Comptroller Peter Franchot continued his conversation with Center Maryland discussing Maryland’s economy and debt.

In commenting about Maryland’s debt situation, Comptroller Franchot said,

We have a debt problem where we will literally not be able to pay the debt service without an increase in the state’s property tax or some draconian cuts to programs we all value.

He emphasized that we have underlying employment and wage growth issues and offered three solutions.

One would be a two-year moratorium on tax increases – Saying to the business community, let’s get back to the center. Second thing would be give them predictability and stability in regulations – no big changes.  Most importantly, give us some customer service from State, county, and municipal governments. Private sector in front, public sector a good, constructive, junior partner.