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U.S. State Finances – Lack “Truth and Integrity” – Volcker Warns

- U.S. state budgets rely on “faulty practices” – Volcker
- Shoddy budget practices push costs to future generations
- Faulty budget practices lead to poor policy making
- “Problems hidden by lack of truth and integrity” – Volcker
- No common definition of balanced budget allows for gimmicks
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The highly regarded former chairman of the Federal Reserve, Paul Volcker, has severely criticized the State Governments in the U.S. over “faulty practices” used to devise budgets which mask the true financial position of those states.

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