When a US state’s economic activity slows relative to the rest of the country, the taxes that its individuals and businesses pay to the federal government decline, and the funds that it receives from the federal government (for unemployment benefits and other transfer programs) increase. Roughly speaking, each dollar of GDP decline in a state like Massachusetts or Ohio triggers changes in taxes and transfers that offset about 40 cents of that drop, providing a substantial fiscal stimulus.
因此当一个州的经济活动落后于其他州的时候，该州的个人和组织向联邦政府缴交的税款也会相应减少，同时来自联邦政府的资助额（失业津贴以及其他转移支付项目）也会相应增加。大体上看，马萨诸塞州或者俄亥俄州每出现1美元的GDP下降，所引发的税率变更和转移支付就将冲抵其中40美分，也因此起到有效的财政刺激作用。