Medicaid, other costs threaten New York state and local budgets: report

NEW YORK (Reuters) – Costs for Medicaid, education and employee retirement benefits are threatening to overwhelm state and local government budgets in New York, a report by a national task force issued on Tuesday found. “Healthcare costs and retirement costs are rising a lot faster than revenue. And unless one sees something on the horizon that will change that essential dynamic, then that means we’re not on a sustainable path,” said former New York Lieutenant Governor Richard Ravitch in an interview. The report, which can be found at www.statebudgetcrisis. …