Podcasts

Podcasts February 29, 2024 Special Briefing: State Tax Cuts 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. Join our next 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. William Glasgall Susan Wachter Can Chen Alex Hathaway Geoffrey Buswick Natalie Cohen State & Local Finance

Podcasts January 25, 2024 Special Briefing: 2024 Fiscal Outlook for States and Cities 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. Join our panel of experts as they discuss strategies that state and local governments are adopting to meet these challenges. William Glasgall Susan Wachter Clarence Anthony Kim Norton Mark Ferrandino Eric Kim Mark Zandi State & Local Finance

Podcasts November 30, 2023 Special Briefing: Public Pensions - Still a Crisis? 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 will include 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. William Glasgall Susan Wachter Liz Farmer Vedanta Goenka Dr. Merl Hackbart Shoaib Khan Anthony Randazzo Les Richmond State & Local Finance

Podcasts October 19, 2023 Special Briefing: Rolling Out the $1.2 Trillion Infrastructure Investment & Jobs Act—What’s Being Built and What’s in the Pipeline The Volcker Alliance and Penn Institute for Urban Research invite you to 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 2020-2021 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. William Glasgall Susan Wachter Earl Blumenauer Dr. Alison Premo Black Leah Brooks Jessica Jennings Vikram Rai Samantha Silverberg State & Local Finance

Podcasts September 21, 2023 Special Briefing: Recession? Soft Landing? … Impact on States and Cities 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. William Glasgall Susan Wachter State & Local Finance

Podcasts July 27, 2023 Special Briefing: The Future of Mass Transportation as US Pandemic Aid Nears an End The Volcker Alliance and Penn Institute for Urban Research (Penn IUR) invite you to join an online Special Briefing on 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. The Special Briefing will include 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. State & Local Finance

Podcasts June 15, 2023 Special Briefing: The Debt Ceiling Deal and its Impact on the US Economy, States, and Municipalities The Volcker Alliance and Penn Institute for Urban Research hosted an online Special Briefing on fallout for the US economy, states, and municipalities from the recent deal to raise the federal debt ceiling. William Glasgall Susan Wachter Matt Fabian Marcia Howard Annie Linskey Vikram Rai Torsten Slok State & Local Finance

Podcasts May 18, 2023 Special Briefing: Avoiding Municipal Distress The Volcker Alliance and Penn Institute for Urban Research invite you to join an online Special Briefing on avoiding municipal distress. 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. Susan Wachter William Glasgall Richard Ratvich Stephanie A. Miner David N. Schleicher Rob Dubow Heather Gillers State & Local Finance

Podcasts April 27, 2023 Special Briefing: Managing Growth in America's Hottest States, Counties & Cities The Volcker Alliance and Penn Institute for Urban Research invite you to join an online Special Briefing on how 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? William Glasgall Susan Wachter Matthew D. Chase Darryl Martin Anna Roach Steve Adler Alex Adams State & Local Finance

Podcasts March 30, 2023 Special Briefing: Revitalizing Downtowns by Turning Offices Into Homes With working from home persisting even as the COVID-19 pandemic wanes, the Volcker Alliance and Penn Institute for Urban Research hosted an online Special Briefing on Revitalizing Downtowns by Turning Offices Into Homes. Attracting more people back to center cities to live as well as work is the key to increasing street life, bolstering commerce, and preventing further losses in municipal property and sales tax revenues. William Glasgall Susan Wachter Maria Torres-Springer Stijn Van Nieuwerburgh Amy Cotter Heather Long State & Local Finance

Podcasts February 16, 2023 Special Briefing: State and Local Budgets in Uncertain Times As governors and mayors announce their spending plans for fiscal 2024, the Volcker Alliance and Penn Institute for Urban Research invite you to join our panel of experts for an online Special Briefing on State and Local Budgets in Uncertain Times. Susan Wachter William Glasgall Shelby Kerns Eric Kim Lauren Larson Gabriel Petek State & Local Finance

Podcasts January 19, 2023 The Future of Downtowns The Volcker Alliance and Penn Institute for Urban Research hosted an online Special Briefing on the Future of Downtowns.Our panel of experts included 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. William Glasgall Susan Wachter Tracy Hadden Loh Howard Cure Steven J. Davis Stijn Van Nieuwerburgh Romy Varghese State & Local Finance

