Former Federal Reserve Board Chairman Paul A. Volcker (left) and former New York Lt. Gov. Richard Ravitch’s State Budget Crisis Task Force’s report says states’ financial problems aren’t just a result of the recession and slow recovery, but have built up over years. As an example, state and local government pension plans are at least $1 trillion short of what they need to pay for their pension promises. (Rod Lamkey Jr./The Washington Times)
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