State and local governments face a total deficit of about $131 billion for 2009 and $181 billion for 2010, the Government Accountability Office figures. Honestly, this estimate seems low.
But, low or not, it may be as good as it gets.
The GAO notes that after 2010 and for the next 50 or so years, “absent any intervention or policy changes, state and local governments would face an increasing gap between receipts and expenditures in the coming years.”
The short report has a compelling graph of these future projected imbalances (pasted below).
You may also like
New York’s Medicaid Spending Is Running Billions Over Budget
New York's Medicaid program ran billions of dollars over budget during the first half of the fiscal year, adding to signs of a brewing fiscal crisis in Albany.
According to the fro Read More
Hospital Lobby’s TV Campaign Spreads Misinformation About Medicaid
As New York's health-care industry agitates for more money from the state budget, two of its most influential lobbying groups are airing TV ads that make alarmist and inaccurate claims about Medicaid. Read More
Hochul’s ‘Pay and Resolve’ Push for Hospitals Triggers Déjà Vu
Two years ago last week, I wrote in the Daily News about how then-Governor Andrew Cuomo was pushing a costly change to insurance law on behalf of a hospital group that had supported his campaign through a fund-rai Read More
The Looming Collapse of a Long-Term Care Insurer Raises Questions for DFS
As the Hochul administration presses for the creation of a "guaranty fund" to bail out failed health insurers, the state is quietly moving to seize a small company that could be the fund's first target. Read More
Hochul puts Medicaid spending on a steeper slope
Governor Hochul is releasing the brakes on Medicaid, allowing state spending on the safety-net health plan to increase more than twice as fast as it typically did during the Cuomo administration.
Read More
Hochul’s agenda mostly sidesteps health care
Governor Hochul gave health care surprisingly little attention in her State of the State speech on Tuesday – a sign that taking on dysfunction in one-sixth of the state's economy ranks low on her list of priorities. Read More
Federal omnibus deal has big implications for New York Medicaid
The big spending bill heading for a vote in Washington this week would scramble the outlook for Medicaid in next year's state budget, mostly for the better.
The $1.7 trillion federa Read More
New York’s Medicaid costs are soaring at double-digit rates
New York's already high Medicaid spending is growing at a double-digit rate for the second year in a row, recently released state figures show.
After dipping during the first year o Read More
Enjoying our work? Sign up for email alerts on our latest news and research.