Believing he is inheriting a debt of $2 billion, incoming Governor Tom Wolf presented a frank but hopeful financial picture of the commonwealth.
In a game of political fingerpointing, Wolf blames the states budgetary deficit on the Corbett Administration’s reliance on non-recurring revenues. Tom Corbett and Co. used the same excuse when he entered office four years ago, implicating former Governor Ed Rendell.
“We have a structural deficit and that it’s a big one,” Wolf said. “We need to think about solutions on the spending side. We need to think about solutions on the revenue side.Just hoping for growth doesn’t seem to be enough.”
Wolf remained committed to his campaign promises of increasing education funding, while also levying taxes against Marcellus Shale extractors.
Remaining hopeful for his upcoming term, Wolf discussed an openness to innovative solutions to budgetary problems.
“If we recognize there’s a problem, we could do some things that could be really actually very exciting” the Governor-Elect asserted.
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8 Responses
the elctn aint over cuz there gonna be a ree count cuz goevenore corbitt was sposed to win a land slide acordng to all the poles,
Why would a 5% extraction tax “kill future exploration?” The 14 other states that do this type of drilling all have an extraction tax. EVERY LAST ONE OF THEM. Wolf’s proposed 5% rate is in the middle of the pack with even Texas significantly higher at 7.5%.
And before you try to sell the notion that it’s because of PA’s high corporate tax please keep in mind that 73% of corporations doing business in PA do NOT pay that tax thanks to the “Delaware loophole.”
When Wall Street downgraded PA bonds, it cited the reliance on one-time revenues. I don’t recall you describing that as “finger-pointing.” Control your biased rhetoric, please.
Rumor has it that Allan Kennedy Shaffer is being nominated to an Ambassadorship by Obama as a thank you for Al’s book on the Obama campaign.
I’ve never met anyone in my life as undeservedly egotistical and full of himself as Al Shaffer.
“Wolf remained committed to his campaign promises of increasing education funding, while also levying taxes against Marcellus Shale extractors.”
Nobody relevant buying this garbage about the public schools being underfunded. Tom Wolf got elected over a pusillanimous nincompoop who couldn’t convince a drowning man to grab a life-preserver. Only the invincibly ignorant believe that the school funding falderal got Wolf elected.
And the only way an extraction tax is going through without killing future exploration is with a commensurate business tax cut. When it comes to the economy and tax receipts, there ain’t no such thing as a free lunch, Tommy Boy.
“Wolf blames the states budgetary deficit on the Corbett Administration’s reliance on non-recurring revenues. Tom Corbett and Co. used the same excuse when he entered office four years ago, implicating former Governor Ed Rendell.”
This is a premature comparison. Corbett used the excuse, but then didn’t fix it (and made it worse).
Now, we have to see if Wolf does it differently.
Demogod-
The PLCB needs to check your blood alcohol level.
This budget problem can only be solved by Superman and that Superman is Al Kennedy Shaffer.