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The economic crisis that almost bankrupt New York City two years ago was repeated at the same time throughout Virginia localities but with less fanfare than the nation’s largest metropolis received, according to Dr. Donald Lacy, VPI Extension Specialist on Government Affairs.
Most of the Commonwealth’s cities and counties appear to have weathered the crisis but Dr. Lacy, speaking at a VPI sponsored government issues meeting in Manassas on Thursday, warned that it’s only “the calm before the storm.”
“The budget crunch will really hit local government six to eight years down the road,” said Lacy. He blamed the past economic crisis on four major factors — inflation, rising expectations for services from the general public, mandated programs from state and federal government and higher costs of energy.
Two years ago, according to Lacy, there was no reason for local government to take into account increased inflationary pressures in reaching decisions on long term budgeting. “The odds are that inflation will stay with us,” Lacy said, adding
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