House prices were way less in the 70's - so less property tax taken in. Income was way less in the 70's - so less income tax taken in. The state was much less dense in the 70's - so less of all income types taken in by the state.  Now the state has turned the word "bond" into a liberal's dream come true - and the state is taking in more from licensing fees and property taxes than they ever have in the history of the existence of state government!  And.. Arguably.. The state is putting that income  to the poorest use in the history of the state.