“Pennsylvania needed more than $51 billion to pay its outstanding bills, including unfunded retirement obligations,” a report by the organization Truth in Accounting said in its bevy of reported grading each states’ fiscal health.
The report — unsurprisingly, in our view, when you consider the above statement — gave Pennsylvania a D. Under the organization’s criteria, Pennsylvania, when compared to other states, ranks 36th.
The organization, in talking to news service The Center Square for a report which ran in Tuesday’s Sun-Gazette, also cautioned that in recent years states are at risk of being overly reliant on federal revenue streams.
Another factor was increased spending from pent-up demand during the pandemic driving the scope of tax revenues up.
But, as the leaders of Truth in Accounting caution, these revenue streams are exceedingly unlikely to be permanent."