Higher Education

Third and State This Week: Fewer College Grads Starting Businesses and State Revenue Collections in 2012-13

This week at Third and State, we blogged about student loan debt deterring college grads from starting their own businesses, income inequality and efforts to turn back prevailing wage laws for construction workers, and revenue collections during the now-completed 2012-13 Fiscal Year.

IN CASE YOU MISSED IT:

  • On higher education, Jamar Thrasher blogged that more and more American college graduates are declining to start their own businesses partly because of the rising costs of tuition and crushing student loan debt.
  • On income inequality and the prevailing wage, Stephen Herzenberg wrote that too many people in the "1%" (and the smaller groups at the very, very top) seem to have convinced themselves that they are not only more deserving but also somehow different than — better than — other people.
  • And on state budget and taxes, Michael Wood shared the following chart tracking monthly revenue collection trends in the now-completed 2012-13 Fiscal Year.
    2012-13 General Fund Revenue Surplus/(Deficit) by Month

STATE BUDGET RESOURCES:

$1 Trillion in Student Loan Debt Hampering Young Entrepreneurs

It appears more and more American college graduates are declining to start their own businesses due to the rising costs of tuition and crushing student loan debt. Bloomberg examines the obstacles facing young entrepreneurs:

Third and State This Week: Payday Lending Debt Trap, Medicaid Rally, Pensions, State Budget, and More

This week at Third and State, we blogged about the payday lending debt trap, a big rally at the Capitol in support of expanding Medicaid coverage in Pennsylvania, 10 reasons Governor Corbett's pension plan will cost taxpayers more, the latest with the state budget, Pennsylvania's housing market, and more.

IN CASE YOU MISSED IT:

  • On payday lending, Mark Price wrote about a Senate bill that will open the door to payday lenders to come to Pennsylvania and charge triple-digit annual interest rates on short-term loans.
  • On health care, Chris Lilienthal blogged about a Capitol rally that brought out hundreds of people from across Pennsylvania to put some faces (and stories) to the ongoing debate over expanding Medicaid coverage in Harrisburg.
  • On the state budget, Sharon Ward wrote about superintendents from cuts-ravaged urban school districts coming to town to press for more education funding, among other happenings in the Capitol this week.
  • On pensions, Stephen Herzenberg shared the Keystone Research Center's top 10 reasons Governor Corbett's pension plan will dig a deeper hole for taxpayers.
  • On housing, Mark Price shared some charts on the Pennsylvania housing market.

IN OTHER NEWS:

  • Congratulations to the honorees of the 2013 Keystone Research Center Annual Awards Dinner: Henry Nicholas, president of the National Union of Hospital & Health Care Employees, who received the Sol Hoffman Award, and the Restaurant Opportunities Center United, which received the Susan C. Eaton Award.
  • Read the Pennsylvania Budget and Policy Center's media statement on the House passage of a 2013-14 budget bill and get the latest budget news here.
  • Read a fact sheet on the Medicaid expansion in Pennsylvania.
  • Read a memo to lawmakers from the Keystone Research Center on how transitioning new public employees to 401(k)-type retirement plans will cost taxpayers more. Read KRC's policy brief on how public pensions inject millions of dollars into local economies across Pennsylvania. Learn more about public pension reform here.
  • Learn more about education in Pennsylvania with data on student enrollment, school funding and more.

MARK YOUR CALENDAR:

On Tap Today: Budget Vote, School Rally & Lives on the Line

Today is a busy day at the State Capitol. Superintendents from cuts-ravaged urban school districts are in town to press for more education funding. Harrisburg, York, Lancaster, Allentown, and Reading, among others, are looking at a third year of deep cuts to student programs.

Pittsburgh Fares Better Than Other Rust-Belt Cities Thanks to Education

From 1970 through 2006, rust-belt cities Buffalo, Cleveland, Detroit, and Pittsburgh have all seen a considerable decline in neighborhood population, but Pittsburgh has fared better than the rest.

