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Budget federalism in USA: influence of financial-economic crisis
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Budget federalism in USA: influence of financial-economic crisis
Annotation
PII
S207054760011008-5-
DOI
10.18254/S207054760011008-5
Publication type
Article
Status
Published
Authors
Vladimir Vasiliev 
ORCID: 0000-0003-3131-9500
Occupation: Chief Scientific Researcher
Affiliation: Institute for the U.S. and Canadian Studies of the Russian Academy of Sciences
Address: Russian Federation, Moscow
Edition
Issue 2
Abstract

The influence of 2007-2009 financial and economic crisis on state and local governments’ finances is analyzed. The main conclusion is that as a direct result of the crisis the state and local budget deficits are markedly increased; now they amounted to 2% GDP. In addition, the role of transfers from the federal budget sharply increased, and simultaneously their social orientation has risen. In the end, it is stated that in mid-term and long run the deficits, the state, and local governments’ liability are forecasted to grow which resemble the worsening state of the whole system of the US government finances on all levels – federal, state and local.

Keywords
budget federalism, state and local budget deficits, financial and economic crisis, state and local governments’ liability, state and local governments taxation
Received
20.03.2014
Date of publication
02.06.2014
Number of purchasers
1
Views
1442
Readers community rating
0.0 (0 votes)
Previous versions
S207054760011008-5-1 Дата внесения правок в статью - 25.08.2020
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References

1. Rasschitano po: Fiscal Year 2015. Historical Tables. Budget of the U.S. Government. Wash.: U.S. GPO, 2014, p. 360.

2. Rasschitano po: Ibidem.

3. Ibid., p. 259.

4. Rasschitano po: Ibidem.

5. Rasschitano po: Ibidem.

6. Rasschitano po: Ibid., pp. 352.

7. State Budget Solutions. Williams B., Luppino-Esposito J. Increased federal aid to states is a long-term trend. March 26, 2014//http://www.statebudgetsolutions.org/publications/detail/increased-federal-aid-to-states-is-a-long-term-trend#ixzz39EUdfGe8.

8. Ibidem.

9. Ibidem.

10. Fiscal Year 2015. Analytical Perspectives. Budget of the U.S. Budget. Wash.: U.S. GPO, 2014, p. 245.

11. Freddoso D. EXography: State government dependence on federal funding growing at alarming rate. – «The Washington Examiner», April 15, 2014 // http://washingtonexaminer.com/state-government-dependence-on-federal-funding-growing-at-alarming-rate/article/2547209. Rasshirenie programmy meditsinskogo obsluzhivaniya maloimuschikh slov «Medikejd» putem rasprostraneniya eyo na sotsial'nye gruppy s bolee vysokimi urovnyami dokhodov takzhe yavlyaetsya odnoj iz form vvedeniya sistemy vseobschego meditsinskogo strakhovaniya, poskol'ku meditsinskie strakhovki otsutstvuyut u sotsial'nykh grupp s otnositel'no nebol'shimi dokhodami, khotya i ne otnosyaschikhsya k kategorii maloimuschikh sloyov.

12. Fiscal Year 2015. Analytical Perspectives. Budget of the U.S. Budget. Wash.: U.S. GPO, 2014, pp. 249-250.

13. Fiscal Year 2015. Historical Tables. Budget of the U.S. Government. Wash.: U.S. GPO, 2014, p. 354..

14. Ibid., p. 352.

15. Fisher R. The State of State and Local Government Finance. – «Federal Reserve Bank of St. Louis Regional Economic Development», 2010, 6 (1), p. 6. // https://research.stlouisfed.org/publications/red/2010/01/Fisher.pdf.

16. The National Association of State Budget Officers. State Expenditure Report. Examining Fiscal 2011-2013 State Spending. Wash.: NASBO, 2013, p.11.

17. Ibid., p. 70.

18. Rasschitano po: Ibid., p. 11.

19. Center on Budget and Policy Priorities. Mitchell M., Palacios V., and Leachman M. States Are Still Funding Higher Education Below Pre-Recession Levels. May 1, 2014. P. 3. − http://www.cbpp.org/files/5-1-14sfp.pdf.

20. Ibid., p. 10.

21. Ibid., pp. 14-15.

22. Schweers J. UF Responded to Budget Cuts by Reducing Tenured Positions. – «The Gainesville Sun», June 28, 2013. − http://www.gainesville.com/article/20130628/ARTICLES/130629615?p=1&tc=pg.

23. Fiscal Year 2015. Historical Tables. Budget of the U.S. Government. Wash.: U.S. GPO, 2014, p. 350.

24. Ibidem.

25. The National Association of State Budget Officers. State Expenditure Report. Examining Fiscal 2011-2013 State Spending. Wash.: NASBO, 2013, p.4.

26. The Pew Charitable Trusts. Research & Analysis. Tax Revenue Grows, but Full Recovery Eludes 26 States. July 14, 2014. − http://www.pewtrusts.org/en/research-and-analysis/analysis/2014/07/tax-revenue-grows-but-full-recovery-eludes-26-states.

27. State Budget Solutions. Eucalitto C. State Budget Solutions' Fourth Annual State Debt Report. January 8, 2014. − http://www.statebudgetsolutions.org/publications/detail/state-budget-solutions-fourth-annual-state-debt-report#ixzz39WSHgYce.

28. Ibidem.

29. Ibidem.

30. Petersen J. The Debt Demon. Have states and localities borrowed too much? – «Governing the states and localities», May 2011. − http://www.governing.com/columns/public-finance/The-Debt-Demon.html.

31. Governing Data. Bankrupt Cities, Municipalities List and Map. − «Governing the states and localities», Dec. 3, 2013. − http://www.governing.com/gov-data/municipal-cities-counties-bankruptcies-and-defaults.html.

32. Ibidem.

33. Mercatus Center. George Mason University. Arnett S. State Fiscal Condition. Ranking the 50 States. Working Paper. No. 14-02. January 2014. P. 38. − http://mercatus.org/sites/default/files/Arnett_StateFiscalCondition_v1.pdf.

34. Broda J. and Tate R. Comprehensive Revision of Gross Domestic Product by State. Advance Statistics for 2013 and Revised Statistics for 1997–2012. – «Survey of Current Business», July 2014, p. 20.

35. Eschyo odnim faktorom, sposobnym v perspektive znachitel'no oslozhnit' situatsiyu v sisteme gosudarstvennykh finansov SShA na federal'nom urovne, yavlyayutsya nastojchivye popytki pravokonservativnykh sil SShA prinyat' konstitutsionnuyu popravku o sbalansirovannom federal'nom byudzhete. V gipoteticheskom sluchae eyo prinyatiya pochti navernyaka budet rezko sokraschena fiskal'naya pomosch' federal'nogo tsentra amerikanskim regionam, chto mozhet krajne negativno skazat'sya na obschem polozhenii fiskal'noj sistemy shtatnykh i mestnykh organov vlasti. (Center on Budget and Policy Priorities. Kogan R. Constitutional Balanced Budget Amendment Poses Serious Risks Would Likely Make Recessions Longer and Deeper, Could Harm Social Security and Military and Civil Service Retirement. July 16, 2014. P. 6.// http://www.cbpp.org/files/7-16-14bud.pdf.).

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