Richard Ravitch predicts more fiscal woes for US cities
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ALBANY— Richard Ravitch, the former lieutenant governor who helped New York City avoid bankruptcy in the 1970s, is warning that cities around the U.S. can expect more fiscal troubles in the years ahead.
Ravitch served as lieutenant governor under former Gov. David Paterson and has spent years studying the financial health of governments.
He says cities around the nation will be forced to consider cutting services and investments in education and infrastructure unless they can address their fiscal challenges head on. Ravitch says the problems are the result of mounting debt, increased pension and health care costs and politicians who won’t make tough decisions.