Former New York Lieut. Gov. Richard Ravitch and former Federal Reserve chairman Paul Volcker are forming a task force to analyze states’ budgets with the goal of helping governments put in place stronger, long-term budget practices.
The two influential policy-makers and long-time friends are teaming up to document how states have used non-recurring resources to cobble together balanced budgets and to see if they can offer advice for states to make better long-term decisions. The investigations will include looking at debt practices as well as unfunded pension liabilities and other post-employment benefit costs.