Maryland has the second-worst economy in the U.S., CNBC found in its 2026 Worst State Economies in America survey, the results of which were released today. "Economic growth and job growth nearly flatlined in Maryland over the past year," the cable TV business channel noted in its analysis. "[H]igh costs, unpredictable taxes, and growing regulatory burdens," are each a drag on the state's economy, as is an over-reliance on government jobs and federal funds. A new IT services tax walloped businesses, sending many firms packing for greener pastures in other states. Especially hard hit by the IT tax were government contractors, a painful irony in a state where little beyond government has been growing this century.
Some factors in CNBC's criteria certainly hit Maryland where it hurts. These included job growth, economic growth, and the number of major companies headquartered in the state. The first two "flatlined" over the last 12 months, in CNBC's own word, and Maryland hasn't attracted a single new major corporate headquarters this century. In fact, the story has been the number of companies leaving the state. "Budget situation" isn't a category any Maryland elected official would want to delve into publicly. Debt? Maryland and Montgomery County are both in deadly serious trouble on that front, as well.
"Small business survival rates?" Ho ho. The ubiquitous "Going Out of Business" and "Everything must go!!!" signs in Montgomery County storefront windows tell a most tragic story indeed.
"Maryland finds itself in a deep hole in 2026, with no easy way out of it," CNBC concluded. But the picture is even bleaker than the one painted by the already-stinging rebuke of a friendly, liberal news outlet. They didn't even mention the budget apocalypse currently forecast for the state in 2030.
Can we continue to whistle past the graveyard, raising taxes and instituting new ones? Refusing for radical ideological reasons to construct the long-delayed new Potomac River crossing to the Dulles area? Continuing to block completion of our master plan highway system? Keep on losing, and often hardly trying, in the corporate HQ relocation sweepstakes?
We could. And we just might end up topping CNBC's worst list in the future. It's one of the few things within easy reach for the buffoonish incompetents currently running Montgomery County and Maryland. After all, "We're number two - we try harder."
Thanks to Wes. Moore and the rest of the Democrats
ReplyDeleteYou mean Thanks to the President for Gutting Government Jobs. The blame game goes both ways and please give our incompetent Federal Government their flowers as well as Democratic Leadership. Everything has to be improved. You can’t blame one side and that excuse is really old at this point in the game.
DeleteOnly the faultless left has an arthritic finger pointing in one direction.
DeleteNo surprise at all
ReplyDeleteThis is ready SAD!!¡
ReplyDeleteWho cares? My job is in dc and it pays big bucks. I live in Maryland and spend my money here. Also, the dc airports are nearby, without the mess of highways that NoVa has. If you want a job go elsewhere. Nobody is stopping you
ReplyDeleteYou're not alone in that most Montgomery County residents have jobs in DC or Northern Virginia. The larger impact of our moribund economy is that we are forgoing a tremendous amount of commercial business revenue, which - along with unrestrained housing growth - leads to our structural budget deficit. We're in the red every year, and they raise your taxes every year to close that deficit.
DeleteHow about talking about Allegany and Garrett Counties who never get state funding and aren’t even recognized in the state of Maryland as part of the state. Why not just cut us out of the state of Maryland and allow us to be our own state. Because right now…We already are!!!
ReplyDeleteLet's start with the current MD budget .
ReplyDeleteGov Tax-us Moore and thr democrate boonies in the state and county level are ruining Maryland. Can't wait to leave.
ReplyDelete