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Report Details Threats to States' Fiscal Health
Keywords:
The State Budget Crisis Task Force is co-chaired by former Fed chairman Paul Volcker and Richard Ravitch, a former lieutenant governor of New York. The Report of the Task Force says rising pension expenses and healthcare costs for public sector employees and Medicaid costs are severely reducing the ability of states in the U.S. to fund essential infrastructure improvements, education for low income students and other services. The report said there were six major threats to the fiscal situation of states- including Medicaid spending, underfunding of retirement, "budgetary gimmicks" to address the short term needs, and uncertain tax revenues. Ravitch told a news conderence: "It will be a hell of a lot more expensive to deal with theses problems in five or ten years than to deal with them now." The report focussed on California, New York, New Jersey, Illinois, Virginia and Texas. It was funded by the foundation of Blackstone Group co-founder Peter Peterson, and George Soros's Open Society Foundation.
Budget cuts in local government and services in the U.S. - 2011-2013
12/14/2009
Cuts for schools and the MTA local transport in New York state and New York city.
Grouped Articles
Wall Street Journal 07/30/2013
Cities' Revival Curbed By Red-Ink Budgets
Wall Street Journal 11/02/2013
To Add Jobs, Revive Revenue Sharing
New York Times 08/28/2010
Paterson Trims Aid to Schools and Localities
New York Times 12/14/2009
Drastic Cuts Are Expected as M.T.A. Unveils Budget
New York Times 12/14/2009
States Scramble to Close New Budget Gaps
Wall Street Journal 12/18/2009
Cuts in U.S. education and teacher funding- 2010-2012
10/30/2008
Fixing budget deficits of states and local government in the U.S. in 2011-2012 is resulting in sharp cuts for schools. A class size of 60 in Detroit schools is one of the results of these cuts. One teacher calls it not educating children but supervising these children.
Grouped Articles
U.S. Schools Chief Arne Duncan Labors to Straddle Political Divide
Wall Street Journal 07/22/2013
Wall Street Journal 07/30/2013
The Great Stagnation in American Education
New York Times 09/07/2013
To Add Jobs, Revive Revenue Sharing
New York Times 08/28/2010
New York Times 01/18/2014
Arne Duncan: Better education starts with honesty about achievement gaps - The Washington Post
Washington Post 01/24/2014
Efforts to fix the budget deficit in the state of California 2011-2013
01/14/2010
Grouped Articles
California’s New Problem: Too Much Money
New York Times 05/25/2013
Brown Set for Victory in California Budget Fight
Wall Street Journal 06/12/2013
Boskin and Cogan: California's Casino Budgeting
Wall Street Journal 06/04/2012
California Works Out Budget Deal
Wall Street Journal 06/22/2012
Report Details Threats to States' Fiscal Health
Wall Street Journal 07/18/2012
In Report on Statesâ Finances, a Grim Long-Term Forecast
New York Times 07/17/2012
Fixing the budget deficit in the U.S. state of Wisconsin- 2011-2012
02/11/2011
Wisconsin elected Republicans to the Governor's office and to both houses of the legislature. Governor Walker has a sweeping plan to fix the state's $137 million deficit. He is planning cuts to the public employees benefits unilaterally without negotiating with the unions.
