Independent budget experts review NJ fiscal shape
TRENTON, N.J. - Former Federal Reserve Chairman Paul Volcker and other economic experts will be releasing a report on New Jersey's financial condition Thursday.
The State Budget Crisis Task Force was formed last year to take an unvarnished look at the threats to state governments' financial stability.
The politically independent group made some general observations about the monetary squeezes facing the states.
It found Medicaid spending crowding out other needs, underfunded retirement systems creating future budget risks, and state budget practices that can hide imbalances and hinder fiscal stability.
The group recommends states make better use of rainy-day funds and work with the federal government to control health care costs.
New Jersey is one of six states the task force examined. The other states are New York, Virginia, Illinois, Texas and California.
