Maryland Generated Just 2.9 Percent GDP Growth 2010-2013
Another day, another terrible economic ranking for the state of Maryland.
The Washington Examiner reports that new data from the Bureau of Economic analysis shows the economic recovery from “The Great Recession” has been uneven among the states. Maryland, once again is on the short end of the stick.
The BEA data shows that between 2010-2013 Maryland’s gross domestic product grew at an anemic 2.9 percent, 43rd highest in the nation.
This new data comes on the heels of BEA data that showed Maryland had zero percent GDP growth in 2013.
The Examiner does note that federal sequestration is in part to blame for dragging down GDP growth in Maryland, the District of Columbia and Virginia.
However, the sequester, which only slowed budget growth, only underscores the fact that Maryland doesn’t have a business climate so much as it has a government climate. If Maryland had a more robust private sector, one not burdened by over regulation and confiscatory tax rates, and not governed by a crony capitalist political machine, the state would have better fared the economic storm.
And, not by coincidence, Maryland’s middle class has shrunk during the “recovery” while the lower class and upper classes expanded.