Paul Volcker Slams State Budget Hidng Future Expenses

State budget tactics are using stealth tactics to push costs into the future, leaving cash strapped millennials to figure out how to pay today's bill tomorrow while society lives beyond its means today, Paul Volcker said on Monday. A state government’s budget may seemed balanced, but they often do not account for unfunded pension and healthcare liabilities and literally hide unpaid bills -- and this will eventually crush future generations.

Volcker Alliance report: State budget process hides liabilities for future generations to pay

In a new report titled “Truth and Integrity in State Budgeting,” Paul Volcker hits similar themes to that of New York Federal...