Keyword: austerity

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US

U.S. State Budgets (revisited)

This week’s IGM Economic Experts Panel statements: A: By discounting pension liabilities at high interest rates under government accounting standards, many U.S. state and local governments understate their pension liabilities and the costs of providing pensions to public-sector workers. (The experts panel previously voted on this question on October 1, 2012. Those earlier results can be found here.) B: During the next two decades some U.S. states, unless they substantially increase taxes, cut spending, and/or change public-sector pensions, will require a combination of severe austerity budgets, a federal bailout, and/or default. (The experts panel previously voted on this question on October 1, 2012. Those earlier results can be found here.)
US

U.S. State Budgets

This week’s IGM Economic Experts Panel statements: A: By discounting pension liabilities at high interest rates under government accounting standards, many U.S. state and local governments understate their pension liabilities and the costs of providing pensions to public-sector workers. B: During the next two decades some U.S. states, unless they substantially increase taxes, cut spending, and/or change public-sector pensions, will require a combination of severe austerity budgets, a federal bailout, and/or default.