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Government Finance

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  • State Revenue Declines in the Fourth District
  • Stephan Whitaker
  • Each of the four states of the Fourth District—Kentucky, Ohio, Pennsylvania, and West Virginia—has experienced substantial declines in tax revenue during the most recent recession. Falling revenues force state lawmakers to cut expenditures or raise tax rates because of balanced-budget requirements. Either of these can slow economic activity. States have been cutting expenditures, although the cuts have been partially mitigated by federal transfers and the use of the states’ own rainy day funds, but the states of the Fourth District will continue to face challenges in balancing revenue and expenditures until more robust economic growth returns. Read more

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