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Fiscal crises of the states: causes and consequences

Author

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  • Jeremy Gerst
  • Daniel J. Wilson

Abstract

The 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.

Suggested Citation

  • Jeremy Gerst & Daniel J. Wilson, 2010. "Fiscal crises of the states: causes and consequences," FRBSF Economic Letter, Federal Reserve Bank of San Francisco, issue jun28.
    • Handle: RePEc:fip:fedfel:y:2010:i:jun28:n:2010-20
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    File URL: https://www.frbsf.org/research-and-insights/publications/economic-letter/2010/06/states-fiscal-crisis-causes-consequences/
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    Citations

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    Cited by:

    1. Rajashri Chakrabarti & Sarah Sutherland, 2013. "Precarious slopes? The Great Recession, federal stimulus, and New Jersey schools," Economic Policy Review, Federal Reserve Bank of New York, issue Dec, pages 41-65.
    2. 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).
    3. Rajashri Chakrabarti & Sarah Sutherland, 2012. "Abbott and Bacon Districts: education finances during the Great Recession," Staff Reports 573, Federal Reserve Bank of New York.

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