There's Big Trouble Ahead For Pennsylvania's Economy

[Quixote1818]

In the next six months, the state is projected to endure the most significant economic contraction since June 2009.
Pennsylvania and eight other states are expected to experience economic losses in the next six months, according to recent projections from the Federal Reserve Bank of Philadelphia.

In other words, recession could be on the horizon.

Experts say Pennsylvania’s economy will suffer the most significant contraction since June 2009, when the state was still in the midst of the Great Recession. The December report, which analyzed data from November, marks the second consecutive month in which the Fed projected Pennsylvania’s economy to shrink. Prior to the two most recent estimates, the Fed hadn’t projected a contraction in the state since June 2012.

West Virginia, which already has the third-highest unemployment rate, is predicted to suffer the most significant economic downturn in the country, while Delaware, Montana, Oklahoma, Vermont, New Jersey, Kentucky, and Connecticut are also expected to experience contractions in the next six months.

More: https://couriernewsroom.com/2020/01/08/theres-big-trouble-ahead-for-pennsylvanias-economy/

[fleabiscuit]

1. Damn. Things usually go to crap under Republicans. nt

[KY_EnviroGuy]

2. Watch for Republicans to call for more tax cuts at a time when......

revenues need to be bolstered. That's the way they roll and it fits their grand plans to destroy government.

Quote from posted article:

Should a downturn come to fruition, it could prove uniquely challenging for the state. A 2019 report from Moody’s Analytics found Pennsylvania was one of 10 states that is “significantly under-prepared” for the next recession, due to its minimal fiscal reserves.

The report praised the state for directing $339 million to its reserves, which will help blunt the impact of the next downturn, but noted that “Pennsylvania’s reserves still fall well short of what will be needed” in a recession.

Moody’s does not project a recession to occur in 2020, but other economists surveyed by the National Association of Business Economists in November put the odds of a recession at 47 percent. A separate survey of economists said there was a one-in-three chance of a downturn in 2020.

I feel our next recession will bring austerity on steroids in many states.

The poorest and those with health problems among us will suffer.....

[True Blue American]

4. Trumps budget

Is DOA in the House. They are not going to take big cuts in Medicare and SS, more money for the bloated Military, sky high deficits and billionaire tax cuts that Republicans passed!

[KY_EnviroGuy]

5. Good and I hope they can cut his Executive budget down to bare bones and...

force him to buy Dollar Store toilet paper.

If he wants to cut our international health support systems, environmental regulatory systems and basic science support budgets, he should have no more campaign trips or golf outings in Florida.

KY..........

[True Blue American]

6. The money spent

On Trumps wasteful trips would fund Medicare and SS, give us an infrastructure deal. I understand the House is working on that now.

[NewJeffCT]

9. Pelosi should force every Republican to go on record voting for SS/Medicare cuts

just to be safe

[Wellstone ruled]

27. My take is,

she will move to make that happen.

[Freddie]

11. Thank God we have Gov. Wolf

He will veto any austerity measures. But we have the GOP controlled state legislature which refuses to pass a tax on fracking and raise the minimum wage. Once you get a Repug state rep in they start doing favors for the constituents (“he got Dad his veterans benefits”) and you can’t get rid of them.

[yardwork]

14. We have the same situation in North Carolina, and we're in a stalemate.

Extremist Republicans have controlled our state legislature since 2000, thanks to gerrymandering. We elected a good Democratic governor in 2016, but the legislature ties everything in knots.

[KY_EnviroGuy]

16. Yes, we're in the exact same boat here.

Thank goodness we got Governor Andy Beshear and Lieutenant Governor Coleman into office. They can at least control any damage the Rethug legislature will try to continue doing. Unfortunately, the Republicans - like they have in other states - will do their best to marginalize our people.

KY........

[B Stieg]

3. Take these folks out of the mines...

and teach them to build solar panels!

[True Blue American]

7. I believe in

a Hand up. I also believe in,”God helps those who help themselves!”

I watched it in the last recession. There were all kinds of Job Training courses.

The trade Schools, Community Colleges were flooded with Middle Aged students. They moved on and up. But there were many who are still complaining after 10,12 years.

That is why I am a moderate Democrat. I feel for the sick, the handicapped but my sympathy does not extend to dead beats and I know nothing is,” FREE!”

[retread]

18. What the hell are "dead beats"?

[True Blue American]

20. You are deliberately

Misreading my words.

I doubt there is one person on this board that has nor needed a hand up at one time in their life. But it is also fact that some do not try!

Save your misplaced anger for the real dead beats like Trump and Republicans who have made a life long living off that misplaced anger.

[lindysalsagal]

8. o man I got my house sold just in time!!!!!

It still lost value since I bought it, but not too much.

I'm afraid to own anything these days.

[PJMcK]

13. You can own a heart

(wink)

[lindysalsagal]

24. Thanks!

[ancianita]

10. The contracting states could expand their legalizing of marijuana. IL makes over $1 mil a day.

It's getting the state out of debt. It's not a silver bullet but it can buy them more time to invest in new green and tech infrastructure, or improve schools, housing for the homeless, etc.

https://i.insider.com/5e14a244855cc25b75686952?width=1200&format=jpeg

[DeminPennswoods]

12. My state and it seems to be

pretty much status quo economically. There are retail, service and skilled trades jobs going begging where I am.

[Laura PourMeADrink]

15. What? That's impossible

Link to tweet

?s=20

[hatrack]

19. "Sir . . . ."

[yortsed snacilbuper]

17. I've lived in Pennsylvania all my life,

you just got to roll with the punches, need a blue tsunami in 2020.

[dalton99a]

21. Things will get worse for the Rust Belt very soon.

[TheBlackAdder]

22. TRUMP: The reason why the economy is faltering is that Democrat impeachment witch hunt. 😂

.

We all know it's coming.

.

[OliverQ]

23. Republicans will blame it on Dems.

[DeminPennswoods]

26. There are so many good-paying skilled trade jobs going

begging. Unskilled ones, too, and most paying $10/hr or more. I live in an economically depressed area and there are help wanted signs too numerous to count.