IP-2-2003 (March 2003)
Author: Barry Poulson

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Executive Summary:
In Colorado we are experiencing the worst fiscal crises in the last half century. In this study we document the magnitude of the fiscal crises, comparing the revenue shortfall in
this recession with that in previous recessions. We then explore the reasons for the greater severity of the current fiscal crises in Colorado compared to prior fiscal crises.
The next sections discuss how our fiscal policies and fiscal rules of the game have contributed to the severity of the fiscal crises. We conclude with a discussion of the need
for reforms in our fiscal policies and fiscal rules to better achieve budget stability.