off 22,000 workers, or we need to borrow money. We think that is a false choice.” - Andrew Rein “The best run cities that I'm working with are trying to quickly convert at least key portions of their budgets into activity-based budgets.” - Linda Bilmes Be sure to subscribe to Special Briefing to stay up to date on the world of public finance. Learn more about the Volcker Alliance at: volckeralliance.org Learn more about Penn IUR at: penniur.upenn.edu Connect with us @VolckerAlliance and @PennIUR on Twitter, Facebook and LinkedIn Special Briefing is published by the Volcker Alliance, as part of its Public Finance initiatives, and Penn IUR. The views expressed on this podcast are those of the panelists and do not necessarily reflect the position of the Volcker Alliance or Penn IUR.

Estimates mid-2020 forecasted budgetary shortfalls of as much as $1 trillion, with uncertainty surrounding how state and local governments would close the gap panelists discuss the steps that public officials are deploying for the recession and eventual recovery. Additionally, the panelists contemplate the prospect of further federal relief. This special briefing features a panel of experts, including Natalie Cohen, president and founder of National Municipal Research; Elizabeth Kellar, senior fellow, Center for State and Local Government Excellence and director of public policy, International City/County Management Association (ICMA); Chuck Reed, former mayor, San Jose, California and special counsel, Hopkins & Carley. Notable Quotes: “During the Great Recession, State and Local Governments lost 720,000 over a period of several years, but we have already lost over twice that number of jobs in just two months, April and May of 2020.” - Elizabeth Keller “Local governments are extremely creative at coming up with ways to shift money around and borrow from the future.” - Chuck Reed “In the municipal bond market, in the first half of the year borrowing was actually up, by $25 billion. You might ask, let's look at the March through June period, and borrowing was up by only $1.9 billion.” - Natalie Cohen Be sure to subscribe to Special Briefing to stay up to date on the world of public finance. Learn more about the Volcker Alliance at: volckeralliance.org Learn more about Penn IUR at: penniur.upenn.edu Connect with us @VolckerAlliance and @PennIUR on Twitter, Facebook and LinkedIn Special Briefing is published by the Volcker Alliance, as part of its Public Finance initiatives, and Penn IUR. The views expressed on this podcast are those of the panelists and do not necessarily reflect the position of the Volcker Alliance or Penn IUR.

With unemployment remaining high in key service and tourism sectors, panelists discuss the COVID-19 pandemic's impact on the labor market, the deterioration of the finances and credit outlooks of states and localities, and the role of further federal assistance and loans to governments, companies, and individuals. This special briefing features a panel of experts, including Timothy J. Bartik, senior economist, Upjohn Institute for Employment Research; Matt Fabian, partner, Municipal Market Analytics; Marcia Van Wagner, vice president-senior credit officer, Public Finance Group, States Team, Moody's Investor Service. Notable Quotes: “The total job impact of these state and local spending cuts would be to reduce the total number of jobs in the national economy by about 5 million jobs.” - Timothy Bartik “States are very highly rated, as are most local governments. That is because they have very strong management tools, that enable them to navigate difficult economic and fiscal times.” - Marcia Van Wagner “In 2009 and 2010, we had about 150 payment defaults a year. So, we are not at this point projecting it will go back to that level, but we are having a rate of default that is similar for the first time.” - Matt Fabian Be sure to subscribe to Special Briefing to stay up to date on the world of public finance. Learn more about the Volcker Alliance at: volckeralliance.org Learn more about Penn IUR at: penniur.upenn.edu Connect with us @VolckerAlliance and @PennIUR on Twitter, Facebook and LinkedIn Special Briefing is published by the Volcker Alliance, as part of its Public Finance initiatives, and Penn IUR. The views expressed on this podcast are those of the panelists and do not necessarily reflect the position of the Volcker Alliance or Penn IUR.

As debate on further federal economic relief and aid packages continues in Washington DC, as panelists meet to discuss the politics, probability, and possible shape of such a package. They also examine the likelihood of state and local fiscal distress, and how it may be addressed, especially if deliberations fail to result in timely and significant further funding. This special briefing features a panel of experts, including Norman J. Ornstein, resident scholar at the American Enterprise Institute; Robin Prunty, managing director and head of analytics and research for S&P Global Ratings—US Public Finance; Richard A. Ravitch, former New York State lieutenant governor and Volcker Alliance board member; Frank H. Shafroth, director of the Center for State and Local Government Leadership at the Schar School of Policy and Government at George Mason University. Notable Quotes: “It is quite stunning to see an administration that has a studied indifference to everything else that is going on. It's almost as if that is a chapter we've passed and are moving on to other things.” - Norman Ornstein “Given the social distancing and the closure of large segments of our economy, we didn't really see any sector in public finance that was going to be immune from this, and for the first time ever we revised our sector outlooks to negative on April 1st.” - Robin Prunty Be sure to subscribe to Special Briefing to stay up to date on the world of public finance. Learn more about the Volcker Alliance at: volckeralliance.org Learn more about Penn IUR at: penniur.upenn.edu Connect with us @VolckerAlliance and @PennIUR on Twitter, Facebook and LinkedIn Special Briefing is published by the Volcker Alliance, as part of its Public Finance initiatives, and Penn IUR. The views expressed on this podcast are those of the panelists and do not necessarily reflect the position of the Volcker Alliance or Penn IUR.

While cities and states navigate the repeal of pandemic related restrictions amid demonstrations and civil unrest, panelists discuss the US economic outlook as a whole and the early stages of the need for the Coronavirus Response and Relief Supplemental Appropriations Act (CRRSAA). This special briefing features a panel of experts, including Austan D. Goolsbee, Robert P. Gwinn professor of economics at the Booth School of Business, University of Chicago; Dan Smith, associate professor of public policy and administration and director of the Master of Public Administration Program at University of Delaware; Juliette Tennert, Chief Economist at the Kem C. Gardner Policy Institute, University of Utah; Mark M. Zandi, Chief Economist of Moody's Analytics. Notable Quotes: “If I'm right, May being the bottom, it'll end up being the shortest recession in history, three months, March, April, and May. We've got business cycles dating back to 1854. But, it will end up being arguably the most severe.” - Mark Zandi “The state's revenue doesn't depend on the rate of change it depends on the level.” - Austan Goolsbee “In terms of the written letter of the law, few states have very strong no-deficit carry-over balance budget rules.” - Dan Smith “There still has been a commonality among most western states that there has been tremendous economic growth over this last expansion.” Juliette Tennert Be sure to subscribe to Special Briefing to stay up to date on the world of public finance. Learn more about the Volcker Alliance at: volckeralliance.org Learn more about Penn IUR at: penniur.upenn.edu Connect with us @VolckerAlliance and @PennIUR on Twitter, Facebook and LinkedIn Special Briefing is published by the Volcker Alliance, as part of its Public Finance initiatives, and Penn IUR. The views expressed on this podcast are those of the panelists and do not necessarily reflect the position of the Volcker Alliance or Penn IUR.