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"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.
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Sustaining the states: the fiscal viability of American state governments
2015, CRC Press, Taylor & Francis Group
in English
1466555416 9781466555419
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- Created November 13, 2020
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December 15, 2022 | Edited by MARC Bot | import existing book |
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November 13, 2020 | Created by MARC Bot | Imported from Library of Congress MARC record. |