Gov. Tom Wolf has announced a dramatic increase in financial assistance for the state’s hospitals as they deal with the COVID-19 pandemic.
Reviving the market for bonds sold by state and local governments is shaping up as one of the stiffest tests in the Federal Reserve’s campaign to restore financial normalcy.
The coronavirus outbreak could cost Pennsylvania $2.7 billion in lost tax revenue over the next 15 months, blowing a serious hole in the state budget, according to a report released Wednesday by the state’s Independent Fiscal Office.
The COVID-19 pandemic has financially squeezed Philadelphia-area health systems, because they are not treating patients with needs that are not urgent and are paying extra costs to prepare for a surge in coronavirus victims.
With March tax collections down and Pennsylvania’s fiscal future darkening because of the COVID-19 economic downturn, state Treasurer Joe Torsella’s office has extended the commonwealth a $2 billion credit line to meet “critical expenditure needs.”
As Pennsylvania’s population grows older, more and more Commonwealth residents are approaching retirement age. But for many, retirement won’t be the dream of relaxation and adventure.