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Mr. Tamim Bayoumi

Debt and Net Capital Stock Chart Chart 4. Compensation of State and Local Government Employees Summary The recent slowdown in the U.S. economy led to significant budgetary problems for the state and local government sector, resulting in well-publicized tax increases and expenditure cuts, while during the 1985–89 economic expansion the fiscal balance of state and local governments in the United States steadily deteriorated. Thus, the sector amplified both the upswing and the downswing in activity in the current cycle. This paper looks at whether this

Mr. Tamim Bayoumi

I. Introduction The recent slowdown in the U.S. economy led to significant budgetary problems for the state and local government sector, resulting in well publicized tax increases and expenditure cuts. 1/ As a consequence, despite rising unemployment the aggregate state and local government fiscal balance has improved in the period since the end of 1990. By contrast, during the expansion from 1985 to 1989, the fiscal balance steadily deteriorated. Thus, the state and local government sector has amplified the current cycle, exacerbating both the upswing