Third and State This Week: Corporate Tax Cuts Without Closing Loopholes, Challenges Face Poor College Students

This week at Third and State, we blogged about how a corporate tax cut bill in the state House will come at the expense of schools and health care in Pennsylvania, the challenges facing low-income students attending college, and an honor bestowed on one of our own for his workforce development work.

IN CASE YOU MISSED IT:

  • On state budget and tax policy, Sharon Ward shared how state House lawmakers voted on an amendment that would have taken steps to close the Delaware loophole. She also shared a podcast from a media briefing on a House bill enacting hundreds of millions in new corporate tax cuts over the course of a decade. And Chris Lilienthal had more on the tax cuts, which will come at the expense of investments in schools, infrastructure and local services.
  • On higher education, Jamar Thrasher wrote that too many low-income students who pursue college are sidetracked by economic and other challenges — in some cases, leaving them with big debts but no degree.
  • On workforce development, Steve Herzenberg blogged about receiving the Workforce Professional of the Year award from the Manufacturers Association of South Central Pennsylvania and what he took away from hearing awards dinner keynote speaker Steve Forbes.

IN OTHER NEWS:

  • The Pennsylvania Budget and Policy Center (PBPC) released an analysis of House Bill 440, legislation that advances the Governor's corporate tax cut plan at the expense of investments that really matter in our schools and communities.
  • The Keystone Research Center (KRC) released a summary of testimony on the negative social impacts of retail liquor privatization delivered at a roundtable discussion this week hosted by the Senate Democratic Policy Committee.

ADDITIONAL RESOURCES:

MARK YOUR CALENDAR:

  • Join Steve Herzenberg and Senate staffer John Raymond on Tuesday, April 30 for a "Pensions 101" webinar. If you have wondered what is fact and what is fiction in the pension debate, and how to respond to it, this webinar is for you.

Why Some Poor Students Aren't Graduating College

Despite being heralded as a great equalizer, education can widen the socioeconomic gap between affluent and poor college students. Previously, I blogged about the trend of top-achieving low-income high school students not applying to top American colleges and universities. But what happens to students from poor neighborhoods who do go onto college?

Third and State This Week: A Call to Close Loopholes on Tax Day, Pensions and Latest PA Job Numbers

This week at Third and State, we marked Tax Day by blogging about where our tax dollars go and why Pennsylvania should close corporate tax loopholes. We also wrote about our analysis of the Governor's corporate tax cut plan, our latest Pension Primer, and the Pennsylvania job numbers for March. Plus, a radio podcast on the state of the American economy that featured Mark Price.

IN CASE YOU MISSED IT:

  • On Tax Day, Chris Lilienthal highlighted infographics and other resources showing you where your state and federal tax dollars go. Sharon Ward shared her Harrisburg Patriot-News op-ed calling on state lawmakers to close loopholes and get Pennsylvania's fiscal house in order before considering new tax cuts. Finally, Kate Atkins shared photos from a Tax Day event in Harrisburg where volunteers made a call to close loopholes.
  • On state budget and taxes, Michael Wood wrote about Governor Corbett's plan to cut corporate tax rates by 30% over a decade. Noticeably absent from the plan is any effort to close corporate tax loopholes that have drained resources from schools, universities, and county human services.
  • On pensions, Stephen Herzenberg blogged that Governor Corbett's pension plan has a serious case of pension deficit disorder — if enacted, it will increase the state's pension debt by $5 billion between now and 2019..
  • On jobs and unemployment, Chris Lilienthal passed on a news report on the March job numbers for Pennsylvania. Mark Price shared a podcast of a Minnesota Public Radio show where he and journalist Heidi Moore discussed jobs and the state of the American economy.

IN OTHER NEWS:

  • The Keystone Research Center released the fourth installment in its Pension Primer series this week. You can read all the Pension Primers and Stephen Herzenberg's testimony before the Pennsylvania State House Government Committee at KRC's Pensions Issue Page.
  • Read the Pennsylvania Budget and Policy Center's full analysis of the Governor's proposal to enact costly new business tax cuts in the years ahead.
  • Read PBPC's statement opposing House legislation that creates tax breaks to subsidize new markets for natural gas producers at the expense of schools and other priorities.

