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State Responses To Fiscal Crises
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Book Synopsis State Responses to Fiscal Crises by : James M. Poterba
Download or read book State Responses to Fiscal Crises written by James M. Poterba and published by . This book was released on 1993 with total page 50 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper explores how state fiscal institutions and political circumstances affect the dynamics of state taxes and spending during periods of fiscal stress. The analysis focuses on the late 1980s, when sharp economic downturns in several regions, coupled with increased expenditure demands, led to substantial state budget deficits. State fiscal institutions, such as "no deficit carryover" rules and tax and expenditure limitations, appear to have real effects on the speed and nature of fiscal adjustment to unexpected deficits. Political factors are also important. When a single party controls the state house and the governorship, the reaction to state deficits is much faster than when party control is divided. In gubernatorial election years, tax increases and spending cuts are both significantly smaller than at other times.
Book Synopsis State Responses to Fiscal Crisis by : James M. Poterba
Download or read book State Responses to Fiscal Crisis written by James M. Poterba and published by . This book was released on 1995 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper explores how state fiscal institutions and political circumstances affect the dynamics of state taxes and spending during periods of fiscal stress. The analysis focuses on the late 1980s, when sharp economic downturns in several regions, coupled with increased expenditure demands, led to substantial state budget deficits. State fiscal institutions, such as "no deficit carryover" rules and tax and expenditure limitations, appear to have real effects on the speed and nature of fiscal adjustment to unexpected deficits. Political factors are also important. When a single party controls the state house and the governorship, the reaction to state deficits is much faster than when party control is divided. In gubernatorial election years, tax increases and spending cuts are both significantly smaller than at other times.
Book Synopsis The Fiscal Crisis of the State by : James O'Connor
Download or read book The Fiscal Crisis of the State written by James O'Connor and published by Routledge. This book was released on 2017-07-12 with total page 458 pages. Available in PDF, EPUB and Kindle. Book excerpt: Fiscal Crisis of the State refers to the tendency of government expenditures to outpace revenues in the U.S. in the late 1960s and early 1970s, but its relevance to other countries of the period and also in today's global economy is evident. When government expenditure constitutes a larger and larger share of total economy theorists who ignore the impact of the state budget do so at their own (and capitalism's) peril. This volume examines how changes in tax rates and tax structure used to regulate private economic activity. O'Connor theorizes that particular expenditures and programs and the budget as a whole can be understood only in terms of power relationships within the private economy. O'Connor's analysis includes an anatomy of American state capitalism, political power and budgetary control in the United States, social capital expenditures, social expenses of production, financing the budget, and the scope and limits of reform. He shows that the simultaneous growth of monopoly power and the state itself generate an increasingly severe social crisis. State monopolies indirectly determine the state budget by generating needs that the state must satisfy. The state administration organizes production as a result of a series of political decisions. Over time, there is a tendency for what O'Connor calls the social expenses of production to rise, and the state is increasingly compelled to socialize these expenses. The state has three ways to finance increased budgetary outlays: create state enterprises that produce social expenditures; issue debt and borrowing against further tax revenues; raise tax rates and introduce new taxes. None of these mechanisms are satisfactory. Neither the development of state enterprise nor the growth of state debt liberates the state from fiscal concerns. Similarly, tax finance is a form of economic exploitation and thus a problem for class analysis. O'Connor contends that the fiscal crisis of the capitalist state is the inev
Book Synopsis State Responses to Fiscal Crises : the Effect of Budgetary Institutions and Politics by : James M. Poterba
Download or read book State Responses to Fiscal Crises : the Effect of Budgetary Institutions and Politics written by James M. Poterba and published by . This book was released on 1993 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Fiscal Crisis of the States by : Steven David Gold
Download or read book The Fiscal Crisis of the States written by Steven David Gold and published by Georgetown University Press. This book was released on 1995 with total page 420 pages. Available in PDF, EPUB and Kindle. Book excerpt: As the federal government has cut back its support for domestic services, state governments increasingly have been forced to assume a leadership position. In this book, prominent experts describe and analyze how state governments in the 1990s have coped with fiscal stress through changes in tax and spending policies, as well as through attempts to "reinvent government" by abandoning long-established policies. In an era when state budgets verge on the brink of deficit, state governments face the difficult task of reconciling the public's wish for low taxes with its desire for increased services--better schools, improved health systems, more prisons. This volume provides both a comparative overview of the fifty states as they try to meet conflicting needs and incisive case studies of six states with a reputation for being national leaders--California, Connecticut, Florida, Massachusetts, Michigan, and Minnesota. It explores how much substance there is to claims that states were successful in developing innovative policies. The Fiscal Crisis of the States draws upon research to analyze what is really happening in the state capitols. Boiling down the diverse experiences of various states into a number of important lessons, this book will be a valuable resource for academics, policymakers, and public administrators, as well as the general reader, to understand the reality of state fiscal policies.
Book Synopsis The State Fiscal Crisis by : Elizabeth C. McNichol
Download or read book The State Fiscal Crisis written by Elizabeth C. McNichol and published by . This book was released on 2003 with total page 17 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Response of State-local Government Taxation to Fiscal Crisis by : James A. Papke
Download or read book The Response of State-local Government Taxation to Fiscal Crisis written by James A. Papke and published by . This book was released on 1983 with total page 5 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Facing the Fiscal Crises in State Governments by : Robert D. Behn
Download or read book Facing the Fiscal Crises in State Governments written by Robert D. Behn and published by . This book was released on 2008 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: The authors say that the states' fiscal crisis is continuing. The states face a serious mismatch between revenues and expenditures. The federal government should help the states by redefining fiscal responsibilities, particularly in the area of health care, the authors say.
