State Fiscal Conditions: 2003 and Beyond
The state fiscal boom of the late 1990s was driven by exceptional forces unlikely to be repeated in the years ahead. The bursting of this fiscal bubble has made the current budget crisis far worse than the relatively mild current economic weakness might suggest. Even after the economy recovers, state finances are likely to be tight for the next several years.
About the Author
Donald Boyd is the director of fiscal studies at the Rockefeller Institute of Government, the public policy research arm at the State University of New York. The fiscal studies program provides practical independent research about state and local government finances in the 50 states.