Economists Alan Blinder and Mark Zandi estimate the national unemployment would now be approaching 16% without the economic policy actions of the Federal Reserve, the Bush and Obama administrations, and Congress. The effect in Pennsylvania, factoring in population growth, would be an economy roughly 690,000 jobs short of full employment and a state unemployment rate above 14%.

“Our economy is a product of conscious policy choices,” said Dr. Mark Price, Labor Economist for the Keystone Research Center. “Federal policy stopped the economic free fall. And policy choices at the national and state level will powerfully shape the future health of the economy for middle-class families.”

In the center’s annual State of Working Pennsylvania report, researchers note that the public debate has shifted from boosting the economy to closing the federal deficit. However, the report finds, two deficits of another kind are far more threatening to the economic recovery: a jobs deficit and a deficit in the buying power of the middle class.

“The federal deficit is the wrong enemy,” said Dr. Stephen Herzenberg, Economist and Executive Director of the Keystone Research Center. “Our economy will recover only when we put Americans back to work and pay them a fair wage.”

Federal Policies Avoid Second Great Depression but Challenges Remain

Federal policy actions taken in the wake of the Great Recession have worked by stabilizing an economy that was on the brink after the recession took hold, the report found.

Before passage of the American Recovery and Reinvestment Act (ARRA) in early 2009, Pennsylvania was losing nearly 30,000 jobs per month. By contrast this year, job growth has returned to the Pennsylvania economy, which added 64,000 jobs during the first half of 2010.

More recently, Congress’ extension of federal Medicaid assistance to the states and additional school funding to preserve teacher jobs have averted the further loss of as many as 12,000 jobs in Pennsylvania.

Despite the success of ARRA and other measures, Pennsylvania’s economy faces an enormous jobs deficit that requires further policy action. Current projections put the state’s unemployment rate at a high 7.2% in 2014 – a full seven years after the recession started.

In July, Pennsylvania was nearly 300,000 jobs short of full employment and had an unemployment rate of 9.3%.  To close this jobs deficit by July 2015, the Pennsylvania economy would have to produce 7,900 jobs a month – a rate of job growth more than three times larger than the average job growth that occurred during the last economic expansion.

Middle-class families are also struggling with a deficit in buying power, after decades of stagnant wages, the report found. This deficit prompted many working families to borrow against their homes or take on risky loans that helped precipitate the Great Recession. When the housing bubble burst, it took $8 trillion out of the economy, prompting massive job losses.

The wage deficit is a product of decades of stagnant wages for working families. In Pennsylvania, over the past 15 years, productivity grew by 43%, while the inflation-adjusted hourly wages of college- and high school-educated workers barely budged.

Had wage distribution remained as equal as it was in 1979, full-time, year-round workers would be earning between $2,800 and $3,750 more per year today. Two-earner, middle-class families would be making between $5,600 and $7,500 more per year – more than most Pennsylvania families pays in state and local taxes.

A Need to Shift Focus

The jobs and wage deficits pose far more immediate problems for Pennsylvania families than the federal debt and deficit, which has dominated public discourse during this election cycle, the report concludes.

Despite the contributions of ARRA, economic growth has stalled again in recent months and unemployment remains stubbornly high. Cuts in state and local government are reducing economic demand that much further.

“We have reached a moment of truth,” Dr. Price said. “Anything less than stellar employment growth over the next several years will be an unmitigated disaster for hundreds of thousands of Pennsylvania families. Our policymakers need to make averting this disaster Priority No. 1.”

View the full report at: http://keystoneresearch.org/sites/keystoneresearch.org/files/state-of-working-pa-2010.pdf

The Keystone Research Center is a nonprofit, nonpartisan research organization that promotes a more prosperous and equitable Pennsylvania economy.

“We are honored that the World Economic Forum Selection Committee has chosen Neuronetics as a Technology Pioneer. The NeuroStar TMS Therapy system is making a profound contribution to the well-being of depression patients and their families. Depression is a debilitating disease that creates an enormous personal burden, is responsible for the consumption of vast amounts of health care resources, and reduces workplace productivity. By treating depression with the NeuroStar® system, we are working to address these critical issues for patients, payers and employers,” said Neuronetics’ President and CEO, Bruce Shook. (For a complete review of Mr. Shook’s comments visit www.weforum.org/techpioneers.)

