Why Pennsylvania is giving $100 to every baby born or adopted in the state

Pennsylvania state capitol building

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It is not an easy time to be the treasurer of Pennsylvania.

Joseph Torsella, a Democrat elected treasurer in 2016, has to cope with a simple fact of life: age. His politically important swing state has the sixth largest economy in the nation — but it also has an aging population, 18.2% over 65, compared with a national average of 16%.

“Some of these numbers suggest a kind of torpor,” Torsella says.

In an era when most political innovation is coming at the state level, Torsella is emerging as a leader, with a host of initiatives — from a pugilistic lawsuit against Wall Street to a package of cutting-edge programs aimed at getting Pennsylvanians to save more — driven by behavioral finance insights. This includes…

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