Read more at The Citizens’ Voice
As many local school district and hundreds more statewide prepare to raise taxes this year, state Treasurer Joe Torsella has revealed appalling incompetence at the state level that contributes mightily to that local burden.
Read more at City & State PA
The years-in-the-making saga of Pennsylvania’s pension crisis hit a new low as state Treasurer Joe Torsella revealed that a staggering $5.5 billion has been “wasted” on costly pension fund management fees. A Financial Times article last week detailed how the money was spent by the state on high-priced Wall Street advisors over the past decade, to little effect.
Read more at the Philadelphia Business Journal
Ever since the Great Recession. Pennsylvania’s rainy day funds have essentially been nonexistent with a recent Pew Charitable Trust report indicating the state’s meager reserve wouldn’t even last three hours. Now for the first time in nearly 10 years, Pennsylvania is depositing money into the budget stabilization fund – a step both the state leader and outside experts are calling significant.
Read the full article at The Financial Times.
Fury has erupted in Pennsylvania over huge fees paid by the Quaker state’s two largest public pension funds to investment managers on Wall Street. Joseph Torsella, state treasurer, has accused Pennsylvania Public School Employees’ Retirement System (PSERS) and Pennsylvania State Employees’ Retirement System (SERS) of wasting $5.5bn paid as fees to Wall Street investment managers whose funds performed poorly.
Read more at The Times Tribune.
A big part of the problem with education funding as a political issue and public policy is that the payoff comes so long after the investment. The arc of a pre-schooler’s academic career most often is longer than the career of an individual politician, and individual politicians prefer to see quick, tangible results of public policy. And, of course, pre-schoolers don’t vote.
Read more at The Tribune-Democrat.
HARRISBURG – Starting Jan. 1, the state plans to provide $100 in seed money as an incentive for parents or other adults to set up savings accounts that children can use for post-secondary education costs.