State Budget Crisis Task Force

CNBC Power Lunch: Is it Time to Go With Muni Bonds?

statebudget — Thu, 13 Jun 2013 15:18:39 +0000

Expert analysis on CNBC’s Power Lunch from former New York Lieutenant Governor Richard Ravitch who together with former Fed Chief Paul Volcker formed the State Budget Crisis Task Force to pinpoint looming threats in local government. Wed 05 Jun 13 | 01:45 PM ET

To view the entire clip: http://http://video.cnbc.com/gallery/?video=3000173623&play=1

New York Times: Surpluses Help, but Fiscal Woes for States Go On

statebudget — Thu, 13 Jun 2013 14:55:43 +0000

While the fiscal picture is brightening around the country, with many states expecting surpluses this year after years of deficits and wrenching budget crises, mounting Medicaid costs and underfunded retirement promises are continuing to cloud their long-term outlook.

To read the entire article: New York Times: Surpluses Help but Fiscal Woes for States Go On

Yahoo Finance Daily Ticker: Here’s the “Enormous Problem” Facing States: Ravitch

statebudget — Thu, 13 Jun 2013 14:47:39 +0000

The Daily Ticker's Aaron Task talks with Richard Ravitch, co-chair of the State Budget Crisis Task Force and former Lt. Governor of New York about the fiscal challenges states are.. Read more

PEW Center on the States: Report: Without Major Overhauls, State Budget Crises Will Linger

Haley — Fri, 03 Aug 2012 15:33:46 +0000

Soaring Medicaid costs, woefully underfunded pension and health care benefits for state workers, eroding tax bases. All of these growing state liabilities will only worsen, if left unaddressed. And more trouble could lie ahead for state and local governments from measures Congress is considering to solve the federal budget crisis.

To Read the Whole Article: http://www.pewstates.org/projects/stateline/headlines/report-without-major-overhauls-state-budget-crises-will-linger-85899405716

Governing: Budget Task Force Highlights 6 Threats to States

Haley — Mon, 23 Jul 2012 04:20:58 +0000

A new task force led by former New York Lieutenant Gov. Richard Ravitch and former Federal Reserve Chairman Paul Volcker warns of calamity for states if they continue on their financial trajectory and highlights six threats to their stability.

The study, released at an event in Washington Tuesday, doesn’t break much new ground. But members of the task force say it’s valuable to assemble the wide range of fiscal issues into a single report.

To Read the Whole Article: http://www.governing.com/blogs/view/gov-state-budget-task-force-highlights-six-threats-to-states.html

Crain’s Chicago Business: Task force warns Illinois is broke; let’s fiddle away

Haley — Mon, 23 Jul 2012 04:16:14 +0000

Yet another prestigious group suggests that Illinois is headed for fiscal calamity if it can’t somehow figure out how to reverse long-term and deepening budget woes.

This time, the bad news comes from the State Budget Crisis Task Force, headed by former Federal Reserve Board Chairman Paul Volcker and New York financial guru Richard Ravitch. Among other drafters were former White House Budget Director Alice Rivlin, onetime Treasury Secretary Nicholas Brady and George Shultz, former University of Chicago business school dean and ex-secretary of state—a bipartisan cast of fiscal stars if I’ve ever seen one.

To Read the Whole Article: http://www.chicagobusiness.com/article/20120721/ISSUE05/307219979/task-force-warns-illinois-is-broke-lets-fiddle-away#ixzz21PqNTlIR

The New York Post: New York by the numbers

Haley — Mon, 23 Jul 2012 04:13:10 +0000

A devastating new report by a task force of major fiscal experts has confirmed what should be no secret: New York is at the top of the tax-and-spend heap.

Which probably explains why a separate ranking of America’s best states for business puts New York just 26th out of 50.

The State Budget Crisis Task Force, headed by ex-Lt. Gov. Richard Ravitch and former Fed Chairman Paul Volcker, found that New York — among six top states — is spending the most per-capita on government while, not surprisingly, taxing the most as a percent of personal income.

To Read the Whole Article: http://www.nypost.com/p/news/opinion/editorials/new_york_by_the_numbers_cEdM80BmmALRAsIWqdwX4O#ixzz21PpdGLBe

The Associated Press: Report: US States’ Financial Woes Eroding Services

Haley — Thu, 19 Jul 2012 16:52:56 +0000

WASHINGTON (AP) — U.S. states face long-term budget burdens that are already limiting their ability to pay for basic services such as law enforcement, local schools and transportation, a report released Tuesday said.

To Read the Whole Article: http://www.npr.org/templates/story/story.php?storyId=156921364

PBS NewsHour: Highlighting the Task Force Report July 17, 2012

Haley — Thu, 19 Jul 2012 07:07:26 +0000

PBS NewsHour highlights the State Budget Crisis Report with an interview with co-chair Richard Ravitch (Starting at 4:42).

To access the video go to: http://video.pbs.org/video/2257016693

Huffington Post: State Budget Crisis Outlined By New Report Draws Response From Government Groups

Haley — Thu, 19 Jul 2012 06:57:34 +0000

The report, released Tuesday by former Federal Reserve Chairman Paul Volcker and former New York Lt. Gov. Richard Ravitch, advised states to make drastic changes to financial practices, including increasing transparency, undertaking multiyear fiscal planning and fully funding pensions costs to potentially ward off dramatic cuts in the future. Ravitch and Volcker said the current situation could lead to severe funding cuts in social services and public safety.

While the report urges states to save more money, the head of the National Association of State Budget Officers disagreed, saying he does not know if this can be done. “Some states are at least trying to deal with fiscal management problems,” the association’s executive director, Scott Pattison, told HuffPost. “Frankly, I’m presently surprised states even have a dollar in a rainy day fund and, according to our current data, it’s over 7 percent” of their revenues on average. “You’d think they would want to put every dime into programs or tax cuts.”

To Read the Whole Article: http://www.huffingtonpost.com/2012/07/18/states-budget-crisis_n_1682715.html