Municipal officials are drafting an "economic resiliency plan" — one of the first of its kind in the U.S. — to ensure that San Francisco can better withstand a financial earthquake akin to the one that roiled global markets in 2008 and left some U.S. cities on the verge of economic ruin, The Lowell Sun reported today. San Francisco leaders are still haunted by memories of the dot-com bubble of the early 2000s and the Great Recession, which caused the largest collapse in state revenues on record and forced cities to reduce police spending, close libraries and wade deeper into public-pension debt. Some cities and states are trying to ensure they aren't caught off guard again by boosting reserves and girding their residents against the next collapse. Utah is stress-testing its budget to find weakness in advance. A tech boom spurred by companies like Twitter, Uber Technologies and Airbnb has transformed San Francisco into one of the hottest economies in the U.S. The unemployment rate was 3.1 percent in April, the lowest since 2000. On May 31, Mayor Edwin Lee released a record $9.6 billion budget proposal.
