The coming state budget crises
Richard Ravitch and Paul Volcker release a new report highlighting the problems with state fiscal policy. The three main highlights: Medicaid (thanks to increased enrollment), pensions (thanks to constitutionally-enforced contracts), and budget gimmicks.
The slow-motion collapse of the government status quo across the Western world is obvious, but the reality is the opposite of what Twain said about Wagner’s music—it’s worse than it sounds. That’s the message of a recent report from Richard Ravitch and Paul Volcker that deserves far more attention than it has received.
