March 6, 2015 at 12:47 pm
Public colleges and universities have experienced major cuts in state funding since the Great Recession — something state lawmakers should consider as they grapple with tough budget decisions in coming months. Our new fact sheets show that, in almost every state, these funding cuts have led to tuition hikes. In some cases, they’ve also been accompanied by cuts in campus staff and programs that may reduce the quality of education for students.
As our 2014 paper explained, after adjusting for inflation:
- Forty-eight states — all but Alaska and North Dakota — are spending less per student than they did in fiscal year 2008.
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March 6, 2015 at 11:12 am
In Minnesota, which raised income taxes on wealthy residents two years ago, revenues are surging beyond expectations, according to the state’s latest forecast. In contrast, Kansas, Wisconsin, and North Carolina — which cut income taxes in recent years — face serious fiscal problems, despite the promises of tax-cut supporters.
Minnesota’s Governor Mark Dayton secured a package of tax measures that included a new, higher income tax bracket for high-income households (over $250,000 for a married couple), with the revenues going to expand access to full-day kindergarten and make preschool and college more affordable. … Read more
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March 6, 2015 at 10:39 am
Today’s solid jobs report shows that private employers have added jobs every month for five straight years. Unemployment has dropped sharply, though it has room to fall further. To herald a truly healthy labor market, however, labor force participation should be higher – it fell in February as more people stopped looking for work than found jobs – which will mean a larger share of Americans should have a job; fewer people should be working part time because they can’t find full-time work; fewer people should experience long spells of unemployment before finding work; and wages should be rising faster.… Read more
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March 5, 2015 at 10:19 am
Democratic lawmakers announced a series of important bills yesterday that would reward work and reduce poverty for low-income workers.
Senators Sherrod Brown (D-OH), a Finance Committee member, and Richard Durbin (D-IL), the Senate Minority Whip, announced the Working Families Tax Relief Act, which expands the Earned Income Tax Credit (EITC) for “childless workers” — adults without children and non-custodial parents — and makes permanent key provisions of the EITC and Child Tax Credit (CTC) that are set to expire at the end of 2017.… Read more
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