35th Annual City Fiscal Conditions Report
The National League of Cities released their City Fiscal Conditions 2020 report. The research illuminated the pandemic's economic impact from the unprecedented year that local governments have had to endure. NLC CEO and executive director Clarence E Anthony made a statement on the release of the information in which he announced, "This report helps city leaders prepare for the storm that may still be coming to our nation. The reality is that our cities are struggling. We want to prepare local leaders to lead America during tough times. We know that a national recovery is not possible without cities, towns, and villages being economically strong."
Anthony's point that cities are struggling was reflected in the report, which had three significant findings. It was found that the economic downturn experienced since March has been similar in magnitude as that of the great recession that took about six years to hit its peak and, more importantly, took over a decade to recover from the start of its decline.