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date: 04 August 2020

Abstract and Keywords

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

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