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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...
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Projected surpluses in the federal government's budget have generated fanfare sometimes verging on euphoria. Because the federal government last had a surplus in 1969, a projected surplus for fiscal year 1998 and later years is being viewed as something of a milestone. Unlike policies of the...
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This article examines the current state budget crises from a historical perspective. The role of major expenditures and revenue sources in the context of the current slowdown and how reliance on various revenue sources has changed since World War II are addressed. Tax revenue variability over...
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When the government runs a deficit, it can borrow from the public—that is, it can create debt. Conversely, when the … the public debt, by comparing previous budget projections with actual outcomes. The authors show that the long-term budget … projected. Accordingly, the authors suggest that prospects for eliminating the public debt may be overstated. …
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The federal budget is incomplete. Action have been taken that will require spending in the future; provision for that spending does not, however, appear in the budget accounts. As a result, stated federal spending does not reveal the total resource demands placed on the private economy and stated...
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