The global financial crisis: Continuity in U.S. federalism

This article describes briefly the impacts of the U.S.-originated global financial crisis on the national, state, and local governments in the United States and then examines the stimulative and regulatory responses to the crisis undertaken by the federal government under Presidents George W. Bush and Barack Obama, while highlighting the polarization between Democrats and Republicans over how best to respond to the crisis. Government efforts to rejuvenate the national economy have not been very successful.
Unemployment is likely to remain high and economic growth is likely to be slow for the foreseeable future;
however, the prospects for the future of fiscal federalism are gloomy. Nevertheless, thus far, the United
States has responded to the crisis through the traditional institutions and practices of its federal system,
and the crisis has not produced any significant changes in the form or functions of American federalism.

Title	The global financial crisis: Continuity in U.S. federalism
Creator	Kincaid, John
Publisher	L'Europe en Formation
Academic Department	Government & Law
Division	Social Sciences
Organization	Lafayette College
Date Issued	2010
Date Available	2012-02-01T18:57:18Z
Type	Article
Language	English
Bibliographic Citation	Kincaid, J. (2010) "The global financial crisis: Continuity in U.S. federalism." L'Europe en Formation 358: 15-32.
Standard Identifier	Handle 10385/898
Permalink	http://hdl.handle.net/10385/898
Rights Statement	In Copyright
Rights Holders	Centre international de formation européenne