State Budgets’ Long Slow Climb Towards Fiscal Health

The Rockefeller Institute has reported some largely encouraging data on states’ fiscal health. Average tax receipts have risen for the tenth straight quarter following the bloodshed of The Great Recession. The picture would have been much brighter if not for the outsized influence of California, which saw 2012 quarter 2 estimated tax receipts fall by 4.9% year on year.