State government finances: World War II to the current crisis

Thomas Garrett and Gary A. Wagner

No 2003-035, Working Papers from Federal Reserve Bank of St. Louis

Abstract: This article will explore the extent, causes, and proposed solutions of the current fiscal crisis from a historical perspective of state finance. Although the current fiscal crisis is severe, it becomes more difficult to assess unless one has a more complete understanding of the historical changes that have occurred in state revenue streams. This article will address the role of major revenue sources in the context of the current slowdown and also investigate how reliance on various revenue sources has changed over the past 50 years. The role of non-traditional revenue sources, such as state lotteries and casino gambling, will also be discussed. The article further addresses various fiscal institutions, such as tax and expenditure limitation laws, rainy day funds, and balanced budget rules, and explores the role each play in state budgeting and finance.

Keywords: Taxation; Budget; Finance, Public (search for similar items in EconPapers)
Date: 2003
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Published in Federal Reserve Bank of St. Louis Review, March/April 2004, 86(2), pp. 9-26

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Journal Article: State government finances: World War II to the current crises (2004)
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