Richard Ravitch News
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California Governor Jerry Brown has received praise for proposing a balanced state budget for the fiscal year starting July 1. The last time California proposed a balanced budget was in 2007, when Arnold Schwarzenegger was governor.
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Illinois lawmakers missed another chance to restructure the worst-funded state retirement system in the nation, officially ending their 2012 session yesterday without acting on measures to shore up pensions.
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New York state relies on gimmicks and nonrecurring revenue to pay for rising pension costs and the most-generous Medicaid benefits in the U.S., said a group led by former Federal Reserve Chairman Paul Volcker and former Lieutenant Governor Richard Ravitch.
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Illinois debt is close to the strongest in two years even after state lawmakers failed for the second time since August to fix the nation’s worst-funded pension system.
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New Jersey’s pension contribution may consume almost one-fifth of its annual budget by 2018 under a law enacted by Republican Governor Chris Christie, according to a group led by former Federal Reserve Chairman Paul Volcker and Richard Ravitch, the former New York lieutenant governor.
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Wall Street bankers perceive New York’s $9 billion budget deficit as an opportunity to propose financing deals that may worsen the state’s long-term fiscal condition, Lieutenant Governor Richard Ravitch said.
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New York state’s cash shortage, projected to reach $1 billion by early June, may be solved by delaying payments rather than borrowing, Lieutenant Governor Richard Ravitch said.
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New York , approaching its borrowing limit, needs new revenue sources to maintain its transportation system and back debt for projects such as replacing the Tappan Zee Bridge , Lieutenant Governor Richard Ravitch said.
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Illinois’s pensions, the worst funded in the U.S., are “destined for insolvency” unless the state overcomes its politicized budget process, according to a report from a group headed by Paul Volcker and Richard Ravitch.
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Three months after the Illinois legislature failed to solve its pension crisis and prompted a credit-rating cut, Governor Pat Quinn is turning to an orange cartoon snake for help.
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