Radio Smart Talk: Independent Fiscal Office on budgets, taxes, and revenues

Radio Smart Talk for Tuesday, November 27:

The statistics say the economy, both nationally and in Pennsylvania, is improving.  However, recovery from a recession that began in 2007 has been ever-so-slow.

One doesn't have to look far to find some less than stellar economic news either. 

In fact,  Pennsylvania's Independent Fiscal Office has made a few recent projections that are reason for concern.

The IFO is forecasting state revenue growth of just 0.8% for the next fiscal year.  That compares to a 3% increase in the amount of revenue the state is collecting during the current fiscal year -- which by all accounts is as tight as can be.  Worse yet, public employee pension obligations may eat up the increase and much more.

Then, there's the fiscal cliff we hear so much about.  If Congressional Republicans and Democrats don't reach a budget agreement by the end of the year, there could be a series of spending cuts and tax increases that most economists believe would send the country back into a recession.  The IFO says going over the fiscal cliff could cost Pennsylvania taxpayers $22 billion.

Matthew Knittel, director of the state's Independent Fiscal Office, will appear on Tuesday's Radio Smart Talk to explain.

Listen to the program:

Matthew Knittel, director of the state's Independent Fiscal Office, talks about Pennsylvania's financial outlook.