Grouped Articles
Wisconsin May Take an Ax to State Workersâ Benefits and Their Unions
New York Times 02/11/2011
Public-Worker Unions Steel for Budget Fights
Wall Street Journal 02/14/2011
Public Workers in Wisconsin Protest Plan to Cut Benefits
New York Times 02/16/2011
Wisconsin Senate Fails to Vote on Union Law
Wall Street Journal 02/18/2011
Michigan Gov. Says He Won't 'Pick Fights' With Unions
Wall Street Journal 02/18/2011
In Wisconsin and Washington, budget battles reshape political landscape
Washington Post 02/19/2011
O'Malley in Maryland and Brownback in Kansas- divergent approaches by U.S. state governors in the budget crisis 2010-2013
07/10/2012
Grouped Articles
GOP governor implements GOP economics, disaster ensues - The Washington Post
Washington Post 07/16/2014
Baltimore Riots Rekindle Feud Between David Simon, Martin O’Malley
Wall Street Journal 05/02/2015
Chris Cillizza - The Washington Post
Washington Post 11/15/2015
Cut Taxes or Restore Services? Maryland and Kansas Differ on Path
New York Times 07/10/2012
Report Details Threats to States' Fiscal Health
Wall Street Journal 07/18/2012
In Report on Statesâ Finances, a Grim Long-Term Forecast
New York Times 07/17/2012
Governor Cuomo and passage of tax package in New York with surtax on incomes over $2 million
12/08/2011
The tax will raise $2.6 billion of which $1.5 billion will go to reduce the state's budget gap of $3.5 billion for 2012. A quarter of this will go to a tax cut on incomes below $300,000.
Grouped Articles
Cuomo Reflects in Memoir on Highs and Lows, Both Personal and Political
New York Times 10/08/2014
Economic-Ladder Concerns Trump Income Gap in Poll
Wall Street Journal 05/05/2015
New York Raises Taxes on Wealthy
Wall Street Journal 12/08/2011
Donât Tax the Rich. Tax Inequality Itself.
New York Times 12/18/2011
Cuomo Focuses on Job Creation in State of the State Address
New York Times 01/04/2012
New York Times 03/30/2012
Spending cuts in the U.S. state of Ohio to reduce the budget deficit- 2011-2012
03/16/2011
Grouped Articles
Ohio Governor Poses Steep Cuts to Trim Deficit
Wall Street Journal 03/16/2011
Higher Taxes Yield to Budget Cuts in States
Wall Street Journal 07/07/2011
Wall Street Journal 07/07/2011
Voters Shy Away From Dramatic Overhauls
Wall Street Journal 11/10/2011
States face bleak economic forecast, report says - The Washington Post
Washington Post 11/29/2011
Falling home values mean budget crunches for cities - The Washington Post
Washington Post 12/26/2011
State budgets and costs in the university system
01/06/2011
Grouped Articles
School's Reserve Fund Draws Ire
Wall Street Journal 04/24/2013
College Tuition Increases Slow, but Government Aid Falls
Wall Street Journal 10/23/2013
Wall Street Journal 12/26/2013
The States Take Aim at Tenured Professors
BusinessWeek 01/06/2011
Dispute Over College Tuition Roils Flagship Texas Campus
Wall Street Journal 05/17/2012
Report Details Threats to States' Fiscal Health
Wall Street Journal 07/18/2012
U.S. States preference for budget cuts not tax increases in deficit reduction- 2011-2012
07/07/2011
A detailed look at how 46 states turned to budget cuts not tax increases as they looked for ways to reduce the budget deficits.
Grouped Articles
Higher Taxes Yield to Budget Cuts in States
Wall Street Journal 07/07/2011
Wall Street Journal 07/13/2011
Tom Keene Talks to Robert Skidelsky
BusinessWeek 07/28/2011
Families Feel Sharp Edge of State Budget Cuts
New York Times 09/06/2011
States face bleak economic forecast, report says - The Washington Post
Washington Post 11/29/2011
Washington Post 12/22/2011
The financing of local and regional governments in the U.S.- 2010-2011
08/28/2010
The impact on state and local governments as investors demand higher yields from some states and regional governments. The impact on state budgets of higher financing costs.
