Jobs and Unemployment

$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: Budget Analysis, Food Security Danger, Unremarkable Private Job Growth & Payday Lenders

This week at Third and State, we blogged about the state budget, the danger facing America's leading food security program, Pennsylvania's unremarkable private-sector job performance, and a gambit by payday lenders that backfired.

IN CASE YOU MISSED IT:

  • On state budget and taxes, Sharon Ward shared the Pennsylvania Budget and Policy Center's detailed analysis of the 2013-14 budget, and Michael Wood explained that tax changes enacted along with the budget made some steps toward reform but weigh the state's Tax Code down with more special interest tax breaks.
  • On the federal budget, Sharon Ward wrote that legislation separating agricultural programs from nutrition supports funded through the farm bill poses a threat to food assistance for millions of struggling parents, children, and vulnerable citizens.
  • On jobs, Stephen Herzenberg blogged that Pennsylvania’s private-sector job growth has almost stalled since about a year into Governor Corbett's term.
  • On consumer protection, Mark Price explained how payday lenders won few friends in the state Senate when they convinced House leaders to insert language into a must-pass Fiscal Code bill stating it was the intent of House and Senate leaders to enact payday legislation in the fall.

STATE BUDGET RESOURCES:

Pennsylvania’s Unremarkable Private-Sector Job Performance

Philadelphia Daily News Columnist John Baer is right to suggest that Governor Corbett’s jobs performance since January 2011 is less than “remarkable.”

Connecting the Dots Between Unemployment and Wage Growth

Colin Gordon of the Iowa Policy Project (and the Tell Tale Chart) has a new graphic illustrating the connection between unemployment and wage growth across the states (see Colin's summary of the data here).

Third and State This Week: PA Budget, Closing Loopholes, Funding Schools, and More

The week is not quite over, as Harrisburg remains abuzz through the weekend with budget-related activity. Keep following Third and State for updates through the weekend and into next week.

So far this week, we blogged about the Pennsylvania state budget, a new poll on education funding, a real opportunity for the Senate to close tax loopholes, slowing job growth in the Marcellus Shale, the latest Pennsylvania jobs report, the problem with 401(k) plans, and more.

IN CASE YOU MISSED IT:

  • On state budget and taxes, Michael Wood had a Friday afternoon budget update, blogged about the Senate passage of funding packages for the state-related universities, and wrote about the opportunity before the Pennsylvania Senate to close corporate tax loopholes.
  • On education, Chris Lilienthal wrote about a new poll finding that public school funding is a top concern among Pennsylvania voters, even as lawmakers debate a budget that locks in nearly 85% of the classroom cuts enacted two years ago. He also shared a letter to the editor making the case for delaying an unaffordable business tax cut to restore critical educational opportunities for Pennsylvania students.
  • On pensions, Stephen Herzenberg highlighted several recent news and magazine articles showing that 401(k) plans are a bad deal for workers, providing much less retirement security than defined benefit pension plans.
  • On the Marcellus Shale, Mark Price blogged about new data showing that job growth in natural gas extraction has slowed as falling gas prices have led to a reduction in drilling activity in Pennsylvania
  • And on jobs and the economy, Mark Price wrote that Pennsylvania's May jobs report was a mixed bag.

IN OTHER NEWS:

  • Read the Pennsylvania Budget and Policy Center's policy brief on why lawmakers should adopt a strong addback bill to recover some of the expense of costly business tax cuts enacted over the past 10 years.
  • Read findings from a new poll, commissioned by the Pennsylvania Budget and Policy Center and Public Citizens for Children and Youth, showing that public school funding is a top concern among Pennsylvania voters. Read a Philadelphia Inquirer report on the poll.
  • Read the Pennsylvania Budget and Policy Center's policy brief setting the record straight on state education funding and get the latest budget news here.
  • Read the Pennsylvania Budget and Policy Center's policy brief on the tens of thousands of veterans in the state who could benefit from expanding Medicaid, and read a Delaware County Daily Times editorial citing the analysis.
  • Read the Keystone Research Center's memo to lawmakers on how a Senate bill modeled on the Governor pension plan will cost taxpayers more than the current public pension systems, and another memo on a report from Pennsylvania's Public Employee Retirement Commission (PERC) confirming the high cost to taxpayers of closing the state's pension plans. Learn more about public pension reform here.

May's Job Picture Is Mixed In Pennsylvania

Unemployment in Pennsylvania fell by one-tenth of a percentage point to 7.5% in May, while non-farm payrolls fell by 9,200, according to a Friday report from the U.S. Bureau of Labor Statistics.

Data from the household survey painted an unambiguously positive picture for May: the labor force increased by 16,000, employment grew by just over 24,000, and the number of unemployed declined by 9,000.

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.

Third and State This Week: PA Jobs Update, House Budget Bill Coming, Expanding Medicaid and More

This week at Third and State, we updated you on the latest Pennsylvania jobs numbers, asked whether a House budget bill to be introduced on May 28 will include new cuts, explained how a loophole bill does not get the job done, highlighted an editorial raising concerns about the Governor's pension proposal, and shared resources from a webinar on expanding Medicaid coverage in Pennsylvania.

IN CASE YOU MISSED IT:

  • On jobs and the economy, Mark Price has an update on the Pennsylvania jobs report released Friday.
  • On state budget and taxes, Chris Lilienthal blogged that as Pennsylvania House leaders plan to introduce a 2013-14 budget bill, some in Harrisburg are looking at a delay in the phaseout of the capital stock and franchise tax to help close a budget gap. Michael Wood blogged that a recently-passed House bill to close corporate tax loopholes would fall far short of its goal and aggravate the state’s financial problems.
  • On the Marcellus Shale, Chris Lilienthal blogged about an Associated Press story highlighting just how much Pennsylvania is giving up over time by enacting a very low Marcellus Shale impact fee.
  • On public pensions, Jamar Thrasher blogged about a Philadelphia Inquirer editorial raising concerns about Governor Corbett's pension plan.
  • Finally, we shared a video of a webinar hosted by the Pennsylvania Budget and Policy Center on making the Medicaid expansion a reality in Pennsylvania.

IN OTHER NEWS:

MARK YOUR CALENDAR:

  • Join the Pennsylvania Budget and Policy Center on Tuesday, May 28 from 4 to 5 p.m. for a webinar on education funding in Pennsylvania. Learn more and register to participate.
  • Join the Keystone Research Center and Pennsylvania Budget and Policy Center on Thursday, June 13 for our Annual Awards Dinner at the Hilton Harrisburg. Learn more and purchase tickets.

Good News on PA Jobs But Challenges Remain

Pennsylvania got some good news Friday from the Bureau of Labor Statistics as the state’s unemployment rate fell three-tenths of one percentage point to 7.6% in April. It is the lowest unemployment rate in Pennsylvania since March of last year — although it is still slightly higher than the U.S. unemployment rate.

Unemployment in PA and US

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