Great, though depressing,
piece in WaTi about Maryland's looming bankruptcy. I especially love the part where the "Doomsday budget" which was supposed to impose all these draconian cuts actually expanded the budget.
Public spending in the Old Line State has risen steadily over the last several years, at an average of 5 percent annually, while population increased less than 1 percent. Contrary to lawmakers' claims, this year's ominously named "Doomsday budget" didn't actually cut spending. Maryland's budget ballooned by $3 billion this year to $37.1 billion. Deficits are equally massive, weighing in at $1.8 billion in 2012 and $1 billion in 2013.
Those gaps were all filled with temporary fixes, leading to an increase in the public debt to almost $28 billion, a burden of more than $14,000 to each Maryland resident.
Not that I'm surprised. I only bring it up to say the kids and I are working on a parody of the state song. Our opening line goes like this:
The despot's heel is on the shore
Maryland, my Maryland.
He's serving as your Governor.
Maryland, my Maryland.
Public
spending in the Old Line State has risen steadily over the last several
years, at an average of 5 percent annually, while population increased
less than 1 percent. Contrary to lawmakers’ claims, this year’s
ominously named “Doomsday budget” didn’t actually cut spending.
Maryland’s budget ballooned by $3 billion this year to $37.1 billion.
Deficits are equally massive, weighing in at $1.8 billion in 2012 and $1
billion in 2013.
Those gaps were all filled with temporary fixes,
leading to an increase in the public debt to almost $28 billion, a
burden of more than $14,000 for each Maryland resident. The cost of
servicing that debt will increase from about 6.5 percent in 2013, to
about 7.5 percent by 2018. The latest figures from the Department of
Legislative Services predict a deficit of over $400 million for 2014 and
2015. Those numbers could easily grow, depending on the outcome of
negotiations in Washington over the fiscal cliff.
Read more:
GHEI: Maryland's budget turkey - Washington Times http://www.washingtontimes.com/news/2012/nov/23/marylands-budget-turkey/#.ULDqzx6XLhk.twitter#ixzz2D9pN8K9v
Follow us:
@washtimes on Twitter
Public
spending in the Old Line State has risen steadily over the last several
years, at an average of 5 percent annually, while population increased
less than 1 percent. Contrary to lawmakers’ claims, this year’s
ominously named “Doomsday budget” didn’t actually cut spending.
Maryland’s budget ballooned by $3 billion this year to $37.1 billion.
Deficits are equally massive, weighing in at $1.8 billion in 2012 and $1
billion in 2013.
Those gaps were all filled with temporary fixes,
leading to an increase in the public debt to almost $28 billion, a
burden of more than $14,000 for each Maryland resident. The cost of
servicing that debt will increase from about 6.5 percent in 2013, to
about 7.5 percent by 2018. The latest figures from the Department of
Legislative Services predict a deficit of over $400 million for 2014 and
2015. Those numbers could easily grow, depending on the outcome of
negotiations in Washington over the fiscal cliff.
Read more:
GHEI: Maryland's budget turkey - Washington Times http://www.washingtontimes.com/news/2012/nov/23/marylands-budget-turkey/#.ULDqzx6XLhk.twitter#ixzz2D9pN8K9v
Follow us:
@washtimes on Twitte
