Fiscal and Monetary Policy

Another Ho Hum Jobs Report in August

The nation's unemployment rate dropped by one-tenth of a percentage point to 7.3% in August and non-farm payrolls expanded by 169,000 jobs over the month, according to a report today from the Bureau of Labor Statistics (BLS).

Here is a rundown of reactions from DC’s top labor economists to today’s jobs report:

U.S. Job Growth Continues to Disappoint in March

Nonfarm payrolls grew by 88,000 in March while the unemployment rate stood at 7.6%, little changed from the month before, according to a report this morning from the Bureau of Labor Statistics. Bill McBride at Calculated Risk wrote Thursday that the consensus forecast was for an increase in nonfarm payrolls of 193,000 and for the unemployment rate to hold steady at 7.7%.

Third and State This Week: PA Among Top 10 Most Regressive Tax States, Liquor Privatization and Latest Jobs Report

This week at Third and State, we blogged about a new study finding Pennsylvania is among the "Terrible 10" most regressive tax states in the nation, the lost revenues and increased social costs that would come with privatization of the state liquor stores, what the latest national jobs report means, and much more.

IN CASE YOU MISSED IT:

  • On state and local taxes, Chris Lilienthal blogged about a new study from the Institute on Taxation and Economic Policy finding that middle- and low-income working families in Pennsylvania pay a far higher share of their income in taxes than the wealthiest earners. Chris had a follow up post that looked at how Pennsylvania taxes compared to neighboring New Jersey and West Virginia. We also blogged about what a progressive tax system should look like.
  • On privatization, Stephen Herzenberg responded to Governor Tom Corbett's plan to privatize liquor stores by highlighting the likely impacts: an increase in excessive alcohol consumption and its related negative impacts as well as the loss of some of the nearly half a billion dollars in revenues generated by the state system.
  • On jobs and the economy, Mark Price wrote that in light of January's national jobs report, the recovery remains on track, but the pace of job growth is perilously slow.
  • And on education and the state budget, Chris Lilienthal shared a news report on Budget Secretary Charles Zogby's address to the Pennsylvania Press Club, and the "false choice" he presented between education funding in the next budget and changes to state pensions.

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

January Jobs Report: Good But Not Good Enough

This morning the U.S. Bureau of Labor Statistics (BLS) reported that the unemployment rate edged up slightly to 7.9% in January as nonfarm payrolls increased by 157,000 jobs. January's jobs figure was somewhat below the average gain in the previous three months (201,000).

On the whole, the recovery remains on track, but the pace of job growth remains perilously slow.

Third and State This Week: Listen to Main Street, Tax Cuts Drive State Funding Gap and More on Federal Fiscal Debate

This week at Third and State, we blogged about how corporate tax cuts are contributing to a gap between state expenditures and revenues, an effort to get real small business voices heard in the federal fiscal debate, corporate tax subsidies run amok in the states, a fiscal cliff primer from Springfield's favorite CEO, C. Montgomery Burns, and more.

IN CASE YOU MISSED IT:

  • In response to the state's midyear budget briefing, Sharon Ward shared an infographic showing how unaffordable state business tax cuts are driving a gap between expenditures and revenues in the next budget.
  • On tax subsidies, Mark Price blogged about a New York Times report detailing the tax breaks and credits provided by state and local governments to businesses.
  • On federal taxes, Chris Lilienthal wrote about the Main Street Alliance's efforts to get real small business voices heard in the federal fiscal debate. Mark Price wrote about the different priorities of Pennsylvania's two U.S. senators in addressing federal deficit reduction.
  • On the state budget and other policies, Mark Price blogged about editorial page assessments of Governor Tom Corbett's administration midway through his first term.
  • Finally, we had a Friday Funny featuring Mr. Burns of The Simpsons explaining the fiscal cliff.

