Cover

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Title Page, Copyright

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pp. i-iv

Contents

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pp. v-vii

List of Illustrations

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pp. viii-x

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Foreword

Senator Harry Reid

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pp. xi-xii

The Great Recession ravaged Nevada families. We were, without question, the hardest-hit state in the nation. Thousands upon thousands across Nevada were forced to surrender to financial ruin and watch as the American Dream slipped through their fingers...

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Acknowledgments

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pp. xiii-2

Kate and I try to go through our day being grateful. We are grateful we have found each other, and we are grateful for our families, our friends, and our supporters. We are grateful for the chance to contribute, however meagerly, to our community. We are grateful...

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1. Introduction to Nevada’s Great Recession

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pp. 3-32

Of all economic recessions experienced by the United States in the postwar period, the Great Recession that began in 2008 was the deepest, longest, and most destructive. Of all states in the union, Nevada was the hardest hit. Nevada has long had a history...

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2. Understanding the State Budget

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pp. 33-55

The state budget is decided in the legislature, but it is not a smooth process. With only sixty-three members in the assembly and senate combined, Nevada has one of the smallest legislatures in the nation. Nevada is one of four states in the nation with a biennial...

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3. Cutting State Spending

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pp. 56-77

By most reasonable measures, Nevada has a relatively small government. In 2015 public employment—federal, state, and local—accounted for only 12 percent of total employment in Nevada, but 16 percent nationwide. In this measure, as in many others, Nevada...

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4. Cutting Higher Education

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pp. 78-114

Relative to other states, Nevada has a very small public higher education system. Unlike most other states, it has no private colleges or universities of any real size. This is the result of both supply and demand, as well as a result of Nevada’s history...

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5. The National Economy

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pp. 115-150

The National Bureau of Economic Research records thirty-three recessions since 1854, an average of more than one every six years. Since the Second World War these have become less frequent, the contractions have become shorter, and the expansions in between...

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6. Federal Fiscal Policy

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pp. 151-173

Many discussions about taxes begin with the assertion that they are rising out of control. In the past thirty-five years, the revenue collected by the U.S. government—federal, state, and local—has grown more than fivefold. Income taxes are the largest source of...

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7. Returning to Normalcy

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pp. 174-200

All good things must end, but so too do most bad things. The effects of the Great Recession lingered for many years, but eventually things started to improve. By 2013 Nevada was showing signs of recovery, and housing prices were finally beginning to rise. By...

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8. Nevada Matters

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pp. 201-228

After eight years as Nevada state treasurer, Kate was term-limited out. Because she wanted to keep serving the people of Nevada, she decided to run for secretary of state. The campaign went well, and she raised enough money, mostly from small donations. She...

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9. The Canopy of Hope

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pp. 229-235

The statistics of the financial crisis in Nevada were stark, as the earlier chapters of this book have described: we faced the highest unemployment rate, the greatest reduction in income and housing prices, the highest foreclosure rates, the largest percentage of our...

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About the Authors

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p. 236

Elliott Parker is professor of economics at the University of Nevada, Reno (UNR), where he has made a home since 1992. He earned his doctorate at the University of Washington, and has taught comparative and international economics, and the principles...

Index

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pp. 237-242