Maryland's Economy & Unemployment - The Real Truth

A few days ago the Maryland Board of Revenue Estimates released its Estimated Maryland Revenue projections for Fiscal Years Ending June 30, 2012 and June 30, 2013. This report is available online.

Contrary to what the Federal & State governments have been reporting to the american public regarding increased employment - their own reports refute these claims. In fact - on page 2 of the Maryland Board of Revenue Estimates report it states;

'The unemployment rate fell to 8.6% in November, the lowest level since March 2009. Although employment increased by 120,000 jobs, the drop in the unemployment rate was largely due to discouraged workers leaving the work force, which is not necessarily a positive development - in fact, over the past year, the number of Americans not in the labor force is growing faster than the net number of jobs created.'

Also - it is interesting to note in that report it anticipates a reduction in the number of Maryland federal jobs - 5000 in 2013, 12,000 in 2014, and 12,700 in 2015 as a result of the Congressional Joint Select Committee on Deficit Reduction being unable to come to an agreement on $1.5 trillion in budgetary savings over a ten year period - thus automatic spending cuts of $1.2 trillion are now required.

It speaks about how Maryland's housing prices continued to fall even as sales volumne increased - 4.2% drop in the median price marks the fourth consecutive year of decline. It shows how Marylanders Real Property Tax revenue is anticipated to spiral downward until 2013 - as a result of reduced property values due to a sluggish economy.

So as a word of caution before you sit down to listen to the Governor's optimistic State of State speech tonight - make sure you keep one eye on the tube - and the other eye on your pocketbook.