You heard it first on the Rick Smith show! Last night, while guest hosting Rick's show, I used the need for rules in water polo--to prevent players from ripping off each other's swim suits and speedos underwater--as a metaphor for the fact that we need regulations and government policy to achieve "good" competition in our economy (based on productivity, quality, service, and innnovation).
General Fund collections totaled $1.84 billion, with $1.81 billion coming from taxes. This is the largest amount of tax collected in July since before the recession and $119 million, or 7.0%, higher than July 2011 tax receipts. This starts the 2012-13 fiscal year off on a positive note, at least in terms of the revenue side of the spending plan.
With one exception, all major category of General Fund revenue collections in July 2012 exceeded those in the prior year.
Here are the details (in $ thousands):
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:
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.Bill McBride at Calculated Risk puts the consensus forecast at 100,000 jobs added in July. That would be better than June but well short of the job growth needed to bring down the unemployment rate.
Earlier this week, I was on The War Room with Jennifer Granholm on Current TV to discuss the end of Pennsylvania's General Assistance, a last resort program for very poor Pennsylvanians who cannot work because of an illness or disability and don’t qualify for other assistance. It has provided a ladder up and out of poverty for thousands of Pennsylvanians before that ladder was taken down on Wednesday.
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.
This post by Liz Schott was originally published at the Center on Budget and Policy Priorities' Off the Charts Blog
Pennsylvania ended cash assistance today for very poor residents who cannot work and don’t qualify for other assistance, joining many other states that have scaled back or eliminated their General Assistance programs even as the need has grown.