THE CITIES: A Financial Last Hurrah?

Had anyone wished to stage a cliff-hanging serial to dramatize the squeeze that inflation and recession have clamped on most U.S. cities and even some states, he could hardly have come up with anything more pointed than the fiscal agonies of New York City (TIME, May 26). New York's woes, to be sure, are vastly worse than those of almost any other local government: no other municipality faces a threat of being unable to meet its payroll or pay off creditors. But the difference is one of degree, not of kind; other states and cities are also trying to cope...

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