Politicians make promises to labor unions in return for votes and campaign contributions, but the money to fund lifetime pensions for union retirees eventually runs out.

Watch Pennsylvania taxpayers get screwed again. It doesn't help that voters continue to return the same members of the permanent political class to Harrisburg every election.

From a report in Bloomberg by Romy Varghese:

Pennsylvania's two public pensions face a combined shortfall of $41 billion, and their costs will consume 62 percent of fiscal 2014 revenue growth, according to a report from the state budget office.

The State Employees’ Retirement System has 65 percent of assets needed to cover projected liabilities, and the Pennsylvania Public School Employees’ Retirement System is 69 percent funded, the report said. The plans cover 817,000 people.

Read more about the pension time bomb in Bloomberg.

Record Number of Pennsylvania Taxpayers File Electronically

Perhaps President Obama should stop the gimmicks like the "Buffett Rule" and work on collecting back taxes owed by all those government employees in Washington.

Sen. Brown: Bill targets tax scofflaws in Congress

After adding $4 trillion to the national debt in just 3 years, the Obama Administration is running out of money to spend.

From an editorial in The Christian Science Monitor:

The Obama Justice Department quietly issued a legal opinion – just before a long Christmas weekend – that allows states to set up nonsports Internet gambling. The opinion upends decades of contrary decisions, but its real effect will be on the poor (and young) who suffer the most from gambling.

Read the full editorial at the link below:

Editorial: Obama's new tax on the poor: Internet gambling by states

Pennsylvania is only five months into the current fiscal year. If tax revenues do not increase dramatically or the state fails to contain spending, look for a $1 billion-plus budget deficit by next June.

From the Pennsylvania Department of Revenue:

Pennsylvania collected $1.7 billion in General Fund revenue in November, which was $63.3 million, or 3.5 percent, less than anticipated. Fiscal year-to-date General Fund collections total $9.4 billion, which is $345.3 million, or 3.6 percent, below estimate.

Pennsylvania Revenue Department Releases November Collections

Report: Millionaires get $30 billion in taxpayer-funded subsidies

I wonder how many of these tax-dodging corporations contributed to Barack Obama's campaign?

Report: 280 Most Profitable U.S. Corporations Shelter Half Their Profits from Taxes; Thirty Companies Paid Less Than Zero in Taxes in the Last Three Years

Pennsylvania collected $67.1 million less in anticipated tax revenues for the month of October, according to the Department of Revenue.

For the fiscal year that began July 1, tax collection is $282.1 million under projections, a disturbing trend that could lead to a budget deficit by the end of the fiscal year next June 30.

Pennsylvania Revenue Department Releases October Collections

National Sales Tax Would Stunt Consumer Spending, Slow Recovery

Are Democrats Eyeing 401(k)s, IRAs for Tax Hit? - Investors.com

Remember when Democrats were clamoring for Pennsylvania to spend the "surplus" it finished the 2010-11 fiscal year with? That was just a few months ago.

Now the state is running a projected deficit of $215 million.

That's the problem with Democrats. They want to spend every penny that comes in.

Pennsylvania's Department of Revenue reported Monday that tax collections for the month of September came in $152 million less than projected.

For the current fiscal year that began July 1, tax collections are $215 million below projections.

Pennsylvania Revenue Department Releases September Collections

No wonder Barack Obama wants to raise taxes. He needs to come up with more money for snacks.

$16 muffins? Federal report details costly conferences

Lower Corporate Income Taxes = Stronger Jobs Market

Top 0.1 Percent Pays More Income Tax than Bottom 80 Percent | The Weekly Standard

Pennsylvania Revenue Department Releases August Collections

Warren 'Raise My Taxes' Buffett's Company May Owe IRS $1 Billion | NewsBusters.org

Warren Buffett wants more Americans to pay higher taxes at the same time his company has not paid any federal taxes in almost a decade.

From a New York Post editorial calling out the liberal hypocrite:

If Buffett really thinks he and his "mega-rich friends" should pay higher taxes, why doesn't his firm fork over what it already owes under current rates?

Likely answer: He cares more about shilling for President Obama -- who's practically made socking "millionaires and billionaires" his re-election theme song -- than about kicking in more himself.

Read the full editorial at the link below:

Warren Buffett's hokey tax-hike call - Editorial - NYPOST.com