If you’re short on money should you spend less or get part-time job?

Pennsylvania Gov. Tom Corbett says the reason deep spending cuts are necessary is that Pennsylvania spends money on things it can’t afford – and not the fact that it has less revenue coming in than before.

Is that true? And, more to the point, why does it matter? The important thing is that Pennsylvania has a deficit to deal with, regardless of how it happened, right?

On this week’s It’s Our Money podcast, Ben Waxman talks to Doron Taussig a/k/a “Mr. Pennsylvania” – about the cause of the state’s fiscal trouble, and what it means about how the state should approach the problem.

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