A Governor`s Story, by Jennifer Granholm: on Budget & Economy

Jennifer Granholm: Lower tax rates mean budget cuts, then more cuts

When the boom of the 1990s ended--as booms inevitably do--the impact of the tax cuts on state budgets suddenly hit home. Without the cushion of an ever-growing economy, lower tax rates now meant less money for state services. And that meant budget cuts, cuts on top of cuts, and then still more cuts.