In this book, nineteen experts examine topics ranging from constitutional reform and debt fatigue to fiscal rules and zero-based budgeting. Together, these contributions inform a multifaceted, nuanced argument for the need to formalize spending restraint and redefine state debt to include unfunded liabilities.

In this book on new fiscal approaches, nineteen experts examine topics ranging from constitutional reform and debt fatigue to fiscal rules and zero-based budgeting. Together, these contributions inform a multifaceted, nuanced argument for the need to formalize spending restraint and redefine state debt to include unfunded liabilities. Scholars will find the book useful as a reference tool explaining how rules-based fiscal policy is used to address debt fatigue and unsustainable spending growth. Legislators and practitioners will find the book useful as a reference source in designing and simulating second generation fiscal rules, and educators will find the book helpful for its close analysis of policies in representative states such as Illinois, New York, New Jersey, Nebraska, and California.

Part I State Debt and Fiscal Stabilization

Chapter 1 State Debt and Liabilities: A Holistic Approach

Chapter 2 U.S. State Debt Defaults and Constitutional Reform in Historical Perspective

Chapter 3 Pension Liability Stress for State Governments

Chapter 4 Preparing State Finances for a Time of Crisis

Chapter 5 Debt Fatigue in the States: Red States, Blue States, and Zombie States

Part II State Fiscal Institutions

Chapter 6 Budget Stabilization Funds

Chapter 7 Anti-Aid Provisions in State Constitutions

Chapter 8 Competition, Networks, and Public-Private Partnerships: Contributions to State Governance

Chapter 9 Extending Zero-Based Budgeting to Zero-Based Regulation

Part III Fiscal Federalism

Chapter 10 Government Growth, Institutional Erosion, and the Fiscal Squeeze: Nebraska as a Case Study

Chapter 11 Fiscal Federalism and State Budgeting

Chapter 12 Give People a Vote That Counts, and They Will Vote for Fiscal Responsibility

Chapter 13 Florida’s Fiscal Conservatism