Grouped Articles
U.S. Cities Grapple With Finances
Wall Street Journal 10/30/2013
To Add Jobs, Revive Revenue Sharing
New York Times 08/28/2010
The Weak Get Weaker as Muni Bonds Are Sold Off
Wall Street Journal 12/19/2010
Banks Look to Profit on Muni-Bond Fears
Wall Street Journal 12/21/2010
Pained Muni Investors Cry Uncle
Wall Street Journal 12/22/2010
Wall Street Journal 12/24/2010
California University System and budget cuts
01/14/2010
Grouped Articles
Playing Chicken With Tax Dollars and Tuition in California
Wall Street Journal 11/22/2014
In California Budget Plan, Brown Wins Deal on Tuition Freeze for In-State Students
New York Times 05/14/2015
California’s Upward-Mobility Machine
New York Times 09/16/2015
California Universities Feel the Squeeze
BusinessWeek 01/20/2011
California Budget Cuts Likely as Revenue Lags
Wall Street Journal 12/12/2011
Brown Says More Cuts Needed in California
Wall Street Journal 05/14/2012
California's bullet train project 2011-2020
11/26/2011
Grouped Articles
California Rail Project Advances Amid Cries of Boondoggle
New York Times 11/26/2011
Report Details Threats to States' Fiscal Health
Wall Street Journal 07/18/2012
Education spending crisis in the U.S. state of New Jersey in 2010.
10/22/2010
Grouped Articles
Governor Christie's Ultimate Test
Wall Street Journal 10/22/2010
Chris Christie: The conservative crush
Economist 01/08/2011
Public Workers in Wisconsin Protest Plan to Cut Benefits
New York Times 02/16/2011
In Wisconsin and Washington, budget battles reshape political landscape
Washington Post 02/19/2011
Bill Gates - How teacher development could revolutionize our schools
Washington Post 02/28/2011
Wisconsin Budget Would Slash School and Municipal Aid
New York Times 03/01/2011
Fixing America's bridges
02/15/2011
The situation in New York. The Tappan Zee bridge has no break down lanes for the 140,000 cars crossing the Hudson River each day. The number of cars will go up to 200,000. The bridge is structurally deficient. Putting a new bridge could cost upto $16 billion. The needs throughout New York.
Grouped Articles
As New Tappan Zee Bridge Goes Up (Along With Tolls), Funding Questions Remain
New York Times 03/25/2014
Finding a Fix for the Tappan Zee
Wall Street Journal 02/15/2011
Report Details Threats to States' Fiscal Health
Wall Street Journal 07/18/2012
New York’s Subways Are Not Just Delayed. Some Trains Don’t Run at All.
08/07/2017
New York City and the budget deficit
02/18/2011
Grouped Articles
Wall Street Journal 02/18/2011
Cuomo, Legislature Strike a Deal on Budget
Wall Street Journal 03/28/2011
Cuomo and Lawmakers Reach Deal on Budget
New York Times 03/27/2011
Falling home values mean budget crunches for cities - The Washington Post
Washington Post 12/26/2011
Deficits Push Municipalities to Desperation
New York Times 03/10/2012
New York Times 03/30/2012
Dallas magnet schools and large education budget cuts in Texas
04/23/2011
Grouped Articles
As the ‘Texas Miracle’ Fades, a Closer Look at Policy
New York Times 06/03/2015
Cuts for Dallas Magnet Schools Stir Conflict Over Education Spending
New York Times 04/23/2011
Report Details Threats to States' Fiscal Health
Wall Street Journal 07/18/2012
The indefatigable Paul Volcker- a day at his office in Rockefeller Center with Richard Ravitch
10/27/2011
Grouped Articles
Volcker Plans to Restore Faith in Government
New York Times 05/29/2013
Senior Advisers: Two Old Friends Talk Fishing and Finance
Wall Street Journal 11/21/2011
Charlie Rose Talks to Paul Volcker
BusinessWeek 10/27/2011
Volcker to Push Back on Banks' Trading
Wall Street Journal 02/13/2012
J.P. Morgan Trades In Its Crown
Wall Street Journal 05/11/2012
Paul Volcker vs. JPMorgan’s London Whale - The Washington Post
Washington Post 05/12/2012
Cuts in state budgets in the U.S. after Republicans take over governorships and legislatures in many states.
01/05/2011
Grouped Articles
Recession-bruised states' revenue sank 30 percent in 2009, Census Bureau reports
Washington Post 01/05/2011
New York Times 01/06/2011
Florida Governor Hits Road to Sell His Budget Overhaul
Wall Street Journal 02/03/2011
Wall Street Journal 02/07/2011
New York Times 02/07/2011
In Muni-Bond Ills, Danger and Hope
Wall Street Journal 02/09/2011
Developing bankruptcy and other options for states with severe debt problems in the U.S.
