Relevant:
- U.S. on ‘unsustainable' budget course: CBO
- 6 States Hitting Residents With Big Tax Hikes
- While Nobody's Watching, Paul Ryan Is Taking A Sledgehammer To Medicaid's Promise To Seniors
- L.A. supervisors to sue to block state budget cuts; other local governments expected to join
- Budget Impasse: Maine Teed Up For Government Shutdown
2012-07-18 — marketwatch.com
Even if the U.S. economy rebounds from the meltdown of 2008, leading budget experts said Tuesday that the financial crises facing many states will continue indefinitely.
The State Budget Crisis Task Force -- an independent group led by former Federal Reserve Chairman Paul Volcker and former New York Lieutenant Gov. Richard Ravitch -- said rising Medicaid costs, expected federal budget cuts, underfunded pensions, volatile tax revenue and encumbering laws will prevent states from developing a sustainable budget unless significant changes are made.
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