Sustaining the states
Subtitle: the fiscal viability of American state governments
By: edited by Marilyn M. Rubin, Katherine G. Willoughby
Series: ASPA series in public administration and public policy
Publisher: CRC Press, Taylor & Francis Group
Published: 2015
Place of publication: Boca Raton
Language: eng
Number of pages: 304
ISBN-13: 9781466555419
Subjects: Budget; States; Public Finance; State governments; BUSINESS & ECONOMICS / Public Finance; POLITICAL SCIENCE / Public Affairs & Administration
Description: "Preface The United States provides a classic example of a bottom-up system of federalism. It was created in 1787 when representatives of the then 13 colonies convened to ratify a constitution under which both the central government and the states would be sovereign entities. Within certain constitutional and statutory constraints, state governments thus (1) develop and execute their budgets without review and modification by the federal government, (2) determine their own revenue structures and levels and types of expenditures, and (3) borrow and manage debt. The U.S. system stands in contrast with nearly all other top-down nation-states in which the established central government constitutionally or legislatively assigns expenditure responsibilities and revenue raising authority to subnational units of government.* State fiscal decisions have a significant impact on this nation's economy. Together, with their more than 90,000 local governments, states account for almost 12 percent of gross domestic product (GDP) and 60 percent of all government expenditures.
Notes: Includes bibliographical references and index.