This study reviews the historical trend of college revenues and expenditures from a national perspective. The years 1999-2009 are examined with the most detail using primarily Delta Project/IPEDS data. Looking at trends related to state and local appropriations, college costs and prices, output, and productivity, it argues that various policy issues flow from these trends. The recommendations that follow are not precise prescriptions for legislative action, but rather suggestions for the direction of public and institutional policy that invite further reflection and research.