The PA Democrat gubernatorial candidates met last evening for their final debate. Once again, as at every past debate event, shale-related taxation fixation was on display across the board, no exceptions.
The Democrat candidates pontificate disingenuously about using our shale money for (what they call) "education funding". Here is what's really going on:
Pennsylvania is in deep doo-doo regarding funding of pensions for teachers, many of whom are already retired. The shortfall is currently in the billions of dollars and is growing daily. How will Democrats make that up?
Democrats plan to use shale money to bail out the teachers' pensions. Now mind you, PA teachers' pensions are so rich and generous that the Sultan of Brunei is envious!! The pensions need to be cut down to a reasonable level. This is not something Democrats would ever consider doing, since so many PA teachers are their supporters. A significant amount of that pension money is returned to Democrat campaign coffers to enable election of more Democrats!!
So, instead and without exception, the Democrat candidates have targeted our shale to bail out the underfunded teacher pensions. This is what they call "education funding"!!!! Vote Democrat and watch our money from shale disappear into the pockets of retired teachers as they collect the full measure of their bloated pensions at our expense.
For anyone in disbelief over the size of the PA teacher pension deficit, and other public-employee pension deficits as well, here is a reference:
want Pennsylvania in receivership like Pittsburgh? or a criminal enterprise like philly? vote the dems in.may as well put the whole state under the turnpike commission.
if you think the education children are getting now days is stabilizing our society, I would disagree. and the statement 'Corbett is trying to take away pensions for all state workers' is over the top. although something is coming to all of us,not just the elite state workers. pa. has a 41 billion dollar unfunded mandate for teachers and state workers. the battle that looms is against government union's,not trade union's. even fdr didn't think government workers should be unionized. we are broke,as a state and a nation. get ready.
and I'd like to know how much the government union's are willing to contribute to help the democrats fight climate change. it is a dire situation. you should pledge some of your pension to Obama's third world climate plan.
100% agree Jim. Tax policy is certainly relevant to shale development but the associated rants are not needed.
Rather than rant with no basis, perhaps Gary could post some hard figures to show scenarios where certain levels of proposed taxation would indeed impact landowners and by how much.
how about you tell me what is untrue in my post first. and if you don't understand what our current taxation is doing to us ,you aren't paying attention. if the shale revolution hadn't happened in America, the democrats would have been gone last election.
The Pennsylvania School Employees' Retirement System (PSERS) doesn't get its funding from the state(period). The nearly 50 billion in the fund has come from member contributions (18%), employer contributions (12%) and investment earnings (70%). Polititions like Corbett want to get there hands on the 49.7 billion in the fund. Go to:
By the way I am not in favor of any tax on shale. Not even the one Corbett put into place.
As I demonstrated in the OP, current funding regardless source is woefully insufficient to fund existing bloated pensions. This is why in-the-shale landowners are being targeted. Can you say: "Redistribution of wealth".
Sorry, Elnathan. It's my land, not your land. I paid for it, I own it, I own the shale down below, and I already am being taxed when gas is harvested to provide city folks an inexpensive way to heat their homes in winter.
THAT IS ENOUGH!!!
If you want another 10% to fund your completely undeserved, bloated, pensions, look somewhere else!!
Furthermore, not that you would care:
A great many in-the-shale landowners are in HBP situations today. I wonder if you even know what that means. It means our land is tied up, anxiously awaiting the drilling of many more wells to provide us our well deserved royalty money.
When you tax anything you get less of it! Pennsylvania is in competition with Ohio, with West Virginia, and with other venues when it comes to drilling. Add on that severance tax to fund your bloated pensions and less drilling will happen here and more elsewhere. Not that you would care. After all, you have your bloated, completely undeserved, pension to see you through; already paid for by us!