Pennsylvania Gov. Tom Corbett Announces 2014-2015 Budget Plan, Targets Education

Map of Pennsylvania (Photo credit: Wikipedia)

HARRISBURG, PA — Gov. Tom Corbett gave his annual budget address Tuesday, outlining a plan for 2014-2015 that seeks to put a priority on education.

“Education is the largest single item in my budget,” Corbett said. “The increase I propose would bring direct state support of public education to $10.1 billion, more than 40 percent of state spending.”

The increase will bring the total of additional education funding for the past three years to $1.2 billion, the governor said.

Corbett directly addressed the cuts to education funding which opponents have criticized since Corbett took office in 2011. The cuts were necessary to grappled with the decreasing federal stimulus package that coincided with the 2008 recession, he said.

Read more: http://www.timesherald.com/general-news/20140204/pennsylvania-gov-tom-corbett-announces-2014-2015-budget-plan-targets-education

US Economy Grew At 3.2 Percent Rate In Q4

Seal of the United States Department of Commerce (Photo credit: Wikipedia)

WASHINGTON (AP) – The U.S. economy grew at a 3.2 percent annual rate in the October-December quarter on the strength of the strongest consumer spending in three years, an encouraging sign for 2014.

The fourth-quarter increase followed a 4.1 percent growth rate in the July-September quarter, when the economy benefited from a buildup in business stockpiles.

For 2013 as a whole, the economy grew a tepid 1.9 percent, weaker than the 2.8 percent increase in 2012, the Commerce Department said Thursday. Growth was held back last year by higher taxes and federal spending cuts.

With that drag diminished, many economists think growth could top 3 percent in 2014. That would be the best performance since the recession ended in mid-2009.

Read more at http://www.philly.com/philly/business/20140130_ap_ef9a502bf87446ee8b002fe557b26ec6.html#wThbbpJD49oI0jQw.99

State Budget Action Takes Center Stage This Week In The House, But Will It Get Done On Time?

The House today is expected to begin debate on a $28.3 billion state spending plan for next year.

It is the House Republicans’ 2013-14 budget proposal, one of three that has been put on the table along with ones from Gov. Tom Corbett and Senate Democrats.

None of the three plans call for any increases in in broad-based taxes, such as the sales tax or personal income taxes.

Much of today’s debate is likely to  focus on amendments that reflect the House Democrats’ priorities that would raise the proposed total spending level to $28.7 billion.  The additional money they want to spend would be directed to K-12 and higher education and social services.

Read more:  http://www.pennlive.com/midstate/index.ssf/2013/06/state_budget_action_takes_cent.html#incart_m-rpt-2

U.S. Employers Add 165,000 Jobs; Rate Falls To 7.5 Percent

WASHINGTON — U.S. employers added 165,000 jobs in April, and hiring was much stronger in the previous two months than the government first estimated.  The job increases helped reduce the unemployment rate from 7.6 percent to a four-year low of 7.5 percent.

The report today from the Labor Department was a reassuring sign that the U.S. job market is improving despite higher taxes and government spending cuts that took effect this year.

The government revised up its estimate of job gains in February and March by a combined 114,000.  It now says employers added 332,000 jobs in February and 138,000 in March.  The economy has created an average of 208,000 jobs a month from November through April — above the 138,000 added in the previous six months.

The number of unemployed fell 83,000 to 11.7 million.

Read more:  http://readingeagle.com/article.aspx?id=474934

A More Simplified Way Of Explaining The U.S. Economy/Debt‏

Editor’s note:  This came in my email today and I liked the comparison between the home budget versus the national budget.  I don’t know anybody who would run their household budget the way our government runs the national budget.  I think this applies across the aisle!

This rather brilliantly cuts thru all the political doublespeak we get.  It puts it into a much better perspective.

Lesson # 1:
* U.S. Tax revenue: $2,170,000,000,000
* Fed budget: $3,820,000,000,000
* New debt: $ 1,650,000,000,000
* National debt: $14,271,000,000,000
* Recent budget cuts: $ 38,500,000,000

Let’s now remove 8 zeros and pretend it’s a household budget:
* Annual family income: $21,700
* Money the family spent: $38,200
* New debt on the credit card: $16,500
* Outstanding balance on the credit card: $142,710
* Total budget cuts so far: $3.85

Got It ?????

OK, now Lesson # 2:

Here’s another way to look at the Debt Ceiling:

Let’s say, you come home from work and find there has been a sewer backup in your neighborhood….and your home has sewage all the way up to your ceilings.

What do you think you should do ……

Raise the ceilings, or pump out the crap?

Commonwealth Of Pennsylvania Enacting A Spending Freeze To Keep Budget Balanced!

The temperature isn’t the only thing freezing in Pennsylvania:

Gov. Tom Corbett’s Budget Secretary, Charles Zogby, said today state revenues are on track to miss projections that the current budget was built on by $500 million this fiscal year.

That revenue shortfall, Zogby said, has led Corbett to task him with drawing up options for a mid-year freeze on some state spending to try to keep the overall $27.1 billion general fund budget in balance. He also said it creates a scenario in which there will likely be scant resources for any spending increases in fiscal year 2012-13, which begins July 1.

Read more : http://www.pennlive.com/midstate/index.ssf/2011/12/state_revenues_expected_to_be.html