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Economic Commentary

State and Local Red Ink: Crisis or Opportunity?

Have the Reagan-era cutbacks in federal aid to state and local governments resulted in decreased economic efficiency and social equity, or have they had just the opposite effect, as some economic analysts would argue?

The views authors express in Economic Commentary are theirs and not necessarily those of the Federal Reserve Bank of Cleveland or the Board of Governors of the Federal Reserve System. The series editor is Tasia Hane. This paper and its data are subject to revision; please visit for updates.

Suggested Citation

Cromwell, Brian, and Irene Wirkus. 1990. “State and Local Red Ink: Crisis or Opportunity?” Federal Reserve Bank of Cleveland, Economic Commentary 7/15/1990.

This work by Federal Reserve Bank of Cleveland is licensed under Creative Commons Attribution-NonCommercial 4.0 International