IFO Releases
2022 Demographic Outlook
October 05, 2022 | Economics and Other
Section 604-B (a)(2) of the Administrative Code of 1929 specifies that the Independent Fiscal Office (IFO) shall “provide an assessment of the state’s current fiscal condition and a projection of what the fiscal condition will be during the next five years. The assessment shall take into account the state of the economy, demographics, revenues and expenditures.” This report fulfills the demographics obligation for the IFO’s release of the Economic and Budget Outlook for Fiscal Years 2022-23 to 2027-28.
Tags: demographic, demographics, outlook
September 2022 Revenue Update
October 03, 2022 | Revenue & Economic Update
The Commonwealth collected $4.22 billion in General Fund revenues for September, an increase of $214.8 million (5.4%) compared to September 2021.
Do SNAP Changes Impact Work Incentives?
September 29, 2022 | Economics and Other
A new IFO research brief examines the impact on SNAP benefits from the ongoing public health emergency that eliminates the income phase-out and the recent expansion of income thresholds from 160% to 200% of federal poverty income guidelines (FPIG). Due to the elimination of the income phase-out, recipients face a vertical all-or-nothing benefits cliff. Research finds that vertical cliffs provide strong disincentives.
SEPTEMBER 2022 MONTHLY ECONOMIC UPDATE
September 19, 2022 | Revenue & Economic Update
The September edition of our Monthly Economic Update includes links to recent articles and reports that provide insight into state or national economic, demographic and fiscal trends.
Property Tax Burden by County
September 06, 2022 | Property Tax
This research brief uses (1) income data from the Bureau of Economic Analysis and the Internal Revenue Service and (2) property tax data from the Pennsylvania Department of Education and Department of Community and Economic Development to estimate county-level property tax burdens across the state for 2020.
August 2022 Revenue Update
September 01, 2022 | Revenue & Economic Update
The Commonwealth collected $2.86 billion in General Fund revenues for August, an increase of $290.7 million (11.3%) compared to August 2021.
Monthly and Quarterly Revenue Estimates
September 01, 2022 | Revenue Estimates
This report provides revenue distributions based on the FY 2022-23 projections contained in the Official Revenue Estimate published by the IFO on June 23, 2022 and the statutory changes that were enacted with the FY 2022-23 state budget.
Student Loan Debt Forgiveness
August 31, 2022 | Economics and Other
The IFO published a research brief that uses a national analysis from the Penn Wharton Budget Model and data from the U.S. Department of Education to estimate the impact on Pennsylvania borrowers from student loan debt relief and other proposed changes to the federal program.
Where Did the Workers Go?
August 29, 2022 | Economics and Other
This research brief updates an original release in July 2022 to show data for two more recent months (job openings, jobs, unemployment rates and labor force) or one quarter (employment by age group).
The IFO published a research brief that examines the factors that caused the PA labor force to contract by 110,000 workers since the start of the pandemic. Factors identified include long-term demographic trends, care of elderly parents, cyber charter and home schooling, wealth accumulation and the elimination of the income-based phase-out for SNAP benefits that creates a punitive cliff for benefits that are twice the pre-COVID level.
Tags: brief, demographics, labor, research
August 2022 Monthly Economic Update
August 22, 2022 | Revenue & Economic Update
The August edition of our Monthly Economic Update includes links to recent articles and reports that provide insight into state or national economic, demographic and fiscal trends.