Considerable uncertainty surrounds the overall state of school finance coming out of the pandemic. As unemployment peaked soon after the economic lockdowns that involved most states after March 2020, states became very concerned about the expected future tax revenues, and they began planning a retrenchment in all spending, including that for schools. In response to the overall economic situation and recognizing the potential problems of schools, the federal government increased its spending—directing specific portions of funds to schools. As the pandemic subsides and the economy returns to its prior level, uncertainty about school finance remains. School districts must separate short-run spending from long-run, steady-state expenditure.