Governor Tom Wolf was joined by Allegheny County executive Rich Fitzgerald at the Energy Innovation Center in Pittsburgh to highlight how Pennsylvania’s economic strength supports investments that change lives.
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“When I became governor, Pennsylvania was in a shaky financial situation,†said Gov. Wolf. “Like many new governors, I inherited a structural deficit. In my case, it was between 2 and 3 billion dollars.
“As a former business owner, I know what it takes to balance the books. Over the past seven years we have turned Pennsylvania’s shaky finances around. Through sound fiscal management, and by stepping up to face facts and pay our bills, my administration has put Pennsylvania back on track.â€
When Gov. Wolf took office, Pennsylvania was operating with a $2-3 billion structural deficit, and the Rainy Day Fund had fallen to a mere $231,000.
Today, the Rainy Day Fund contains $2.8 billion to protect Pennsylvania against future emergencies, and the Independent Fiscal Office projects that Gov. Wolf will transition a budget surplus to the next administration. Gov. Wolf will be the first governor to leave office with a budget surplus since Governor Dick Thornburgh in 1987.
Improving the state’s finances is one reason our economy is growing. Pennsylvania has the 18th largest economy in the world, larger than the economies of Saudi Arabia, Switzerland or Turkey.
When Governor Wolf took office, schools across the commonwealth had been devastated by drastic education funding cuts under the previous administration. The Wolf Administration has invested nearly $2 billion in education funding to give our schools the resources they need and our students the future they deserve.
In 2021 alone, the Wolf Administration oversaw a historic $416 million education funding increase.
The Wolf Administration has also made major investments to make health care more accessible and affordable for Pennsylvanians on a budget, support workers through workforce training and increased apprenticeship opportunities, spur economic growth through investment in businesses and entrepreneurs, and more. ■