Time was, Massachusetts seemed to undergo alternating periods of fiscal famine and feast. The economy would slump, revenues would tail off, and state government would struggle through a couple of lean years. But when recovery came, it was generally a strong one. No longer. Those expecting a return to the sort of revenue riches Massachusetts saw in the mid-1980s and then again in the mid-to-late 1990s — inflows so strong they allowed for both tax cuts and big program expansions — are apt to be disappointed. That’s why policymakers need to make more money-saving reforms.
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