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Financing State and Local Services in a Cyclical Economy

Author

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  • White, Fred C.
  • Musser, Wesley N.

Abstract

During the past six years, state-local government finance ranged from a situation of fiscal crisis in 1970, to a boom in 1972-73, and back to a crisis in 1974-75. This was far worse than any since the Great Depression. During the recession of 1970-71, rising state and local tax revenues and federal grants did not keep pace with increases in expenditures resulting primarily from inflation [21, p. 500]. More favorable conditions in 1972-73, though, saw researchers projecting large future surpluses for the remainder of the decade and calling for reductions in tax rates and increases in expenditures [11, pp. 364-366].

Suggested Citation

  • White, Fred C. & Musser, Wesley N., 1976. "Financing State and Local Services in a Cyclical Economy," Journal of Agricultural and Applied Economics, Cambridge University Press, vol. 8(1), pages 1-10, July.
    • Handle: RePEc:cup:jagaec:v:8:y:1976:i:01:p:1-10_01
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