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

Morning Must Reads: Different Priorities For Different Senators

Proposals to avert the fiscal cliff shouldn't increase poverty or inequality or slow the economic recovery. Those simple common-sense principles appear to be gaining increasing visibility and support, which is the best news this morning.

Morning Must Reads: Corporate Tax Subsidies Run Amok and Fiscal Cliff Armageddon!

Dirty HippieI'm back, and that is completely unrelated to the fact that the blog in my absence featured people with bad wigs.

On Sunday, The New York Times launched the series The United States of Subsidies, which details the tax breaks and credits given out by state and local governments to businesses. Below you will find a link to the opening story, today's entry on Texas and finally a link to Pennsylvania data.

Third and State This Week: Confusion About Voter ID, Payday Lending in the Senate and Poverty-wage Jobs

This week at Third and State, we blogged about a new report on the Voter ID Law, a bill to legalize high-interest payday lending now before the state Senate, poverty-wage jobs in Pennsylvania, and much more!

IN CASE YOU MISSED IT:

  • On voter ID, Sharon Ward blogged about a new report from the Pennsylvania Budget and Policy Center on confusion surrounding the new law among PennDOT staff and voters alike. You can check out PBPC's full report here.
  • On payday lending, Mark Price wrote about legislation before the Senate to legalize payday loans with annual interest rates of 369%. He also explained that the writer of a letter to the editor in the Patriot-News supportive of the bill forgot to mention her group represents payday lenders.
  • On economic development, Mark Price wrote about local incentives in a Tennessee town intended to lure web developers.
  • On poverty, Mark Price reported that about 24% of Pennsylvania workers earned poverty wages in 2011.
  • On monetary policy, Mark Price highlighted two views on what the Federal Reserve can do to boost the economy. 
  • On education, Mark Price shared an Allentown Morning Call column offering a midterm report card on Governor Corbett's education policies.
  • And in a Friday Funny, we bring you an article by the satirical newspaper The Onion on how voter suppression in Pennsylvania isn't as fun as it used to be. 

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

Morning Must Reads: The Pennsylvania Senate Considers Payday Lending, Really?

Last week, the Pennsylvania Senate Banking and Insurance Committee held a hearing on payday lending. The testimony, time allotments and treatment of testifiers was biased in favor of the out-of-state companies seeking to permit the entry of storefront payday lenders in Pennsylvania by way of Senate passage of House Bill 2191.

Third and State This Week: PA Jobs Advantage Recedes, Supreme Court Has Voter ID Concerns, Poverty Remains High and the Manufacturing Jobs Score

This week at Third and State, we blogged about the shrinking (and now disappeared) advantage Pennsylvania had over the national unemployment rate, concerns voiced by the Pennsylvania Supreme Court over the Voter ID Law, the "manufacturing jobs score" by presidential administration, new data on poverty in Pennsylvania and much more. 

IN CASE YOU MISSED IT

  • On jobs and the economy, Stephen Herzenberg fact checked a recent assessment of the Corbett administration's jobs record, and Mark Price blogged about the August jobs report showing that the advantage Pennsylvania had over the national unemployment rate has disappeared.
  • On jobs and manufacturing, Stephen Herzenberg shared a commentary he co-authored with Colin Gordon of the University of Iowa on the "manufacturing jobs score" by presidential administration since 1948. 
  • On voter ID, Chris Lilienthal wrote about the Pennsylvania Supreme Court's decision to send the legal challenge to the law back to the Commonwealth Court — and the concerns voiced by the court about the law's implementation.
  • On poverty, Chris Lilienthal highlighted media reports on new Census data on poverty in Pennsylvania and in major metro regions of the state. The Pennsylvania Budget and Policy Center also put out an overview of the new Census data on poverty, income and health insurance.
  • On hunger, Jamar Thrasher blogged about how more colleges and universities are opening food banks for students who can't afford their next meal.
  • And in Morning Must Reads this week, Mark Price highlighted news reports on Hershey's plan for a $300 million manufacturing plant and on Occupy Wall Street one year later.

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

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