Zombies, Crying Robber, Captured Hearts, Hidden Bodies, Target Firing, Cop Delivers Own Baby, and Man Arrested For Stabbing Watermelon: Week in Review
The debt burden affects everyone in Pennsylvania, directly and indirectly, although it is the Forgotten Taxpayer who works, saves and invests who pays. More government debt means less productive, job creating growth
Bbillions of Borrowing for Roads and Highways over and above the $7.3 to $7.5 Bbillion over 5 years from Act 89 of 2013?
Act 127 of 2014 and Act 129 of 2014 seems to leverage Act 89 of 2014 to use gas and fuel taxes and fees for more capital project borrowing.
Act 127 of 2014 authorizes $6,515,565,000 Road and Bridge Debt
Act 129 of 2014 authorizes $19,154,285,000 Road and Bridge Debt
Act 127 of 2014 HB 2244 “A Supplement to the act of December 8, 1982 known as the Highway-Railroad and Highway Bridge Capital Budget Act for 1982-1983, itemizing additional State and local bridge projects.“
House vote Act 127 of 2014 2 July 200 YEA to authorize more debt 2 NAY and 1 LVE
Act 129 of 2014 SB 1344 “ An Act providing for the highway capital budget project itemization for the fiscal year 2014-2015 to be financed from current revenue or by the incurring of debt “
House vote Act 129 of 2014 2 July 202 YEA to authorize more debt 1 LVE
Does this mean than money from the Gas and Fuel Tax, Act 89 of 2013 which, if I read the Fiscal Note from the House Committee on Appropriations taxes and spends $7,307,000,000 to $7,584,000,000 over five years. See page 9 chart of Fiscal NoteAct89 of 2013 of the House Committee on Appropriations
The money raised by Act 89 of 2013 gas and fuel tax can be used to borrow money and, in effect, leverage gas and fuel taxes to generate more spending and debt. Debt is deferred taxation so that, in effect, Act 89 of 2013 will cost even more than the Act 89 of 2013 would indicate. Do I understand this all correctly?
Further, given the $7.3 to $7.5 Bbillion raised by Act 89 of 2013 gas and fuel tax was to fix the crumbling roads and bridges falling down, why is Capital spending and capital borrowing needed?
Separately: Capital Budget RACP authorizing debt for Capital Projects
ONE BILLION, SEVEN HUNDRED EIGHTY ONE MILLION THREE HUNDRED AND SEVENTY THREE THOUSAND
If the full authorization of $1,295,000,000 was incurred and bonds were sold at an interest rate of 3,25% the total estimated debt service would be $1,781,373,000 or $89,069,000 each year for twenty years
Act 128 of 2014 HB 2355 Fiscal Note Act 128 of2014 Committee on Appropriations $1,781, 373,000,000 Debt Authorized
“Act providing for the capital budget for the fiscal year 2014-2015; itemizing redevelopment assistance capital projects to be constructed or acquired or assisted by the Department of Community and Economic Development, together with their estimated financial costs; authorizing the incurring of debt without the approval of the electors for the purpose of financing the projects to be constructed, acquired or assisted by the Department of Community and Economic Development; and making appropriations.”
House Vote Act 128 of 2014 2 July 2014 172 voted YEA to authorize more debt; 27 voted NAY to authorizing and 2 were LVE
9 Democrats voted NAY 18 Republicans voted NAY
For list of Capital Budget submissions and grants, see Governor’s Department of Budget Office Redeve Redevelopment Assistance Capital Budget
The state’s unemployment rate was unchanged last month as more people dropped out of the labor force.
The jobless rate was 5.6 percent in June, the same as in May, and employers added a meager 1,800 jobs, according to the Department of Labor & Industry’s monthly labor market report on Friday.
The number of Pennsylvanians who reported they were unemployed fell by a seasonally adjusted 6,000 to 357,000, the report showed. But the civilian labor force declined by 28,000 people to 6,403,000
- From 2002 to 2013, Pennsylvania state debt—including debt held by state agencies—more than doubled, from $23.7 billion to $50.4 billion.
- Today, Pennsylvanians owe $128.6 billion in combined state and local government debt, or a little more than $10,000 for every man, woman, and child.
Pennsylvania State & Local Government Debt
Per PersonTotal State
$876State Agencies & Authorities
$10,071Sources: Governor’s Executive Budget (http://www.budget.state.pa.us) December 2013 data; PA Dept of Education (http://www.pde.state.pa.us) June 2012 data; U.S. Census Bureau (http://www.census.gov/govs/www/estimate.html) 2013 data
- Pennsylvania has the 10th highest state and local tax burden in the nation, up from 24th in 1991, according to the Tax Foundation.
- Pennsylvania taxpayers pay $4,374 per person in state and local taxes, or 10.3% of the state’s total income.
Charles Gilbert Gates was the first American to have air conditioning installed in his private residence.
Air Conditioning was invented by Willis Havilland Carrier, a secular saint in my view.
Cui bono? Who benefits from the intiative and invention and imagination and innovation of these people? We do.
It appears that Kathleen Kane is in over her head. Her credentials were thin to begin with but she wasn’t tied to Corbett the way that Dave Freed was. Kathleen Kane may well be unqualified to be AG.
The good news for Kathleen Kane is that the feckless Republicans do not have any candidate even remotely qualified to challenge Kathleen Kane.
In 2012 Kathleen Kane dominated Dave Freed who could not win the Republican base vote. Dave Freed received substantially fewer votes than either of the other two state wide candidates for Auditor General John Maher or Treasurer Diana Irey Vaughan. The base rejected Corbett’s choice. If Corbett loses, as is likely, in November, then Rs may have a chance to field a credible and competent candidate.
I am pessimistic.
Candidate Votes Percentage KANE, KATHLEEN G (DEM) 3,125,557 56.14 % FREED, DAVID J (REP) 2,313,506 41.56 % ROGERS, MARAKAY J (LIB) 128,140 2.30 %
Candidate Votes Percentage DEPASQUALE, EUGENE A (DEM) 2,729,565 49.73 % MAHER, JOHN (REP) 2,548,767 46.43 % SUMMERS, BETSY ELIZABETH (LIB) 210,876 3.84 %
Candidate Votes Percentage MCCORD, ROBERT M (DEM) 2,872,344 52.53 % VAUGHAN, DIANA IREY (REP) 2,405,654 43.99 % FRYMAN, PATRICIA M (LIB) 190,406 3.48 %
Corbett’s cordial relationship with teachers’ unions tells us why K-12 unionized, government bureaucracy cost so much. (Hat tip to Pennsylvanians for Union Reform and Jim Panyard for this 27 August 2013 report.
The PSEA has been the most well-financed and very effective opposition to pension finance reform.
“Dumaresq, 66, left PSEA in 2008 after 12 years with the teacher union. During her last five years with PSEA, she grossed just under $1 million ($957,333), according to federal records.
She also has served as president of the Pennsylvania Association of School Administrators (PASA) and had served as Executive Deputy Secretary of the Education Department under both Tomalis and Harner.
In addition to her bona fide liberal credentials as head of the PSEA and PASA, Dumaresq has received recognition awards from the Education Policy and Leadership Center, the American Association of University Women, and the Keystone Research Center, a left-wing think tank supported by PSEA and the AFL-CIO.” READ MORE Mediatrackers 13 August 2013
The cost of the Republicans’ Act 89 of 2013 is tax of $7,307,000,000 is $7,584,000,000 on motorists and truckers in Pennsylvania. See page 9 chart of Fiscal Note of the House Committee on Appropriations