MARK YOUR CALENDAR:

  • Join Steve Herzenberg of the Keystone Research Center on April 30 for a "Pensions 101" webinar. If you have wondered what is fact and what is fiction in the pension debate, and how to respond to it, this webinar is for you.

ADDITIONAL RESOURCES:

  • Learn more about the federal opportunity to expand health coverage in Pennsylvania at PBPC's Medicaid Expansion Resource Page.
  • Learn more about education in Pennsylvania at PBPC's Education Facts Page with data on student enrollment, education funding, and school poverty.

On Tax Day, Understanding Where Our Tax Dollars Go

With the deadline upon us for filing state and federal tax returns, the Pennsylvania Budget and Policy Center has put together a resource web page to help you understand what your tax dollars support. We also highlight reports and educational materials on closing tax loopholes and improving overall tax fairness.

As the chart to the right shows, most of the federal budget supports defense, Social Security and major health programs. As federal policymakers and citizens weigh key decisions about revenues and expenditures, it is instructive to examine what the federal government does with the money it collects. The chart is from the Center on Budget and Policy Priorities.

Public investments by the Commonwealth of Pennsylvania educate our children, keep our communities safe, move people to work over roads and transit systems, and care for seniors, children and people with disabilities. More than 80 cents of every state General Fund dollar is spent on education, health and human services, or public safety. See the graphic below detailing General Fund spending in 2012-13.

Third and State Recap: Disappointing Job Growth, Ryan Budget's Impact on PA, Revenue Update, Frack Attack & More

After taking a break last week, Third and State is back with a blog recap for the past two weeks. We blogged about the latest U.S. jobs report and Pennsylvania revenue update, the billions Pennsylvania could lose under Congressman Paul Ryan's budget, Ed Rendell making the case for gas drilling in New York, how "Tax Freedom Day" overstates the taxes most Americans pay, and much more.

IN CASE YOU MISSED IT:

  • On jobs and the economy, Mark Price wrote that U.S. job growth continued to disappoint in March.
  • On federal tax and budget issues, Sharon Ward blogged about how Paul Ryan's budget cuts critical federal funding for Pennsylvania's schools, health care, clean water, law enforcement, and other key services, while providing big new tax cuts to corporations and the wealthiest individuals. We also wrote about tax credits for working families that are in jeopardy in federal deficit reduction talks. Finally, Chris Lilienthal blogged that the Tax Foundation's "Tax Freedom Day" presents a misleading picture of the taxes that most Americans pay.
  • On the Marcellus Shale, Sharon Ward blogged about how former Governor Ed Rendell got into some hot water last week with an op-ed in the New York Daily News touting the economic benefits of hydrofracking. Mark Price shared new data on natural gas-related employment in Pennsylvania.
  • On state budget and taxes, Michael Wood wrote that state revenue collections fell short of projections in four of the last five months, which could put 2013-14 spending in jeopardy.
  • On health care, Sharon Ward shared a recent op-ed she wrote explaining why Pennsylvania should take a federal opportunity to expand health coverage under the Affordable Care Act. Chris Lilienthal explained how you can let your lawmakers know that expanding health coverage is the right choice for Pennsylvania.
  • On education, Jamar Thrasher blogged about a recent report finding that the nation's poor students are not attending the nation's top colleges and universities.

IN OTHER NEWS:

  • The Pennsylvania Budget and Policy Center (PBPC) is launching a new policy webinar series next week, starting with one Tuesday that will debunk the tax and budget myths promoted by the American Legislative Exchange Council, or ALEC.
  • Read PBPC's full analysis of Pennsylvania's March revenue report.
  • Learn more about the threat facing federal tax credits for working families — including the Earned Income Tax Credit and Child Tax Credit.
  • Learn more about public pension reform in Pennsylvania at the Keystone Research Center's Pensions Issue Page.
  • Learn more about the federal opportunity to expand health coverage in Pennsylvania at PBPC's Medicaid Expansion Resource Page.
  • Learn more about education in Pennsylvania at PBPC's Education Facts Page with data on student enrollment, education funding, and school poverty.

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