Costs for Medicaid, education and employee retirement benefits are threatening to overwhelm state and local government budgets in New York, a report by a national task force issued on Tuesday found.
"Healthcare costs and retirement costs are rising a lot faster than revenue. And unless one sees something on the horizon that will change that essential dynamic, then that means we're not on a sustainable path," said former New York Lieutenant Governor Richard Ravitch in an interview.
The report, which can be found at www.statebudgetcrisis.org, was one in a series released by the nonpartisan State Budget Crisis Task Force, led by Ravitch and former Federal Reserve Chairman Paul Volcker.
Source: Reuters. Read full article. (link)