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State pension funds, facing a potential multitrillion-dollar shortfall, find themselves in the center of a four-way battle: Employees and retirees expect to be paid their promised benefits; the pension systems have clear obligations but may not have the resources to pay them; politicians are looking for ways to resolve the underfunding and balance the burden among retirees and workers; and state taxpayers, challenged to provide for their own retirements, resent the additional tax load.
Wisconsin is poised to strip collective bargaining rights from most of the state's 175,000 public employees in the boldest step by a new Republican governor and Legislature to solve budget problems by confronting organized labor.
World power is at a point where neither a single nation nor a block of countries will be able to drive their own agenda, Ian Bremmer, president of Eurasia Group, told CNBC on Tuesday.
While some experts see this as an opportunity, skeptics says it's a new financial crisis in the making and that muni bonds should be avoided. Tell us what you think.
States are caught in an extended fiscal squeeze caused by rising costs and lower tax receipts. In addition, the aid distributed by the American Recovery and Reinvestment Act of 2009, is pretty much used up.
The Group of 20 industrialized nations is on its way to obsolescence and the world is at a point where neither a single country nor a bloc of countries will be able to drive an international agenda, according to Ian Bremmer, president of Eurasia Group, and Nouriel Roubini, chairman of Roubini Global Economics.
A new report says state tax revenues increased in the final three months of last year as the improving economy boosted income and sales taxes receipts.