About NeuroStar TMS Therapy

NeuroStar TMS Therapy was cleared by the FDA in October 2008 for adult patients with major depressive disorder who have not adequately benefitted from prior antidepressant medication*.

NeuroStar TMS Therapy is a non-systemic (does not circulate in the bloodstream throughout the body) and non-invasive (does not involve surgery) form of neuromodulation. It stimulates nerve cells in an area of the brain that has been linked to depression, by delivering highly focused MRI-strength magnetic field pulses. The treatment is typically administered daily for 4-6 weeks. In an open-label clinical trial, which is most like real world clinical practice, approximately 1 in 2 patients experienced significant improvement in symptoms, and 1 in 3 experienced complete symptom resolution. There were no systemic side effects such as those experienced with some antidepressant medications. The most common adverse events related to treatment were scalp pain or discomfort at the treatment area during active treatments. There is a rare risk of seizure with TMS Therapy (0.1% of patients under general clinical use). NeuroStar TMS Therapy is not indicated or effective for all patients with depression; it is available only upon the prescription of a psychiatrist. For full safety and prescribing information, visit www.NeuroStarTMS.com.

Availability of NeuroStar TMS Therapy

Treatment with NeuroStar TMS Therapy is available at over 200 treatment centers in 37 states. For information on specific treatment locations that offer NeuroStar TMS Therapy, please visit www.NeuroStar.com or call the Neuronetics Customer Service Center at (877) 600-7555.

About Neuronetics

Neuronetics, Inc. is a privately-held medical device company focused on developing non-invasive therapies for psychiatric and neurological disorders using MRI-strength magnetic field pulses. Based in Malvern, PA, Neuronetics is the leader in the development of TMS Therapy, a non-invasive form of neuromodulation. Neuronetics was created as a spinout of The Innovation Factory, a medical device incubator in Duluth, GA. For more information, please visit www.neuronetics.com.

* NeuroStar TMS Therapy® is indicated for the treatment of Major Depressive Disorder in adult patients who have failed to achieve satisfactory improvement from one prior antidepressant medication at or above the minimal effective dose and duration in the current episode.

NeuroStar®, NeuroStar TMS Therapy®, and TMS Therapy® are registered trademarks of Neuronetics, Inc.

SOURCE Neuronetics, Inc.

The Gaming Control Board reported today that slot machines produced gross revenue of $196,635,849 in August of this year and $108,121,631 in tax revenue. That compares to $186,936,232 in gross revenue and $102,789,443 in tax revenue during August 2009.  Slot machine revenue is taxed at 55%.

Revenue for the month also showed an increase of 2.60% when comparing just the eight casinos that have operated for at least a full year. The ninth casino, The Rivers, opened on August 9, 2009, and therefore could not be utilized for this comparison.

Gaming Control Board Chairman Greg Fajt said the solid figures in August complete a strong summer for gaming in Pennsylvania.

“Expansion at Commonwealth casinos during the past 90 days has produced tremendous benefits to Pennsylvanians,” says Fajt. “In addition to the growth in tax revenue from slot machine gaming that affords, among other things, a reduction in homeowners property taxes, more than 4,000 additional jobs were created through the rollout of table games.”

Gross revenue for each of the casinos operating in August 2010 is as follows, with percentage change reflected for those casinos that were operating in both years:

*The Rivers Casino was opened for only 23 full gaming days in August 2009.

The average number of slot machines operating statewide daily during August was 25,051.

About the Pennsylvania Gaming Control Board

The Pennsylvania Gaming Control Board was established in 2004 with the passage of Act 71, also known as the Race Horse Development and Gaming Act.  Pennsylvania’s first new state agency in nearly 40 years, the Gaming Control Board is tasked to oversee all aspects of the state’s casino industry.  To date, with nine of a maximum fourteen casinos in operation, legalized gaming in the Commonwealth has created over 8,000 new living wage jobs, revenue that has provided property tax reduction in each of the past three years for all homeowners, funds that have reinvigorated Pennsylvania’s horse racing industry, and new revenue to local governments that has funded scores of community projects.  A wealth of information about the Gaming Control Board and Pennsylvania’s gaming industry can be found at www.pgcb.state.pa.us. At this web site, visitors can view videos of Board meetings and the operation of the PGCB, obtain information on identifying a gambling problem and gaining assistance, look up future meeting schedules and past meeting transcripts, access an interactive map of casino locations, request a speaker for their group, along with much more information.

