The onset of the Great Recession in 2008 ushered in an era of fiscal and economic crises across the globe. As the world economy suffered, its smaller subunits, including cities, also suffered. In a time of economic hardship, city residents – virtually the cities' only financiers – move from expensive downtown areas to the more affordable suburbs, bringing property taxes with them. When coupled with tax increases to replenish the city budget, such a scenario forces a seemingly endless cycle: High taxes drive residents to leave the city, reducing the tax base. In response to this, cities must raise taxes to meet their needs, in turn pushing more residents out of the city. Once again, the tax base shrinks and the cycle continues (Harvard Law Review, 1997). As unique as these circumstances may seem, many cities experienced a very similar phenomenon in the late 20th century. Rising Municipal Debt Beginning in the 1970s, cities were plagued by unforeseen circumstances, which directly resulted in deficits similar to those thirty years later during the Great Recession. . Metropolitan areas were becoming more expensive, and highways were being subsidized by the federal government; as a result, white Americans were leaving the city for the suburbs (Mitchell & Beckett, 2008). This period of suburbanization brought industry out of the city and into the suburbs, filled with large expanses of land perfect for industry. Although businesses left for purely economic reasons, middle-class white Americans left in search of wealthier, more homogeneous neighborhoods that could support their lifestyles. Left behind was the population, abandoned due to the phenomenon of "white flight", who needed the manufacturing jobs that once inhabited the city. Mostly lower…middle of paper…in crisis. One such strategy is the financial control committee. Praised by city officials and government committees, oversight committees appear to bring a level of stability to cities that they otherwise would not have. Evidence from some studies supports that financial oversight committees allow cities to make difficult policy decisions to achieve a balanced budget (Harvard Law Review, 1997). However, the evidence is not entirely conclusive: while some data reflects significant efficiency, others argue that the gains achieved by cities are not entirely accurate and that cuts made to various departments do not necessarily translate into increased rates of growth within those departments (Glassberg, 1981 ). Nonetheless, cities continue to turn to oversight boards with the hope that they can achieve in their city what has been achieved in others, such as New York City or Cleveland (US House, 1997).