G-20 Sets Broad Bank Pact; Finance Officials Still Working on Likely Sticking Points, Such as Bonus Caps September 9, 2009
Posted by admin in : News , add a commentOfficials from the world’s largest economies broadly agreed to rein in bonuses for bankers and to set higher balance-sheet standards for banks, but missing details left the potential for differences in the weeks ahead. Finance officials from the Group of 20 Saturday also pledged to maintain policies designed to support economic growth, but left open when and under what circumstances governments would begin to unwind those stimulative policies as economies stabilize from a year-long downturn. Read the full Wall Street Journal article here.
Pension vote delayed, giving Pittsburgh more time September 8, 2009
Posted by admin in : News , add a commentIn a surprise move, state House leaders have given Pittsburgh Mayor Luke Ravenstahl a little more time to exempt Pittsburgh from a bill that would make sweeping, and potentially costly, changes to many underfunded municipal pension systems. House Democratic leaders announced yesterday that a vote on House Bill 1828 — which would allow Philadelphia to increase its sales tax from 7 percent to 8 percent, as well as permitting a state takeover of Pittsburgh’s ailing pension system — would be postponed from Tuesday until perhaps Thursday. Read the full Post-Gazette story online here.
Pittsburgh area nonprofits push for a fair state budget September 4, 2009
Posted by admin in : News , add a commentThe former bank building in McKees Rocks was packed with more than 200 people. Some had signs slung around their necks that read, “Pass a fair budget now,” while others held posters calling for help for adult education, the homeless, mothers and other needs. The Greater Pittsburgh Nonprofit Partnership hosted a news conference yesterday at the Focus on Renewal community center to discuss the impact the Pennsylvania budget impasse has on local communities. The state has been operating on a partial budget that doesn’t include many social services since the fiscal year began July 1. Read the full Post-Gazette story online here.
City budgets are feeling the impact of the recession September 3, 2009
Posted by admin in : News , add a commentThe recession is finally hitting city budgets, with overall city revenues inching down in fiscal 2009 for the first time since 2002, according to a report to be released Tuesday by the National League of Cities. Weak growth in property taxes, reflecting soft housing prices, did not counterbalance sharp declines in other sources of income, including sales taxes, income taxes and state aid, according to a survey of 379 league member cities. Read the full article online at the Wall Street Journal here.
Democrats and Republicans still at odds over budget September 2, 2009
Posted by admin in : News , add a commentA little more than $600 million. That’s what separates two different state budget proposals, one developed by legislative Democrats and the other by Republicans. And a compromise could still be far off. The six-member bipartisan budget conference committee yesterday held its first meeting in a month, with Democrats presenting a retooled 2009-10 budget proposal of $28.1 billion, and Republicans countering with a spending plan of almost $27.5 billion. Read the full story online at the Post-Gazette here.
Interfaith group pushes for the cleanup of the Hill District September 1, 2009
Posted by admin in : News , add a commentHoly Ground is a project of the Pittsburgh Interfaith Impact Network, a coalition of congregations seeking to better their communities. The initiative provides training for congregations to identify serious problems in their neighborhood and then to do the work required to solve those problems. Church members canvassed the neighborhood to identify problems, including the storm drains, missing stop signs and abandoned lots and houses. They have already begun conversations with three city departments that all sent representatives to last night’s public meeting. Local residents “want to restore the village atmosphere, where people really care for one another, as opposed to being fearful of drug or gang activity,” said the Rev. David Thornton, pastor of Grace Memorial. Read the full story in the Post-Gazette here.
NCRC Mourns the Passing of Senator Edward Kennedy August 27, 2009
Posted by admin in : News , add a commentJohn Taylor, the president and CEO of the National Community Reinvestment Coalition, today made this statement:
“Senator Edward Kennedy was without peer as a Congressional leader; the inspiration he has provided to generations is sore comfort for our sorrow at his loss. His passing is deeply felt by all who strive for a more just society. I had the great privilege of being represented in Massachusetts by Ted. I also had the great fortune of witnessing his tireless commitment and leadership on so many issues related to matters of justice: civil rights, fighting the poll tax, health care, minimum wage, workers’ rights, education, and on and on. His uncommon independence, sense of fairness, effectiveness and fortitude combined are the qualities required to make our nation a more perfect union. He and the Kennedy family have served our nation like no others. We hope and pray that his family finds some peace and comfort in the sincere appreciation that millions of Americans have for the life work of this truly wonderful citizen.”
Communities depending on non-profits for services and employment are hurt by the budget impasse August 26, 2009
Posted by admin in : News , add a commentThe stock market may be ticking upward but local economies are set for a struggle as state budget gridlocks are halting payments to basic human services and causing thousands of homeless shelters, food pantries and senior centers to cut staff, reduce services or shut their doors. Pennsylvania is the latest in a string of states, including Rhode Island and Connecticut, that have not yet adopted a 2010 budget due to declining revenue and economic pressures, halting payments to thousands of nonprofits the states contract with to operate so-called safety net services. Read the full Wall Street Journal article here.
A recent study highlights the effects of foreclosure on mental health August 25, 2009
Posted by admin in : News , add a commentIt’s official: The economy is bad for your health. Researchers at the University of Pennsylvania School of Medicine questioned 250 homeowners going through foreclosure in Philadelphia and found that 47 percent showed symptoms of depression, with 37 percent exhibiting signs of major depression. The rate was especially high considering previous research showed that only about 12.8 percent of people living in poverty were depressed, the study found. Read the entire article online here.
Political interests are influencing state budget discussions August 25, 2009
Posted by admin in : News , add a commentThe prolonged battle over the 2009-10 state budget has as much to do with the gubernatorial and General Assembly elections of 2010 as it does with the financial crunch of 2009, say many politicians and Capitol observers. Republicans would love to regain control of the state House next year. They ran it for 12 years starting in 1995, but then narrowly lost control to the Democrats in November 2006. But there’s a bigger prize at stake in 2010. Republicans want to retake the governor’s office, which since January 2003 has been occupied by Democrat Ed Rendell. Read the full Post-Gazette article here.
