Jan. 14 (Bloomberg) — U.S. state revenue isn't rising fast enough to keep up with the cost of funding pensions, health care and public works projects, underscoring financial strains that persist during the economic recovery, according to a report.
Paying for worker benefits is taking money from schools and other needs, according to the report, issued today by a privately funded panel of budget specialists led by former Federal Reserve Chairman Paul Volcker and ex-New York Lieutenant Governor Richard Ravitch.
"It's great our economy is turning around," said Ravitch, co-chairman of the group known as the State Budget Crisis Task Force, in an interview. "But it isn't turning around fast enough to make up for all the liabilities that were issued, all the promises that have been made."
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