April 1, 2015 |
TRENTON - After once scorning the Legislature's top budget analyst as the "Dr. Kevorkian of the numbers," Gov. Christie is now projecting revenue growth that closely tracks with the nonpartisan aide's estimates. Budget analyst David Rosen's projections of New Jersey's growth have proved more accurate than Christie's, and Wall Street ratings agencies say the Republican governor's overly optimistic numbers have increased pressure on the budget and weakened New Jersey's credit. On Monday, Rosen told lawmakers that Christie's projections for fiscal year 2015 and the next one, which begins July 1, were in line with Office of Legislative Services figures - more so than any other administration's in 21 years.
February 7, 2015 |
The $3 billion Mariner East project linking the Marcellus Shale region to the Philadelphia area is expected to generate widespread economic benefits, according to a study released Thursday by the pipeline's builders. The study, by Econsult Solutions Inc., says the project will generate a one-time economic impact of $4.2 billion to Pennsylvania's economy, support more than 30,000 jobs during the two-year construction period, and create about 300 to 400 permanent jobs. Econsult said a "majority" of the economic impact would be in Southeastern Pennsylvania, where the project's builder, Sunoco Logistics Partners L.P., is developing the former Marcus Hook refinery in Delaware County to receive, store, and process the liquid fuels that will be delivered through the cross-state pipeline.
January 31, 2015 |
A defiant President Obama came to Philadelphia on Thursday to urge Democrats to keep aggressively promoting their beliefs, despite an Election Day drubbing. Embodying that combative outlook, Obama added a swipe at Republicans and Mitt Romney for, in his view, trying to imitate Democrats' concern for the average American. "Even though their policies haven't quite caught up yet, their rhetoric is starting to sound pretty Democratic," Obama said in a speech to House Democrats meeting at the Society Hill Sheraton.
December 18, 2014 |
HARRISBURG - Three days after the newly elected Senate majority leader opened the door to negotiations on a natural gas drilling tax, industry leaders reiterated their stand that such a tax would harm the state's economy. Additional taxes would have a "crippling effect on jobs" said Stephanie Wissman, executive director of the Associated Petroleum Industries of Pennsylvania. "It threatens to stifle energy production and the jobs that go with it," Wissman said in a conference call with reporters Tuesday.
December 16, 2014 |
Stock market corrections usually occur in anticipation of recessions, says one local money manager and investment strategist. We're not there yet, but the present U.S. economy is entering middle age. America's economic expansions "last longer than in the past, now stretching out five to eight years," said Glenmede's president and chief investment officer, Gordon Fowler. "The unemployment rate has dropped, but it's not at a level where you begin to worry. What that tells us is the U.S. economy is still growing, earnings can continue to grow, and hence the stock market can grow," Fowler added.
December 14, 2014 |
The wooden animals, sanded and painted to resemble the 109-year-old originals they replaced, are waiting for visitors at the end of a restored railroad line in Pottstown. The horses, giraffes, and reindeer on the Derek Scott Saylor Memorial Carousel are part of a merry-go-round meant to be more than an amusement. The attraction - and the similarly restored old train that will drop visitors at its doorstep - are the centerpieces of a downtown revitalization effort for a slumping Montgomery County borough taking steps toward a comeback.
November 13, 2014 |
Newly elected U.S. Rep. Donald Norcross plans to make jobs and the economy his priority, he said Wednesday, including working to extend long-term unemployment benefits. House Republicans did not vote on an extension of benefits this year, but in a call with reporters, Norcross said the measure was essential for residents of New Jersey and other states. "There are many, many people who need that lifeline," he said. Norcross, a Camden County Democrat, last week defeated Republican former Eagles player Garry Cobb for the First Congressional District seat with 57 percent of the vote.
October 30, 2014 |
The collapse of New Jersey's hospitality industry, driven by the closure this year of four casinos in Atlantic City, is one reason the state's economy is not faring as well as the nation's, an economist said Tuesday at a business forum. "It's really a tale of two economies - the national economy vs. the state economy," said Joel Naroff of Naroff Economic Advisors Inc. in Bucks County. "If I had to give the state economy a grade, maybe I'd give it a 60 out of 100. It's not doing too well.
October 26, 2014 |
TRENTON - New Jersey's candidates for a U.S. Senate seat held their only debate Friday, sparring over issues ranging from the Ebola outbreak to the prospect of a casino in North Jersey. U.S. Sen. Cory A. Booker, a Democrat seeking a full six-year term in the Nov. 4 election, sought to portray Republican Jeff Bell as a tea-party extremist who would block progress in Washington. Bell, a former campaign aide to President Ronald Reagan who was the GOP nominee for Senate in 1978, said Booker would work to advance what he described as President Obama's failed economic policies.
October 24, 2014 |
While education funding worries in Philadelphia and across the state have gotten more headlines, Pennsylvania's overall economic performance may have more impact on the coming election. Most Pennsylvanians understand that the long-term future of the state hinges on its ability to produce a well-educated workforce and attract and retain companies that require growing numbers of highly skilled employees. But even as parents protest education funding policies that shortchange their children, leaving them poorly prepared for tomorrow's jobs, they can't help but also worry about today's stagnant wages and wish they had better employment alternatives.