Book Synopsis When States Go Broke by : Peter Conti-Brown
Download or read book When States Go Broke written by Peter Conti-Brown and published by Cambridge University Press. This book was released on 2012-05-21 with total page 341 pages. Available in PDF, EPUB and Kindle. Book excerpt: When States Go Broke discusses the ongoing fiscal crisis among the American states.
Book Synopsis In a Bad State by : David Schleicher
Download or read book In a Bad State written by David Schleicher and published by Oxford University Press. This book was released on 2023-06 with total page 249 pages. Available in PDF, EPUB and Kindle. Book excerpt: An authoritative review of the long history of federal responses to state and local budget crises, from Alexander Hamilton through the COVID-19 pandemic, that reveals what is at stake when a state or city can't pay its debts and provides policy solutions to an intractable American problem. What should the federal government do if a state like Illinois or a city like Chicago can't pay its debts? From Alexander Hamilton's plan to assume state debts to Congress's efforts to respond to the COVID-19 pandemic, many of the most important political disputes in American history have involved federal government responses to state or local fiscal crises. In a Bad State provides the first comprehensive historical and theoretical analysis of how the federal government has addressed subnational debt crises. Tracing the long history of state and local borrowing, David Schleicher argues that federal officials want to achieve three things when a state or city nears default: prevent macroeconomic distress, encourage lending to states and cities to build infrastructure, and avoid creating incentives for reckless future state budgeting. But whether they demand state austerity, permit state defaults, or provide bailouts-and all have been tried-federal officials can only achieve two of these three goals, at best. Rather than imagining that there is a single easy federal solution, Schleicher suggests some ways the federal government could ameliorate the problem by conditioning federal aid on future state fiscal responsibility, spreading losses across governments and interests, and building resilience against crises into federal spending and tax policy. Authoritative and accessible, In a Bad State offers a guide to understanding the pressing fiscal problems that local, state, and federal officials face, and to the policy options they possess for responding to crises.
Book Synopsis The Fiscal Crisis of the State by : James R. O'Connor
Download or read book The Fiscal Crisis of the State written by James R. O'Connor and published by . This book was released on 1973 with total page 276 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Fiscal Crisis in American Cities--the Federal Response by : Loren Kenneth Hubbell
Download or read book Fiscal Crisis in American Cities--the Federal Response written by Loren Kenneth Hubbell and published by . This book was released on 1979 with total page 406 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis States are Cutting Low-income Programs in Response to Fiscal Crisis by : Kevin Carey
Download or read book States are Cutting Low-income Programs in Response to Fiscal Crisis written by Kevin Carey and published by . This book was released on 2002 with total page 28 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis States are Cutting Low-income Programs in Response to Fiscal Crisis by : Kevin Carey
Download or read book States are Cutting Low-income Programs in Response to Fiscal Crisis written by Kevin Carey and published by . This book was released on 2002 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Are State Fiscal Crises Inevitable? by : Richard F. Dye
Download or read book Are State Fiscal Crises Inevitable? written by Richard F. Dye and published by . This book was released on 2004 with total page 8 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis State Fiscal Crises by : David T. Mitchell
Download or read book State Fiscal Crises written by David T. Mitchell and published by . This book was released on 2018 with total page 31 pages. Available in PDF, EPUB and Kindle. Book excerpt: During the most recent recession, many state governments faced substantial budget shortfalls.State politicians often blame the fiscal crises created by those shortfalls on factors largely outside their control, such as the declining economy or reductions in federal aid. Others have suggested that what state politicians themselves do, especially during expansionary years?whether they enact rapid spending increases, implement large tax cuts, increase the size of their rainy day funds, or take some combination of these actions?may be an important factor contributing to budget shortfalls during recessions. We examine these competing hypotheses and tend to find a positive relationship between spending growth (both current and lagged) and fiscal stress during recessions and a negative relationship between the size of rainy day funds and fiscal stress. We tend not to find a significant relationship between fiscal stress and either the unemployment rate or federal aid. That lack of a significant relationship supports the idea that politicians have greater control over the fate of the state's finances than they often claim. It also illustrates the importance of spending restraint and rainy day funds as strategies for minimizing fiscal stress.
Book Synopsis State Fiscal Crises by : Dean Stansel
Download or read book State Fiscal Crises written by Dean Stansel and published by . This book was released on 2008 with total page 16 pages. Available in PDF, EPUB and Kindle. Book excerpt: During recessions, state governments frequently face substantial midyear budget shortfalls. Numerous states are now experiencing such crises again. These fiscal crises are often blamed on the cyclical decline in revenue growth or reductions in federal aid. Others have suggested that enacting rapid spending increases during expansionary years - rather than using the revenue windfalls for tax cuts or increases in rainy day funds - may be an important contributing factor to those budget shortfalls. Using data from the 2001 recession, we find support for that quot;overspendingquot; hypothesis. While neither the mere presence nor the size of a rainy day fund were significant predictors of fiscal stress, faster increases in spending are positively and significantly associated with fiscal stress. When rainy day funds work, it is the strength of their withdrawal rules that matter. These results have important implications for fiscal policy choices. States that restrain spending growth during expansionary years and implement strong rainy day fund withdrawal rules are likely to face less severe fiscal crises during recessions.