01/20/2011
Senator Cronyn raises the question about developing options for restructuring of finances if states have no other option. Budget deficits of many states in the US are expected to be severe enough to require some mechanism for resolution.
Grouped Articles
How Righteousness Killed the World Economy
New York Times 10/12/2014
State Bankruptcy Option Is Sought, Quietly
New York Times 01/20/2011
In Muni-Bond Ills, Danger and Hope
Wall Street Journal 02/09/2011
States face bleak economic forecast, report says - The Washington Post
Washington Post 11/29/2011
Report Details Threats to States' Fiscal Health
Wall Street Journal 07/18/2012
In Report on Statesâ Finances, a Grim Long-Term Forecast
New York Times 07/17/2012
Efforts to fix the budget deficits in U.S. states: 2010-2012
01/05/2011
Some of the worst budget deficits are in Illinois, California and New Jersey, with other states not far behind.
Grouped Articles
California’s New Problem: Too Much Money
New York Times 05/25/2013
Brown Set for Victory in California Budget Fight
Wall Street Journal 06/12/2013
Illinois Deficit Leads to Talk of Big Tax Increase
New York Times 01/09/2011
How to Revive the California Dream
Wall Street Journal 01/10/2011
Chris Christie: The conservative crush
Economist 01/08/2011
Illinois Braces for Tax Increases
Wall Street Journal 01/13/2011
Medicaid and U.S. state budgets- 2011-2014
02/17/2011
The recession has greatly increased the number of people on Medicaid. State efforts to gain flexibility in the amount of coverage provided are limited by provisions in the 2009 health care legislation.
Grouped Articles
Governors Scramble to Rein In Medicaid
Wall Street Journal 02/28/2011
Governors Ask Congress for Leeway on Health Care Bill
New York Times 03/01/2011
BusinessWeek 02/17/2011
In Texas, Furor Over a Proposal for Huge State Budget Cuts
New York Times 04/08/2011
Medicaid Benefits Dropping for Millions of Patients
New York Times 06/15/2011
Cuts Would Only Shift Health-Care Costs
Wall Street Journal 07/13/2011
Funding the budget and pension deficit in the U.S state of Illinois
10/16/2010
Grouped Articles
Pension Pinch Busts City Budgets
Wall Street Journal 10/30/2013
Illinois Pension Fix Faces Political Test
Wall Street Journal 12/01/2013
Illinois Legislature Approves Retiree Benefit Cuts in Troubled Pension System
New York Times 12/03/2013
American states' pension funds: A gold-plated burden
Economist 10/16/2010
Chicago Mayor Seeks Alterations to Repair Badly Underfunded Pension Plan
New York Times 04/01/2014
For Some Bond Investors, Chicago Isn’t Their Kind of Town
Wall Street Journal 04/02/2015
Public sector unions and state budget deficits in the U.S.
01/04/2009
Public-worker unions are preparing to fend off cuts in benefits by newly elected Republican governors in the U.S..
Grouped Articles
Concessions Foreshadow a Tough Year for Unions
Wall Street Journal 01/04/2009
The public sector unions: The battle ahead
Economist 01/08/2011
Public-sector workers: (Government) workers of the world unite!
Economist 01/08/2011
Wisconsin May Take an Ax to State Workersâ Benefits and Their Unions
New York Times 02/11/2011
Public-Worker Unions Steel for Budget Fights
Wall Street Journal 02/14/2011
Public Workers in Wisconsin Protest Plan to Cut Benefits
New York Times 02/16/2011
State budget cuts in the U.S. for 2009 and beyond.
