Category Archives: Economy

Wolf OKs $3.5 million in funding for six projects in Chester County

Daily Local News, 12/22/17

Harrisburg >> Gov.Tom Wolf Friday announced the approval of $3.5 million to support six community, economic development, and revitalization projects in Chester County. Overall 24 projects in the five-county Philadelphia area got funding to the tune of $20 million.

“I am pleased to announce these projects will receive the funding they need to improve and create new community projects and facilities that add to the quality of life for residents in these counties,” Governor Wolf said.

Supported through the Redevelopment Assistance Capital Program (RACP) program, funding will support critical projects, some of which will provide opportunities for new growth in commercial, cultural and community service areas….

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Plenty to reform around here!

Excerpt from “The Best- and Worst-Run States in America: A Survey of All 50” by Samuel Stebbins and Evan Comen, 24/7 Wall St., December 6, 2017. Sad to say, only Alabama, Mississippi, New Mexico and Louisiana rank lower than our own once-fair Commonwealth, which is described thusly:

46. Pennsylvania
2016 Unemployment: 5.4% (9th highest)
Pension funded ratio: 55.8% (5th lowest)
Credit rating and outlook: Aa3/Stable
Poverty: 12.9% (23rd lowest)

Pennsylvania is one of only three states with no money saved to close budget gaps in the event of declining tax revenue. And this will likely be a problem in the coming years as the state’s tax base is eroding. Nearly 11,000 more people left Pennsylvania in 2016 than moved in.

A dwindling population does little to spur economic growth. Pennsylvania’s GDP expanded by only 0.6% in 2016, even as the U.S. economy grew by 1.5%. The Keystone State’s need for improved economic conditions is more dire than most states’ as evidenced by the relative the share of workers out of a job. Pennsylvania’s 5.4% unemployment rate is higher than the 4.9% U.S. rate and among the 10 worst of all states.