State Budget Crisis: Worse to Worse

"States around the country face a fiscal crisis that will only worsen without action, according to a report released this week by the State Budget Crisis Task Force, co-chaired by Richard Ravitch and Paul A. Volcker.  Threats to fiscal sustainability include rising health care spending, federal budget cuts, unfunded pension promises, eroding tax bases, budget laws and local governments' financial woes, according to the report.  Its conclusions are based on an examination of six heavily populated states: California, Illinois, New Jersey, New York, Texas and Virginia."

Now, you know why I just included "Eschaton" in the title of my blog, Financial Insights for Eschaton.