Are New Englanders All That Reserved?

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چکیده

R eserves are a state’s first line of defense in a ~fiscal crisis. In the late 1980s, they bought New England’s state policymakers valuable time in which to devise strategies for stabilizing their ,budgets. While the region’s state budgets are currently balanced, how well are its states reserved against possible future fiscal instability? In addressing this issue, one should consider both the depth of each state’s reserves and the state’s commitment to tap them only in a fiscal emergency. This depth is measured as a percentage of general fund spending. A state’s reserves are defined here as the sum of its unrestricted general fund surplus and the balance in its general stabilization fund. To evaluate a state’s commitment to hold its reserves for "a rainy day," the percentage of its reserves that is deposited in its general stabilization fund is considered. Most state stabilization funds, which have been established by practically every state in the nation, are reserved by law for use only in fiscal emergencies.’ By contrast, unrestricted surpluses can be used under any fiscal conditions. As a general rule of thumb, a fiscally prudent state

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تاریخ انتشار 2008