From WSJopinion: State and local government receipts including federal aid were 23% above pre-pandemic levels in the third quarter thanks to Congress’s gusher of spending and the strong economic recovery.
One irony of inflation is that while it’s bad for working Americans, it’s great for the government. Tax revenues soar as nominal profits and incomes rise, and for evidence simply look at the boom in state and local government coffers. They’ve rarely had it so good, but don’t expect them to be frugal spenders.
Individual tax revenue has swelled thanks to frothy equity markets as the affluent realize capital gains and inflation pushes them into higher tax brackets. Sales tax revenue has also surged thanks to federal transfer payments that have boosted spending as well as corporate profits—which in turn have inflated corporate tax revenue. Buoyant housing prices are increasing property tax revenue that finances schools.
These rich states have also received plenty of welfare from Washington. Congress has given states and local governments $885 billion in direct aid through the various Covid bills for schools, public transit, Medicaid and more. Now they’re set to get another large helping from the infrastructure deal for public transit, broadband, water systems and electric grids.
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