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Economists largely agree that a lack of state and local government aid stifled growth after the financial crisis. A plunge in tax revenues led to cost-cutting, forcing public workers out of jobs and freezing key aid programs — despite federal efforts to revive a sputtering economy in 2009 through an $830 billion stimulus plan under President Barack Obama.
In the four years following the financial crisis, state and local governments slowed economic growth by an average of 0.26 points each year, according to JPMorgan.
“The cuts state and local governments made were partially counteracting all the stimulus details ⇒
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