This study reviews the historical trend of college revenues and expenditures from a national perspective using primarily data from the Integrated Postsecondary Education Data System (IPEDS) as reported by the Delta Project for the years 1999-2009. 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. (Contains 1 note and 4 tables.)