12/18/2009
Grouped Articles
States Scramble to Close New Budget Gaps
Wall Street Journal 12/18/2009
Utility Shutoffs Climb by 5% Despite Doubling of U.S. Aid
Wall Street Journal 12/18/2009
State, Local Tax Revenues Decline 7%
Wall Street Journal 12/30/2009
Public Pensions and Our Fiscal Future
Wall Street Journal 08/27/2010
Wall Street Journal 02/07/2011
Pennsylvania Budget Cuts Hit Education
Wall Street Journal 03/09/2011
State budgets in the U.S. as the economic crisis hits states hard in 2009.
07/03/2009
California is down to issuing warrants or i.o.u.'s to pay taxpayers, local governments and vendors. Other state governments face difficult situations.
Grouped Articles
Brown Set for Victory in California Budget Fight
Wall Street Journal 06/12/2013
To Add Jobs, Revive Revenue Sharing
New York Times 08/28/2010
Coffers Empty, California Pays With I.O.U.’s
New York Times 07/03/2009
Eighty Years After the Great Crash -- 'Is It the '30s Again?'
Wall Street Journal 10/18/2009
8 Arrested in Protest at Berkeley Chancellor’s Home
New York Times 12/13/2009
State, Local Tax Revenues Decline 7%
Wall Street Journal 12/30/2009
The budget crisis facing cities and counties in New York state
03/10/2012
Grouped Articles
Deficits Push Municipalities to Desperation
New York Times 03/10/2012
New York Times 03/30/2012
New York State Legislature Passes 2012-13 Budget
New York Times 03/30/2012
Report Details Threats to States' Fiscal Health
Wall Street Journal 07/18/2012
In Report on Statesâ Finances, a Grim Long-Term Forecast
New York Times 07/17/2012
California Budget Crisis
01/14/2010
Grouped Articles
Brown Set for Victory in California Budget Fight
Wall Street Journal 06/12/2013
California Is Stuck in 1st Gear
Wall Street Journal 06/08/2010
California Budget Plan Incorporates Governor's Goals
Wall Street Journal 10/07/2010
California Governor Signs Budget; $7.5B in Spending Cuts
Wall Street Journal 10/09/2010
Blizzard of California Notes, Bonds Set to Begin
Wall Street Journal 10/22/2010
Wall Street Journal 10/23/2010
California's bond issuance to meet budget shortfall
01/14/2010
Grouped Articles
Brown Set for Victory in California Budget Fight
Wall Street Journal 06/12/2013
California's Big Sale Tests Muni-Bond Market
Wall Street Journal 11/16/2010
California Bond Woe Bodes Ill for States
Wall Street Journal 11/18/2010
California Bond Woe Bodes Ill for States
Wall Street Journal 11/18/2010
Heat Stays on California $10 Billion Note Offering
Wall Street Journal 11/19/2010
How to Revive the California Dream
Wall Street Journal 01/10/2011
How U.S. states overstate the extent to which pensions are funded.
10/16/2010
Using a discount rate of 4% (for government borrowing costs) would correctly show the extent to which pensions are funded in Illinois, than the rate currently used rate of 8%. Using Illinois methods Dutch plans would be 200% funded says an expert in Holland. With lower savings of American workers as they approach retirement adequately funded pension systems are critical to the safety net.
Grouped Articles
Pension Pinch Busts City Budgets
Wall Street Journal 10/30/2013
Illinois Pension Fix Faces Political Test
Wall Street Journal 12/01/2013
Illinois Legislature Approves Retiree Benefit Cuts in Troubled Pension System
New York Times 12/03/2013
American states' pension funds: A gold-plated burden
Economist 10/16/2010
Wall Street Journal 03/05/2012
Chicago Mayor Seeks Alterations to Repair Badly Underfunded Pension Plan
New York Times 04/01/2014
The wildly underfunded pension system of the American state of New Jersey.
09/30/2010
Need to increase the retirement age to 65 from 62, and increase pension contributions to 8.5%, says Governor Christie of New Jersey. With the lower savings of workers in the U.S. as they approach retirement, adequately funded pension systems are critical to the safety net.
