Fiscal crises of the states: causes and consequences
AbstractThe recession that began in late 2007 severely reduced state tax revenue and increased demand for many public services. In the near term, institutional and political factors limit the options states have for cutting spending and raising taxes. Aid to states in the federal economic program is winding down next year and the situation is likely to get worse before it gets better. Painful budgetary choices lie ahead for many states, though the drag on the national economy should be modest.
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Bibliographic InfoArticle provided by Federal Reserve Bank of San Francisco in its journal FRBSF Economic Letter.
Volume (Year): (2010)
Issue (Month): jun28 ()
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- Richard Deitz & Andrew F. Haughwout & Charles Steindel, 2010. "The recession's impact on the state budgets of New York and New Jersey," Current Issues in Economics and Finance, Federal Reserve Bank of New York, vol. 16(Jun/Jul).
- Rajashri Chakrabarti & Sarah Sutherland, 2012. "Abbott and Bacon Districts: education finances during the Great Recession," Staff Reports 573, Federal Reserve Bank of New York.
- Rajashri Chakrabarti & Sarah Sutherland, 2012. "Precarious slopes? The Great Recession, federal stimulus, and New Jersey schools," Staff Reports 538, Federal Reserve Bank of New York.
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