Back in 1975, New York City almost went broke. Quite a few people, myself included, thought it did. But actually, New York was able to narrowly avoid a city bankruptcy in a famous 11th hour move that is still studied by urban scholars today.

However now, in 2020, as we reel from the first wave of the global SARS-CoV-2 outbreak, we find that the vast majority of city and state governments across the United States are running out of cash. As I see it, it’s not a matter of if municipalities and states declare bankruptcies, but how soon. Once in a while. Democrats remember this looming crisis. and ask for bailouts. But just like the looming collapse of the US Postal Service, it is quickly forgotten.

The COVID-19 crisis is only beginning. Most of us escaped death in the first round. Nearly 40% of us lost their jobs. Some of us are on the brink of a mental breakdown. Now our governments are running out of cash as a second wave of the pandemic creeps closer.

We’re in a world of hurt, and the pain is going to get worse. And very few outlets are reporting it.