Grouped Articles
Pension Pinch Busts City Budgets
Wall Street Journal 10/30/2013
Illinois Pension Fix Faces Political Test
Wall Street Journal 12/01/2013
Illinois Legislature Approves Retiree Benefit Cuts in Troubled Pension System
New York Times 12/03/2013
BusinessWeek 09/30/2010
Public-sector pensions: Three-trillion-dollar hole
Economist 10/16/2010
American states' pension funds: A gold-plated burden
Economist 10/16/2010
Inequality- high school droput rates and wages in New York City
01/15/2011
Grouped Articles
OECD report cites rising income inequality - The Washington Post
Washington Post 12/06/2011
New York Times 09/12/2013
Bloomberg's Real Antipoverty Record
Wall Street Journal 12/18/2013
Immigration Remakes and Sustains New York, Report Finds
New York Times 12/18/2013
Janet Yellen Warns of Inequality Threat
New York Times 10/17/2014
Outside the Spotlight, Bill de Blasio Wages a War on Inequality
New York Times 01/08/2015
New York's 2011-2013 budgets under Governor Cuomo
02/01/2011
Grouped Articles
Cuomo Reflects in Memoir on Highs and Lows, Both Personal and Political
New York Times 10/08/2014
Cuomoâs Budget Cuts Year-to-Year Spending
New York Times 02/01/2011
Cuomo Maps Cuts to Balance New York Budget
Wall Street Journal 02/02/2011
In Muni-Bond Ills, Danger and Hope
Wall Street Journal 02/09/2011
Cuomo, Legislature Strike a Deal on Budget
Wall Street Journal 03/28/2011
Cuomo and Lawmakers Reach Deal on Budget
New York Times 03/27/2011
Texas budget deficit- 2011-2012
04/04/2010
Grouped Articles
The Texas budget: A blow to the model
Economist 03/26/2011
In Texas, Furor Over a Proposal for Huge State Budget Cuts
New York Times 04/08/2011
Seeds of 2011âs Budget Troubles Were Planted, by the Legislature, in 2006
New York Times 04/16/2011
Cuts for Dallas Magnet Schools Stir Conflict Over Education Spending
New York Times 04/23/2011
Higher Taxes Yield to Budget Cuts in States
Wall Street Journal 07/07/2011
How Texas escaped the real estate crisis
Washington Post 04/04/2010
State Budget Crisis Task Force co-chaired by Paul Volcker and Richard Ravitch
07/17/2012
Grouped Articles
Report Details Threats to States' Fiscal Health
Wall Street Journal 07/18/2012
In Report on Statesâ Finances, a Grim Long-Term Forecast
New York Times 07/17/2012
State Budget Task Force Recommendations
New York Times 07/17/2012
Wall Street Journal 08/03/2012
Pension Crisis Looms Despite Cuts
Wall Street Journal 09/21/2012
Illinois Debt Takes Toll on Services, Study Finds
New York Times 10/24/2012
New GASB, Moody's rules show a widening gap in the funding of public pensions in the U.S.
07/18/2012
The Volcker- Ravitch State Budget Crisis Task Force identified the problems facing U.S. states and cities which have poorly funded public pension funds. The problems are large and real as seen through the GASB rules, and the findings of the Volcker-Ravitch Task Force.
Linked Articles
New rules expose bigger funding gaps for public pensions - The Washington Post
Washington Post 08/17/2012
Report Details Threats to States' Fiscal Health
Wall Street Journal 07/18/2012
The debt burden of Illinois with the worst credit rating of the 50 U.S. states (2)
07/18/2012
Illinois's per capita debt exceeds $9000.
Linked Articles
Wall Street Journal 10/25/2012
Report Details Threats to States' Fiscal Health
Wall Street Journal 07/18/2012
The debt burden of Illinois with the worst credit rating of the 50 U.S. states (1)
07/18/2012
The debt per capita for the state of Illinois exceeds $9000.
Linked Articles
Illinois Debt Takes Toll on Services, Study Finds
New York Times 10/24/2012
Report Details Threats to States' Fiscal Health
Wall Street Journal 07/18/2012
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