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The rainy day's here, but Pa.'s balance sheet is empty

Pennsylvania keeps racking up mentions on lists that focus on dubious distinctions. The latest comes in regards to a pot of money that’s supposed to hold the state over when tough times come calling.

Last week Gov. Tom Wolf told the public that the state’s Rainy Day Fund stands at a paltry $245,000. That’s not enough money to run the state’s government for a single day, according to a Pew Charitable Trusts study released on Friday. It pegs Pennsylvania as having the third-smallest rainy day fund of any state in the nation — behind only New Jersey and Nevada, which both have nothing at all.

That appears to be where Pennsylvania — which had $755 million in the fund just eight years ago that was devastated by the Great Recession — is headed back to under the “fiscally conservative” and “responsible” leadership of historic Republican majorities in the General Assembly.

While many states have managed to claw their way back from the fiscal perils of the financial collapse, Pennsylvania has failed to make nearly any progress at all according to a study by the Mercatus Center at George Mason University, which ranked the state 49th out of 50 in terms of preparedness for another recession.

Shockingly, that doesn’t seem to be changing at all in 2017. A revenue package that passed a narrow state Senate vote last month would begin to replenish the rainy day fund, but the plan, which includes $1.3 billion in borrowing, multiple tax hikes and a production tax on natural gas, has run into stiff opposition in the Republican-dominated House of Representatives.

Members of that chamber have lambasted Senate Republicans for eschewing their versions of expanded gambling and liquor sales, but haven’t put forward a response to the Senate’s plan.

And Gov. Tom Wolf, who let the General Assembly’s spending plan become law without his signature or so much as a reminder that they might also want to hurry up and figure out how to pay for it, has been missing-in-action for more than a month when it comes to budget negotiations.

So the budget stalemate continues, and state Treasurer Joe Torsella on Thursday was forced to authorize a $750 million line of credit to keep the state’s general fund from running into red numbers.

If people need one more reminder that our state government is broken and rudderless, they need look no further than a list curated by the website 24/7 Wall Street, which ranks states based on how well they are run. Pennsylvania is ranked 42nd out of 50.

That’s not so shocking when you recall that the state has already been warned once this year by the credit rating agency S & P Global Ratings that it needs to either get its finances in order or face yet another credit downgrade, which would cost taxpayers millions per year in interest payments on future borrowing.

The list of Pennsylvania’s problems — unfunded pension obligations, a corruption-prone and inept state government, an opioid crisis which has been allowed to fester, etc., etc. — continues to grow.

The rainy day is already here, and it doesn’t seem like something that money alone can fix. Which is a good thing, we suppose, because as Wolf said on Thursday, we don’t have much.

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