17512 Columbia

How bad is Pennsylvania when compared to the other states? – 24/7 Wall St.

In Uncategorized on December 3, 2015 at 9:25 pm

 

Well this report puts Pennsylvania in the bottom 10, and that ain’t good.

“Assessing a state’s management quality is no simple task. The current economic climate and standard of living in any given state are not only the results of recent policy choices and developments, but may also be dependent on forces outside a state’s control and, often, decisions made decades ago.

“For each of the past six years, 24/7 Wall St. has attempted to answer this question by surveying various characteristics of each state. To determine how well states are managed, we examine key financial ratios, as well as social and economic outcomes. This year, North Dakota is the best-run state in the country for the fourth consecutive year, while New Mexico replaced Illinois as the worst-run state.”

41. Pennsylvania

  Debt per capita: $3,677 (20th highest)
Credit rating (S&P/Moody’s): AA-/Aa3
Unemployment rate: 5.1% (24th highest)
Median household income: $53,234 (22nd highest)
Poverty rate: 13.6% (20th lowest)

Pennsylvania is currently in the middle of a budget stalemate, as Democratic Governor Tom Wolf is in political gridlock with the state’s Republican legislature to reach an agreement on an annual budget. State officials missed the budget deadline, and over the four months of the proceedings, the budgetless state spent more than $27 billion — a considerable proportion of annual funds typically available to the state. Such spending in the state is unsustainable. Pennsylvania was one of seven states last fiscal year reporting no rainy day funds whatsoever. For Moody’s, these budget difficulties display poor fiscal management. The rating agency downgraded Pennsylvania’s credit rating this year to Aa3, one of the lowest of any state.

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