Comptroller Franchot’s Statement on New Revenue Estimates

News Release, Office of the Maryland Comptroller Peter Franchot

ANNAPOLIS, Md., (December 11, 2019) The Board of Revenue Estimates voted today to slightly increase the September 2019 revenue projections for the Fiscal Year 2020 by 0.1 percent to $18.7 billion, representing a very slight $26.4 million increase. Additionally, the Board will be revising the September estimate for Fiscal Year 2021 to $19.2 billion, representing a 0.6 percent, or $115 million increase from previous estimates.

Following are Comptroller Franchot’s remarks (as prepared for delivery):

“To be sure, these slight increases to our revenue estimates are indicative that our economy as a whole is in relatively good shape.

“The Stock Market is doing well. We have historic unemployment rates, our labor force is strong and we’re seeing modest wage growth. While this is good news for a lot of Marylanders and Americans, we cannot deny the fact that the nation’s economy is working for some, but not all.

“Economic inequality continues to grow and with the continued trend towards automation and the globalization of the American economy, far too many people are not benefiting from this current system. Small businesses are being squeezed out of existence by tax policy, regulatory policy and the onslaught of e-commerce. We are seeing more and more consumers accruing debt at a faster rate than they are saving.

“To put it more simply, many people cannot afford to pay for the fundamental building blocks of success and security – whether it’s health care, college or technological resources. At the federal government level, our national debt continues to grow at an unsustainable pace and the ongoing political gridlock compromises our nation’s long-term economic and fiscal situation.

“That’s why here in Maryland, we must maintain this economic and fiscal path that we’ve created – one that supports small businesses and encourages the innovative and entrepreneurial spirit of the private sector.

“We are exercising fiscal restraint as we make tough decisions on how to best spend the hard-earned tax dollars of our citizens. I’m especially proud that we’ve been able to accomplish this with broad bipartisan support and consensus among the Governor and the General Assembly.

“The future of our State’s economy and financial well-being should not be subject to the usual dysfunctional and toxicity that has become far too common in our political discourse. We can rightly breathe a collective sigh of relief that our economy as a whole is performing very well right now.

“We can’t forget about the millions of Americans and small businesses who continue to struggle and aren’t feeling the benefits of our current economic condition.”

View the data here.

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