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Morning Must Reads: Payday Loans Are Bad For Consumer and School Districts Report Financial Distress

In case you missed it, The Philadelphia Inquirer ran a strong editorial Monday against legalizing predatory payday lending in Pennsylvania.

Third and State This Week: PA Jobs Report, Uncompensated Care Costs at Hospitals & Alcohol-Related Traffic Deaths

This week at Third and State, we blogged about Pennsylvania's April jobs numbers and state revenue report, a new report on uncompensated care costs at hospitals in the commonwealth, rates of alcohol-related traffic deaths in alcohol control states, and much more.

IN CASE YOU MISSED IT

  • On jobs and the economy, Mark Price blogged about Pennsylvania’s April jobs report and an effort to undermine the state’s unemployment insurance system.
  • On health care, Chris Lilienthal wrote about a new report from the Pennsylvania Health Care Cost Containment Council finding that uncompensated care costs at hospitals rose 11% in 2010-11, the same year the state ended the adultBasic program.
  • On the privatization of alcohol distribution, Mark Price shared a new Keystone Research Center analysis finding that states with tighter control over the sale and distribution of alcohol have lower alcohol-related traffic deaths than states that take a more hands off approach.
  • On state taxes, Michael Wood wrote about the April state revenue report, which marked the third straight month of collections exceeding monthly estimates.
  • And in Morning Must Reads this week, Mark Price highlighted news coverage of an effort to legalize predatory payday lending in Pennsylvania and what that has to do with motor vehicle fatalities among oil and gas workers; stories on Governor Tom Corbett’s question-and-answer session at a Greater Philadelphia Chamber of Commerce event; the Governor’s “Do as I say, not as I do” message to school districts; and the importance of training programs targeted to the needs of employers as the economy recovers.

More blog posts next week. Keep us bookmarked and join the conversation!

Morning Must Reads: Policy Matters in Payday lending and Fracking

Unless you have been away for two weeks, you will note I have been posting a lot about House Bill 2191, which if enacted would legalize predatory payday lending in Pennsylvania.

If you listen to only the policymakers pushing this legislation, you would conclude this bill is a common-sense reform aimed at boosting consumer protection. The reality is quite different since the bill opens the door to a kind of predatory lending that exploits working families and destroys jobs

Third and State This Week: PA Senate Approves Budget, Payday Lending Advances & a Harrisburg Rally

This week at Third and State, we blogged about the Pennsylvania Senate's passage of a budget, movement on a bill to legalize predatory payday lending in the state, a big rally at the state Capitol, analysis of the April jobs report, and much more.

IN CASE YOU MISSED IT

  • On the state budget, Sharon Ward wrote about the Senate's passage of a state budget bill this week that improves upon the Governor's budget but still makes deep cuts to education and health services. Earlier in the week, she had a blog post on the Senate budget when details first emerged. Chris Lilienthal highlighted a Monday rally at the Capitol that brought 700 Pennsylvanians to Harrisburg to call on lawmakers and the Governor to save the General Assistance program and restore cuts proposed to county services for children, the homeless and people with disabilities. Plus, Mark Price blogged about concerns that the state will not spend all the tax revenue it collects, creating a further drag on the economy.
  • On banking, Mark Price blogged about committee approval of a state House bill that would legalize predatory payday lending in Pennsylvania and what that would mean for the state's consumers and economy.
  • On jobs and the economy, Mark Price shared analysis of April's U.S. jobs report.
  • Finally, Mark Price had a roundup of news on the economic impact of state and federal budget cuts, the prospect of higher interest rates on student loans and the geography of manufacturing. 

More blog posts next week. Keep us bookmarked and join the conversation!

Morning Must Reads: Budget Outlook Improves, Governor's Understanding of Economics Not So Much

The headline on an editorial by The Daily Review of Towanda says all you need to know about payday lending.

Predatory Payday Lending Bill Flies Out of Cramped House Consumer Affairs Hearing

Room 148 of the State Capitol might as well double as a Capitol broom closet. That's where the House Consumer Affairs Committee this morning rushed out amendments to House Bill 2191, which legalizes predatory payday lending in Pennsylvania.

The amendments to HB 2191 were misleadingly pitched as adding more consumer protections to the bill. Even the Navy Marine Corps Relief Society took a look at these amendments and said they do "nothing to mitigate the already harmful aspects of HB 2191," and that one amendment "actually worsens the problem it claims to solve."

Third and State This Week: A Brighter Revenue Picture, Impact of Corporate Tax Cuts and Payday Lending

This week at Third and State, we blogged about a new revenue report from the Independent Fiscal Office offering a more upbeat view of the economy moving forward, and the likely impact of a state House-approved bill to reduce corporate taxes by nearly $1 billion by the end of the decade. We also posted Morning Must Reads on payday lending legislation and the economic cost of an asset test for Pennsylvanians in need of food assistance.

IN CASE YOU MISSED IT

  • On the state budget, Sharon Ward blogged about the Independent Fiscal Office's new report predicting a smaller revenue shortfall for the current year and more robust revenue collections for 2012-13. Mark Price also had analysis on the new revenue report, noting that state budget cuts have hurt job growth.
  • On tax policy, Chris Lilienthal wrote about the House's approval of a plan to reduce corporate taxes by nearly $1 billion by the end of the decade without any commitment from businesses to put Pennsylvanians back to work. Sharon Ward shared her Philadelphia Inquirer op-ed on this bill and a memo she sent to editors and reporters outlining her concerns with the bill.
  • Finally, Mark Price had Morning Must Reads on legislation in the state House to legalize payday loans charging upwards of 300% in annual percentage rates, and the lost economic activity from implementing an asset test for people receiving food stamps.

More blog posts next week. Keep us bookmarked and join the conversation!

This Week at Third and State: Corporate Tax Cuts, Payday Lending, More on Inequality and Food Stamp Challenge

This week at Third and State, we blogged about state legislation that would cut corporate taxes by close to a billion dollars by the end of the decade, what inequality has to do with the funding of infrastructure, the Philadelphia Food Stamp Challenge, payday lenders eyeing a return to Pennsylvania, and more.

IN CASE YOU MISSED IT

  • On the state budget, Sharon Ward highlighted concerns about a state House bill that would cut corporate taxes by close to a billion dollars by the end of the decade.
  • On income inequality, Chris Lilienthal blogged about a recent op-ed connecting inequality with an underfunding of the nation's infrastructure. In Morning Must Reads on inequality, Mark Price shared a New York Times analysis on increasing income inequality in America and an editorial on the "festering problem" of exorbitant CEO pay.
  • On poverty and food assistance, Chris Lilienthal blogged about the Philadelphia Food Stamp Challenge going on this week and the importance of food assistance to Pennsylvania families struggling in this economy.
  • On the financial industry, Mark Price had a Morning Must Read highlighting news coverage of an effort by payday lenders to advance legislation in Pennsylvania allowing interest rates on short-term loans as high as 419%.
  • Finally, Mark Price had a Morning Must Read on rising mortgage foreclosures and an effort to provide better disclosure of fees for 401K plans.

More blog posts next week. Keep us bookmarked and join the conversation!

High CEO Pay Comes Under Fire from Shareholders

Channeling my inner Mark Price ... without the nice hair!

In the news today, a couple of instances of CEOs being taken to task by shareholders over excessive pay.

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