Peter D. Skaperdas, in

Of the States Federal Reserve Bank of New York Quar-
terly Review (Winter 1983/84), 33 Liberty
St., New York, N.Y. 10045.
Most economists' eyes now are on the river of budgetary red ink gush- ing from Washington, D.C. Forgotten is the fiscal importance of Amer- ica's state and local governments.
In 1983, their combined outlays totaled $430 billion, as compared to Washington's $796 billion, notes Skaperdas, a New York Federal Re- serve Bank economist. While the federal gov...