Catching Up or Falling Behind? New Jersey Schools in the Aftermath of the Great Recession

Rajashri Chakrabarti and Max Livingston

No 20130925, Liberty Street Economics from Federal Reserve Bank of New York

Abstract: Today’s post, which complements Monday’s on New York State and a set of interactive graphics released by the New York Fed earlier, assesses the effect of the Great Recession on educational finances in New Jersey. The Great Recession severely restricted state and local funds, which are the main sources of funding for schools. To help avoid steep budget cuts to schools, the federal government allocated $100 billion for education as part of the American Recovery and Reinvestment Act of 2009 (ARRA), also known as the stimulus. The stimulus money was meant to provide temporary relief to strained state and local budgets. However, after the stimulus funds were exhausted, the economy was still weak and school districts were faced with large budget shortfalls.

Keywords: funding; stimulus; states; expenditures; recession; cuts; schools; New Jersey; districts (search for similar items in EconPapers)
JEL-codes: Q1 R1 (search for similar items in EconPapers)
Date: 2013-09-25
New Economics Papers: this item is included in nep-ure
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Persistent link: https://EconPapers.repec.org/RePEc:fip:fednls:86895

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