The struggle for local governments

The economblogs are getting interested in the state and local bankruptcy process, as many states and localities are insolvent. I found a great composite of total government spending from Chris Chantrill, from which I borrow his data.

The table gives federal spending, transfers to the state, state and local spending and total spending, The last column is the ratio of state and local spending to total spending.

1926 3.6 -0.1 7.3 10.8 .68
1929 3.8 -0.2 8 11.7 .68
1931 4.1 -0.2 8.3 12.2 .68
1934 5.9 -1 7.8 12.8 .61
1936 9.2 -0.9 8.5 16.8 .51
1950 44.8 -2.4 27.9 70.3 .4
1955 73.4 -3.1 40.4 110 .37
1958 86.1 -5 53.7 134.7 .4
1962 106.8 -7.9 70.5 169.5 .42
1964 118.5 -10 80.6 189.1 .43
1970 195.6 -21.9 148.1 321.8 .46
1978 458.7 -69.6 345.3 734.5 .47
1985 946.4 -106.2 656 1496.3 .44
1993 1409.5 -198.7 1210.1 2421 .5
2000 1789.2 -291.9 1742.9 3240.2 0 .54
2007 2728.9 -467.6 2663.3 4924.6 0 .54

The column on the right, the ratio of state and local spending to all government spending, has swung from .68 in 1926, down to .4 and has lately been making a comeback to .54. Is there a natural ratio state and local spending in total tax receipts?