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Unprepared for boom or bust: understanding the current state fiscal crisis


  • Leslie McGranahan


The headlines concerning state government finances have become increasingly alarming since mid-2001. This article discusses the roots of the current state fiscal crisis by looking at the decisions made by state government leaders during the long expansion. The author suggests increased use of rainy day funds as a way to avoid future crisis.

Suggested Citation

  • Leslie McGranahan, 2002. "Unprepared for boom or bust: understanding the current state fiscal crisis," Economic Perspectives, Federal Reserve Bank of Chicago, issue Q III, pages 2-25.
  • Handle: RePEc:fip:fedhep:y:2002:i:qiii:p:2-25:n:v.26no.3

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