Government Spending

Medicaid, Education, Pensions Burden NY Budget

Government spends too much, folks


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, was one in a series released by the nonpartisan State Budget Crisis Task Force, led by Ravitch and former Federal Reserve Chairman Paul Volcker.