Pennsylvania’s Rainy Day Fund Won’t Last a Day

Harrisburg-Capitol-steps2Pennsylvania’s rainy day fund is closer to a rainy hour fund according to a new analysis.  

The Pew Charitable Trusts conducted an analysis of all 50 states’ rainy day funds and found that Pennsylvania’s is among the worst in the country.  

Pennsylvania’s reserves are at its lowest point since the end of the recession in 2009.  

There are six states, including Pennsylvania, who have reserves that will not last a week.  The five others currently do not have any rainy day funds.  

Pennsylvania’s reserves are not likely to be refilled in the near future, with the ongoing stalemate between Governor Wolf, and the GOP controlled House and Senate about how to fund the spending plan already on the books.  

The lack of reserves has been cited as a reason for Pennsylvania’s recent credit downgrades.

4 Responses

  1. PA Republicans, bowing at the Grover Norquist alter, have now accomplished the goal of the Republican party. Starve the government of necessary revenues, cut taxes for the rich but continue to spend so you can stay in office. PA is on the same road to disaster as Kansas under Sam Brownback has went. Hey Joe, Jake, Turdzeye et al, the piper wants paid ASAP.

  2. So it sounds like what average working Americans have now, week to week. Get used to it PA.

    1. I thought we wanted government to run more like a business, and good businesses have healthy cash reserves. It is unwise for any business to have a reserve smaller than 30 days’ expenses; ideally, it would be closer to six months’ or a year’s.

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