What can policy makers learn from the fiscal experience of New York during the 1980s? By most measures, the state went from a position of fiscal strength in the early 1980s to fiscal crisis by the end of the decade. In their analysis of demographic, social, economic, and fiscal patterns, Roy Bahl and William Duncombe show that the lack of long-term fiscal planning and short-term discipline were the root causes of the turnabout. They call for greater use of both, as well as tax reforms that will better reflect the changing reality of local and state economies
