In my column this morning, I discuss how and why state revenues have fallen as a share of the economy.

State revenues have fallen as a share of the economy. But it’s mostly because taxpayers rejected the higher burdens.

Please go to the column for context. And, yes, revenues have even fallen since 1995 on an inflation-adjusted per capita basis.

Also worth noting, the National Association of State Budget Officers recently released its annual fiscal outlook.

Despite these recent relative gains [in tax collections and spending], aggregate state revenues and spending figures remain below their prerecession levels.

…total enacted general fund spending in fiscal 2012 is still $20 billion, or 3.1 percent, less than the pre-recession high of $687 billion in fiscal 2008.

Stateline.org has more.

“Two years after very significant tax increases at the state level, this report shows the first actual decrease since 2007, and part of this is due to factors like the expiration of sales taxes in certain states,” NASBO Executive Director Scott Pattison tells Politico. “The findings do demonstrate the political will to increase taxes was lacking in 2011 and this is expected to be more pronounced in election year 2012.”

We’ll soon find out.