By Fester: Local and state governments are pro-cyclical agents. When times and tax revenues are good, local governments increase spending and employment levels which can contribute to the boom as high return on investment public goods can be provided. However when times are tight and tax revenues ar ...

RAMALLAH, West Bank : The Palestinian Prime Minister Salam Fayyad says Israeli officials have informed him that they have transferred millions of dollars in delayed tax revenues. But Fayyad says the cash still has not come through. The money goes ...