The two students are De-Anna Real, of William Penn Senior High in York, and Jamal James, of West Philadelphia High School in Philadelphia. They were among a group of 20 students from 10 states to receive a scholarship. Each student’s high school will also receive a $1,000 grant from the Charles Schwab Foundation.

“The achievement of these two young people should send a strong message to their friends and families, their teachers and principals, and school districts and school boards around Pennsylvania,” said Kaplan. “If more Pennsylvania students and schools follow their example and focus on the importance of financial literacy, Pennsylvania’s economic future will be stronger.”

The competition is designed to illustrate the relevance of financial capability, allowing students to demonstrate what they have learned and assess their financial knowledge. The competition also challenges high school teachers and other educators to teach the basics of personal finance to their students.

More students from Pennsylvania scored in the top 20 percent of the competition than from any other state. Pennsylvania high schools and teachers participated in greater numbers than other states and Pennsylvania students ranked third in the number of perfect scores achieved. Information about this national competition can be found online at www.challenge.treas.gov

The Department of Banking, through its Office of Financial Education, helps Pennsylvania’s teachers incorporate age-appropriate personal finance principles into the reading, math and other subjects they already teach. For more information, visit www.moneysbestfriend.com

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The ticket and prize will expire one year from the date of the drawing, but an in-person claim should be presented to the Lottery by Friday, Sept. 17.

“The Lottery never likes to see a prize expire, so we encourage players who purchased Powerball tickets last September to check storage and hiding spots for old tickets,” said Lottery Executive Director Ed Trees. “A couple of months ago, a Montgomery County couple claimed a prize worth $200,000 just days before its expiration date, and we hope for a similar last-minute claim for this prize.”

The soon-to-expire Powerball ticket correctly matched all five white balls drawn, 05-24-25-30-49, but not the red Powerball, 23, for a $200,000 second-tier prize, less 25-percent federal withholding. It was sold at Hannold’s Sunoco, 4701 Jonestown Rd., Harrisburg, Dauphin County.

The Pennsylvania Lottery encourages the ticket-holder to sign the back of the ticket, call the Lottery at 717-702-8146 and file a claim within the next two weeks at Lottery headquarters in Middletown, Dauphin County, or at any of Lottery’s seven area offices. Claims may be filed at headquarters Monday through Friday, from 8 a.m. until 4 p.m., and from 8:30 a.m. until 4:30 p.m. at area Lottery offices.

Because the prize expires on a Sunday, the last chance to file a claim in person will be Friday, Sept. 17, at 4 p.m. at Lottery headquarters or 4:30 p.m. at an area Lottery office. A claim submitted by mail must be postmarked by Saturday, Sept. 18.

Unclaimed, expired lottery prizes remain in the Lottery Fund and are used to support programs benefiting older Pennsylvanians.

How to Play Powerball: To play Powerball, players pay $1 and select five white balls from the first set of 59 numbers plus a single red ball, the Powerball, from a second set of 39 numbers. Players may select their own numbers using a Powerball play slip, or they may opt for computer-selected quick picks. Players must match all five numbers drawn plus the Powerball number to win the jackpot. There also are eight additional ways for players to win a cash prize. Drawings are held on Wednesdays and Saturdays.

Powerball features an option called Power Play. For an extra $1 per Powerball play (game), players can multiply their Powerball prizes by 2, 3, 4, or 5 times the original prize amount for all prizes EXCEPT the jackpot. Prizes can multiply up to $1 million.

About the Pennsylvania Lottery: The Pennsylvania Lottery remains the only state lottery that designates all its proceeds to programs that benefit older residents. Since its inception 38 years ago, the Pennsylvania Lottery has contributed more than $20.1 billion to programs that include property tax and rent rebates; free transit and reduced-fare shared rides; the low-cost prescription drug programs PACE and PACENET; long-term living services; and the 52 Area Agencies on Aging, including more than 600 full- and part-time senior centers throughout the state. The Pennsylvania Lottery reminds its players to play responsibly. Players must be 18 or older.

