New Report Notes Fiscal Challenges Many States Face Including Maine

 Report says states must make structural changes and more flexibility from Feds is needed for states’ stability 

 

AUGUSTA – 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. Today, Governor Paul LePage noted the report is a “call to action” for Maine, as well as other states.

The study, released Tuesday titled “Report of the State Budget Crisis Task Force,” outlines six major fiscal threats: Medicaid spending growth; federal deficit reduction; underfunded retirement promises; narrow, eroding tax bases and volatile tax revenues; local government fiscal stress; and state budget laws and practices which hinder fiscal stability and mask imbalance.  Click link below to read more….

New Report Notes Fiscal Challenges Many States Face Including Maine.

Advertisements
This entry was posted in Uncategorized. Bookmark the permalink.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s