As reported by the Frederick News-Post, Comptroller Peter Franchot has called for a three-year hiatus on increases in taxes and fees to help the state better recover economically.
On a visit to Frederick on Monday, Franchot said he keeps close watch over the state’s economic indicators, and he is not encouraged by what he sees. Last year, Maryland saw zero percent growth in gross domestic product, underperforming all states but Alaska and the District of Columbia. The state’s unemployment rates are still well above pre-recession levels, he said. Maryland also lags in private sector wage growth and has high foreclosure rates compared with other states, Franchot said.
These economic difficulties persist even with Maryland’s top-ranked educational system and proximity to the nation’s capital, the comptroller said Monday to The Frederick News-Post’s editorial board.
He also shared other suggestions to improve the State’s economic outlook.
…county and state officials should work on providing better customer service to businesses, he said. Finally, Franchot said, the state needs to be more vigilant about how it spends taxpayer funds.