Fiscal and Monetary Policy

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!

Morning Must Reads: Occupy Wall Street A Year Later

While media attention may have been slow at the start of the Occupy Wall Street Movement a year ago, coverage of the first anniversary of the movement has not been.

As someone who has spent much of his very short career (9 years) writing about the alarming growth of inequality in this country, I view the greatest achievement of the Occupy Movement as focusing the country's attention on income inequality in a way that no individual writer or economist was ever able to do. As a result, the movement has shaped public debate and policy in a way that is incalculable but deeply valuable.

Morning Must Reads: Honoring Work and Calling for a New Middle-Class Friendly Economic Policy

It is almost here, Labor Day weekend. That means family parties, celebrations and, of course, reverence for the holiness of work that ALSO affords us what workers in the last century called bread and roses. In that spirit, Rick Bloomingdale has an excellent op-ed this morning celebrating the creation of the middle class in this country and calling for a new direction in economic policy.

Third and State This Week: General Assistance Ends, Check In on Economy & Grads Face Global Competition for Jobs

This week at Third and State, we blogged about the end of General Assistance in Pennsylvania, the state of the economy, American college graduates facing overseas competition for jobs and much more.

IN CASE YOU MISSED IT:

  • On poverty and the state budget, Sharon Ward shared a clip from her appearance on The War Room with Jennifer Granholm on Current TV discussing the impact of ending Pennsylvania's General Assistance Program. Mark Price also highlighted General Assistance's end, as did guest blogger Liz Schott of the Center on Budget and Policy Priorities.
  • On higher education, Jamar Thrasher wrote about the increased competition faced by American graduates as companies outsource jobs for lower wages and higher revenues.
  • On jobs and the economy, Mark Price shared a New York Times piece discussing the lack of good jobs and its relationship to poverty. Mark weighed in on the Federal Reserve's recent decision to take no steps to boost economic growth, despite high unemployment. And Mark delved deeper into Pennsylvania's jobs report for June.
  • And on fiscal policy, Mark Price blogged about a story on the radio program Marketplace revisiting some of the predictions made a year ago about what would happen as a result of Standard and Poor's downgrade of the U.S. credit rating.

Note: We will have more blog posts next week, but we will not have a weekly roundup on Friday, August 10. We will resume the weekly roundup blog post on Friday, August 17. In the meantime, keep us bookmarked and join the conversation!

Morning Must Reads: It's Jobs Day

As it is the first Friday of the month. that means we get new data today from the Bureau of Labor Statistics on national employment in June. The official release is at 8:30 a.m.

Morning Must Reads: This Isn't The Dual Mandate You're Looking For

The Federal Reserve, which through its control of the money supply is in charge of one of the key levers for regulating the pace of economic growth, is guided by a dual mandate over inflation and unemployment. If consumer prices begin rising too fast, the Federal Reserve will act to slow economic activity. Likewise, when unemployment rises, the Federal Reserve will act to boost economic growth.

On Wednesday, the Federal Reserve acknowledged that the economy appears to be growing more slowly than anticipated but opted to take no steps to boost growth. This decision elevated concern about the potential of future inflation over the currently high U.S. unemployment rate of 8.2% (Pennsylvania's rate is 7.5%).

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