Remember that little matter recently when Maryland officials lowered the projections of state tax revenue for this year and next by a combined FOUR HUNDRED FIVE MILLION DOLLARS and blamed it on an economy that is still recovering at a more sluggish pace than expected.
That’s the first time I’d heard any mention from the Governor or Anthony Brown that Maryland’s economy is still recovering at a more sluggish pace than expected.
But I know why: It’s an election year so they are claiming it is a “lowering of projections”.
I’m saying it is a shortfall.
The definition of shortfall in finance is the amount by which a financial obligation or liability exceeds the amount of cash that is available.
A shortfall often indicates poor financial management practices and if a significant concern for a company, and is usually corrected promptly through short-term loans or equity injections.
But this doesn’t apply to the State of Maryland because Maryland isn’t a company.
If Maryland was a company, it would have gone out of business years ago.
But back to the wildly missed the administration’s projections.
I get it. Some budget analysts missed the projection – but what I don’t get is how they missed the projection by four hundred five thousand million dollars.
If you work in the private sector and missed a budget projection by four hundred five thousand million dollars, you’d be fired.
But that’s not the case with Maryland Government employees. I’m just saying…
Ah, Maryland, my Maryland: The higher the tax rate, the lower the Revenue.
Move along folks, there’s nothing to see here.
As if anyone needed another reason to vote for Larry Hogan...