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Paul Volcker Warns On Health Of US State Finances
Paul Volcker, former chairman of the Federal Reserve, has warned that US states rely on faulty practices to balance their budgets, masking the true nature of their finances and leading to poor policy making.
While states have returned to better health after the depths of the financial crisis and recession of the last decade, many remain under "heavy pressure," with overall tax revenues, adjusted for inflation, barely recovered from their pre-recession peaks.
"The continued fiscal stress is tempting states to continue, and even intensify, budgeting and accounting practices that obscure their true financial position, shift current costs on to future generations, and push off the need to make hard choices on spending priorities and revenue practices," Mr Volcker said in a report released on Monday by the Volcker Alliance, a government reform group he founded in 2013.
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