We may now be at the point where our economy and outlook are so upside down that the folks in need will need to move out of state just like so many of the job creators have. This from the individual in the state that understands the financial desperation much more clearly than our leadership does. Worth reading or heres the meat: 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 theyre worried about jobs. The state unemployment rate of 6.4 percent is also higher than the national rate of 6.1 percent, Franchot said. Its wage growth came in at 0.4 percent in the first quarter of 2014, tracking below the inflation rate. The states gross domestic product didnt grow in 2013. Individual income tax receipts, which are the states largest single source of revenue, took a beating. The Board of Revenue Estimates wrote them down by more than $350 million ---- tax receipts down not only because of the above but because risk takers and job creators are fleeing the state in record numbers, every day...
Posted on: Thu, 25 Sep 2014 02:16:36 +0000
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