This creates a vertical fiscal imbalance, which is bad for both local and central government. (blog.politics.ox.ac.uk)
Comments: «Our cautious stance is predicated upon a belief that a number of macro uncertainties — the most important of which stem from long - term U.S. fiscal imbalances — will hamper earnings growth and constrain valuations in 2013. (businessinsider.com)
What is emerging is a widening «fiscal divide» between a federal government with its diminished size and sound finances, and provincial governments with growing fiscal imbalances resulting from growing spending pressures (e.g., for health, education, infrastructure) and slowing economic growth and revenue growth. (3dpolicy.ca)