Podcasts December 15, 2022 Special Briefing: 2023 Outlook for States and Cities The Volcker Alliance and Penn Institute for Urban Research hosted an online Special Briefing: 2023 Outlook for States and Cities. Panelists will discussed issues including inflation, employment, housing, jobs, and the possibility of a recession. Mayor Kate Gallego of Phoenix, Arizona, outlined how the city is using federal recovery dollars, focusing on housing projects; the impact of a growing population on the city’s tax base; and her outlook for the coming year. William Glasgall Susan Wachter Mark Zandi Kate Gallego Emily Brock Natalie Cohen Julia Coronado State & Local Finance

Podcasts November 17, 2022 Special Briefing: Big Cities, Big Challenges The Volcker Alliance and Penn Institute for Urban Research hosted an online Special Briefing: Big Cities, Big Challenges. The discussion focused on addressing inflation that has yet to be controlled and recession fears for big cities while federal COVID-19 budgetary aid will soon expire. Susan Wachter William Glasgall Greg David Shirley Franklin Heather Gillers Farhad Omeyr State & Local Finance

Podcasts October 22, 2022 Special Briefing: The Inflation Reduction Act: Investment Opportunities and Challenges The Volcker Alliance and Penn Institute for Urban Research hosted an online Special Briefing on the impact of the Inflation Reduction Act on state and local budgets, focusing on the opportunities and challenges that are on the road ahead. William Glasgall Eugénie L. Birch Susan Wachter Ben Beachy Sarah Gimont Justin Marlowe Richard Prisinzano State & Local Finance

Podcasts September 15, 2022 Special Briefing: Stagflation Ahead? Inflation and Recession The Volcker Alliance and Penn Institute for Urban Research hosted an online Special Briefing on the likelihood of stagflation and recession as inflationary pressures continue to impact the US economy as well as the outlook for states and municipalities. William Glasgall Susan Wachter Mark Zandi State & Local Finance

Podcasts July 21, 2022 Vulnerable Cities Facing Work from Home Realities The Volcker Alliance and Penn Institute for Urban Research hosted an online Special Briefing on the long-term outlook of the impact of working from home. Even as the US has recovered from the worst days of the COVID-19 pandemic, many cities have continued to see substantial weakness in commercial office space utilization. The expert panel discussed 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. William Glasgall Susan Wachter State & Local Finance

Podcasts June 23, 2022 Special Briefing on States Cutting Taxes: Relief Now, Shortfalls Later? The Volcker Alliance and Penn Institute for Urban Research hosted an online Special Briefing on the wave of proposed and enacted tax holidays, reductions, and rebates sweeping Red and Blue states as revenues surge amid trillions of dollars in federal relief to governments, companies, and individuals following the COVID-19-led economic shutdown. The expert panel discussed actions states and municipalities are taking, 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. Susan Wachter William Glasgall Alex Adams Beverly Bunch Howard Cure Shelby Kerns State & Local Finance

Podcasts May 19, 2022 Special Briefing on the Deployment of the $1 Trillion Infrastructure Investment and Jobs Act by States and Localities The Volcker Alliance and Penn Institute for Urban Research hosted a Special Briefing on how states and localities are deploying the Infrastructure Investment and Jobs Act (IIJA). 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 discussed innovative solutions being pursued, roadblocks that are on the horizon, and the overall impact of this funding on the nation’s infrastructure and economy. William Glasgall Susan Wachter Lawrence Parks Lauren Larson Patrick Brett Jorge Elorza State & Local Finance

Podcasts April 21, 2022 Special Briefing on Inflation and Recession Risks for States and Cities The Volcker Alliance and Penn Institute for Urban Research hosted a Special Briefing on the outlook for inflation, interest rates, the possibility of a recession, and what this means for state and local finance. The event began with Jerome H. Powell, Chair of the Board of Governors of the Federal Reserve System, delivering brief welcoming remarks in appreciation of Paul A. Volcker (1927-2019), former Federal Reserve Chair and founding Chairman of the Volcker Alliance. Mark Zandi William Glasgall Susan Wachter Jerome Powell Matt Gress Natalie Cohen Les Richmond State & Local Finance

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