Report on the Consensus Revenue Hearing

Today the financial leadership of the House, the Senate and the Governor’s office held their annual “consensus revenue hearing”. In short, the outlook is fair — a continuing moderate budget squeeze with some warning flags about long-term issues. But those long-term issues — health care, pensions, and financial reserves — mean that the budgetary choices over the next few months won’t be easy.

Are we on the right track financially?

Wall Street has applauded our state-level efforts to manage long-term liabilities — the rating agencies are giving the Commonwealth its highest ever bond ratings. ┬áBut we should consider carefully whether we should accept Wall Street’s metrics for financial health — not that I doubt the need for financial discipline, but rather that we should, perhaps, […]