Publication Date: April 2007
Publisher: Center on Budget and Policy Priorities (Washington, D.C.)
Author(s): Elizabeth McNichol; Nicholas Johnson
Research Area: Banking and finance; Economics
Keywords: Fiscal future; Economic projections; State budgets
There is little reason to feel confident — and substantial reason to be concerned — about many states’ budgetary conditions over the next few years. This is a problem because most of the tasks that state governments undertake, such as educating their young people, building roads, supporting the health care system, and so on, require sustained funding commitment over multiple years in order to meet their objectives. Moreover, these tasks will be at least as important in the future as they are today, and therefore will continue to require adequate funding levels. It is welcome news that state budgets in the current fiscal year are on relatively solid ground. Given the significant challenges that lie ahead, however, it is difficult to be sanguine about future trends.
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