The Board of Revenue Estimates wrote down projected state revenue by more than $405 million for the 2015 and 2016 fiscal years. Less than half of that, $177.1 million, was written down for the 2015 fiscal year that began in July. The remaining $228 million write-down was for next year's projected revenue.
"Uncertainty serves as a serious deterrent to economic growth," Franchot said in the statement. "Whether it's sequestration, unpredictability in the tax and regulatory environment or an inability to make long-term federal budgeting decisions, most of the uncertainty is based on political problems and decisions, as opposed to global economic conditions."
Franchot listed a number of economic headwinds hitting the state. Wages and salaries are stagnant. Local businesses are struggling to meet payrolls and turn profits. Families have cut back on spending because money is tight or they're worried about jobs.
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25 comments:
SBYnews has been reporting this same observation for more than 2 years now. We have also conveyed this information to the public, and, to our County & State officials.
We saw this train coming long before it entered the station. The workforce numbers show that Wicomico County has faired far worse than most areas of the State. Bottom line - the is virtually no growth in the GDP, and, THERE IS NO STIMULUS TO IMPROVE THOSE NUMBERS.
In effect - it is a result of lack of leadership. We have seen it and our hope is that the GENERAL PUBLIC WILL ALSO SEE IT AND ACT UPON IT AT THE POLLS IN NOVEMBER!!!
THE TRUMPET HAS SOUNDED!!!!
POLLITT and team including Strausberg and Mackle will attempt to promote Wicomico in a different light. I've seen it happen too many times from the county. After all its election year so Ricky needs to look good. People we need to rid ourselves of the tax and spend dems and give Bob Culver a chance to make a change.
So with lower revenues, Pollitt will steal from roads again or from where....understand they have already earmarked money from reserve funds. when Culver brought this up at a meeting Rick played word games with the way Culver said it and tried to make Culver look like he didn't know what he was talking about when actually Pollitt was trying to cover it up. The money hasn't been moved yet, but it is earmarked to balance budget. Because it hadn't physically been moved, Pollitt tried to say it the reserve fund hadn't been touched. Well - when funds are "earmarked" - they are set aside for a purpose. QUIT PLAYING YOUR STUPID GAMES POLLITT...WE ARE ON TO YOU.
Thank you. Beezer. This has been a topic in Maryland since 2009, and it's not until now that the guy with his finger on the pulse figures out the patient is dying? Pure genius!
Please understand that all of this begins on the local level. Remember Norm Conway was on the City Council, then the Wicomico Council, then a Delegate. Most politicians climb the ladder this way.
I agree with Beezer, way to many fingerprints on the budget document to just gloss over. I hope the general public boots the County Exec & staff out the door.
Time for a change.
He is how it works in Wicomico, mid year they step forward and say everything is rosey ( example giving raises to Mike Lewis) then at budget time they say we just can't make it without raising taxes. I hope when the new council is elected they will see though this crap.
Yep, you can tell it's an election year. The status quo is trying to tickle the voters ears all the while knowing it is a deception.
Look out citizens, and bend over.
Peter Franchot is an idiot who should have known this was coming. PLEASE VOTE REPUBLICAN!
Like this guy.He has been a thorn in his own democrat party for years because he's stands for what is right not just marching to party line.
I agree 2:34. Thats because he is schooled in finance and economics. At any rate in this one party state of ours it will take democrats like himself to bring down the corrupt. Hogan is good but with an R after his name he wont get elected. Marylanders are ignorant.
No, 234, His statement quoted in this article might as well read, "Gee, I haven't been paying attention for the last 8 years, and I just woke up and saw this!"
He needs to go. That statement is just a re-election ploy.
Quit being an idiot.
Even our State Comptroller sees the handwriting on the wall. Maryland's budget numbers were unsustainable from the get go.
What does our illustrious Governor and his horde of bandits do, increase taxes to the max - including the rain. Doubling the flush tax, increasing gas taxes, increasing our Bay Bridge Toll, without even allowing the public to have input.
What a mess!!! I say get rid of anyone with the D in front of their party affiliation.
It is interesting that there are so few Dem campaign signs on the shore. They simply don't care what people here think or how they vote. The Shore is just their piggy bank.
Everyone wait for this Brown character to become governor... he can't wait to raise taxes and regulations... 8 years of this liberal loser may just bankrupt this state
Peter Franchot is sucking up to the Republicans and the conservatives. Why didn't he report this months ago. How convenient a month away from an election.
6:18. He has been vocal but most Marylanders arent listening.
WHAT in the hell has happened to the Billions the Lottery was suppose to pump into our great state and lets not forget the other Billons the CASINO's are suppose to pump into our great state ??? Makes u wonder ....OH that is right I know where all the money is being spent ?? wanna know ?? The Useless unfounded sex offenders list is taking us broke as it is costing tax payers millions to run and maintain and to know where they sleep at night when in fact because of these useless Laws forced on them Many are now becoming homeless as they can't find jobs from being on this useless list and then become homeless and living in the WOODS behind your house watching all your movements like monsters in the dark looking for food. And at the same time costing us millions with nothing in return other than gaining votes for these fools in Annapolis and then they take your vote and laugh at you and then blow your money and leave Md. in the shitter.
MD will eventually decide what the (Liberal) DE representatives have. Casino's profit margins have declined so the taxpayers need to subsidize their success. THEY think that only a small portion of casino operators can run a casino that meets THEIR profit goals. Fact is that, putting casino operations out for bid will bring in a gazillion proposals. STOP the exclusivity of casino management.
Election season politics as usual to be expected from a lying democrat. You're either part of the solution or part of the problem. If you are a democrat, you're part of the problem. He must be swept out in November with the rest of the trash. It's not that I am naïve enough to believe that republicans are the answer to our problems, but I would bet my life that they are at least the lesser of the two evils.
Responding to 5:13 Poster that said; It is interesting that there are so few Dem campaign signs on the shore. They simply don't care what people here think or how they vote. The Shore is just their piggy bank.
Response: I agree - that is why I believe the only real long term solution is for the eastern shore to secede. I called for it at an April CC meeting, and again in a June CC meeting. The eastern shore's representation only garners 9 votes verses 179 on the western shore.
In essence - we have no parity and often our 9 elected representatives are rendered ineffective in making their request. Basically, all 9 would be better off to stay at home and no one would be missed because their vote doesn't matter anyway.
How do I know - because I've read every single House & Senate Bill synopsis for each of the past 7 legislative sessions. That's right over 2600 House & Senate Bills per session.
Beezer:
Maybe we simply need to post a greeting on entering our side of the ditch that states: Welcome to MD's Piggy Bank! We'll miss you when WE move out!
"Local businesses are struggling to meet payrolls and turn profits. Families have cut back on spending because money is tight or they're worried about jobs."
But the O'Malley/Brown administration can give a premium break to workers and retirees just in time for the election with the struggling people's money.
To those bashing Franchot, boy, do you have it wrong. He is crapped on by the state Democratic Party because he does not kiss their butts. He doesn't make the law or spend the money. He accounts for the money, big difference.
He has been calling the state out on this b.s. ever since he got in.
He is the only state-level Democrat I can stand.
4:51,he doesn't make the laws or spend the money idiot.
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