Article

Fiscal Austerity and the Future of Federalism

Rudolph G. Penner

in The Oxford Handbook of State and Local Government Finance

Published in print March 2012 | ISBN: 9780199765362
Published online September 2012 | | DOI: http://dx.doi.org/10.1093/oxfordhb/9780199765362.013.0032

Series: Oxford Handbooks

 Fiscal Austerity and the Future of Federalism

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Fiscal relationships among the federal and state and local governments will change significantly in the future. This article documents that the federal government is saddled with unsustainable tax and spending policies, and the changes that are necessary to restore fiscal stability are far larger than anything that has been experienced since World War II. State and local governments, beset with their own structural issues, will have to adjust to and share in a new world of fiscal austerity. The deepest domestic federal spending problems lie with Social Security, Medicare, and Medicaid. All three entitlement programs are growing faster than the economy and tax revenues can provide.

Keywords: fiscal relationship; state government; federal government; Social Security; Medicare; tax revenues

Article.  10442 words. 

Subjects: Economics ; Public Economics ; Macroeconomics and Monetary Economics

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