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Financing State and Local Services in a Cyclical Economy

Published online by Cambridge University Press:  28 April 2015

Fred C. White  and
Wesley N. Musser
Fred C. White
Affiliation:
Department of Agricultural Economics, University of Georgia, Athens, Georgia
Wesley N. Musser
Affiliation:
Department of Agricultural Economics, University of Georgia, Athens, Georgia
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Extract

During the past six years, state-local government finance ranged from a situation of fiscal crisis in 1970, to a boom in 1972-73, and back to a crisis in 1974-75. This was far worse than any since the Great Depression. During the recession of 1970-71, rising state and local tax revenues and federal grants did not keep pace with increases in expenditures resulting primarily from inflation [21, p. 500]. More favorable conditions in 1972-73, though, saw researchers projecting large future surpluses for the remainder of the decade and calling for reductions in tax rates and increases in expenditures [11, pp. 364-366].

Type
Research Article
Information
Journal of Agricultural and Applied Economics , Volume 8 , Issue 1 , July 1976 , pp. 1 - 10
Copyright
Copyright © Southern Agricultural Economics Association 1976

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