The team, which is based out of Harrisburg with members from throughout Pennsylvania, will be staged at Westover Air Reserve Base in Massachusetts.

“These responders are ready to go to work at a moment’s notice,” said French. “If needed in the aftermath of the hurricane, this team will work quickly to aid anyone who may be trapped or injured.”

PA-TF1 is one of 28 certified, operational and deployable federal assets of the National Urban Search and Rescue System established by the Federal Emergency Management Agency. They are comprised of more than 210 personnel from numerous participating agencies. This includes personnel staffing management, rescue, medical, search and technical team positions.

French reminded Pennsylvanians of available resources that can help them prepare for and respond to any emergency. Materials such as home and car emergency kit checklists and emergency plan templates are available online at www.ReadyPA.org or by calling 1-888-9-READYPA.

Blox has 65 skilled employees manufacturing the modular units and 11 administrative employees. It has eight projects either underway or contracted to begin over the next three years and projects it will add another 57 employees during that time.

The company is eligible to take an additional $50,000 in loans for every 15 jobs it adds to its Pottstown facility up to a maximum of $250,000 in calendar year 2010.

The Commissioners also gave a $50,000 grant to Brooks Instrument for the company to upgrade its headquarters on West Vine Street in Hatfield.

Brooks Instrument manufacturers high-precision flow meters, pressure meters and other measuring devices. It employs 204 at its Hatfield facility and will move 113 high-skill jobs from Texas over the next two years.

The Montgomery County Commissioners awarded $50,000 grants to these two companies that will create jobs under the County’s Economic Development program.

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Enjoy this three days of family-oriented fun, including live music and dance, food, arts and crafts, exhibits and demonstrations from the Scottish and Irish cultures.

The fun begins at 6 p.m. Friday with an evening concert featuring Tree and Norsewind as the headline acts. The fun resumes Saturday and runs all day, from 9:30 a.m. to 10 p.m., with music from the Martin Family Band and The Hooligans. There will be a concert Sunday featuring the band Ceilidh and event wraps up at about 5 p.m.

Other performers and demonstrators will include Bridget Burning Clearly, Pipe Bands, Irish Step-Dancers, Highland Dancers, Society for Creative Anachronisms, Celtic Face Painting, and we will be welcoming back the sheepdog demonstrations and highland games.  Additionally, classic and Celtic food vendors and merchants of authentic Scottish and Irish wares will be on site.

This is a rain or shine event. Admission is free, but there is a $5 parking fee. If you would like more information about this program, please call Green Lane Park at (215)-234-4528 or visit us on the Web at http://parks.montcopa.org/sifestival

Presentations will focus on education plans and strategies within the tri-county area.  The Membership Breakfast will be held on Thursday, September 9, 2010 from 7 – 9 AM at Spring Hollow Golf Club, 3350 Schuylkill Road in Spring City.

The Superintendents in attendance will be given the opportunity to speak about the programs that their school districts are initiating to prepare high school students for a future in the workplace. The school districts to present include Boyertown, Pottstown, Pottsgrove, and Spring-Ford School Districts.

The Chamber will also proudly introduce the following new members that have joined since the last Membership Breakfast held on June 10th: TMC Business Solutions, A.C. Miller Concrete Products, Inc., Copperfield Inn at Lakeside, RK Consulting Services, The Growth Coach, J. H. White Financial Services, LLC., Goose’s Tobacco Outlet & Café, The Post Publications, Physicians Care Surgical Hospital, Money Management International, Java Heaven.

The Breakfast is $25 per Member prepaid; $30 per Member invoiced; & $30 per non-member.  The event is being sponsored by Diamond Credit Union.  For more information about this event, visit the Chamber Calendar on www.tricountyareachamber.com.

The TriCounty Area Chamber of Commerce is a membership based, business advocacy organization serving over 600 businesses in southeastern Berks, western Montgomery, and northern Chester Counties and along the Route 422 Corridor.  The mission of the organization is to provide relevant membership services and proactive leadership to enhance economic opportunity and quality of life within our region.  For more information, contact the Chamber office at 610.326.2900 or visit tricountyareachamber.com.

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