Anirban Basu, of the Sage Policy Group, Inc. in Baltimore and one of the Mid-Atlantic’s best-known economists, was the featured Guest Speaker during the Luncheon held on Saturday, April 20 at the MDGOP Spring Convention in Baltimore. With facts and figures delivered with deft humor, he presented an interesting and informative talk to a rapt audience.
He began by stating that Maryland’s economy is the 40th best in the USA; Virginia’s is 6th on the list. Forty-seven hundred jobs were added in Maryland in March of 2013; ninety-eight hundred were added in February 2013. Virginia has won the lion’s share of government’s procurements.
Although the sequestration began in March, federal agencies didn’t actually begin implementing it until March so we won’t be seeing the effects of this until April, May and June.
Mr. Basu stated that Maryland’s economy is insufficiently diversified. Where we’re seeing the highest unemployment levels is where government doesn’t spend a lot of money (for example, Maryland’s Eastern Shore, Western Maryland, and Baltimore City). In January and February, Maryland lost jobs but the data showed up that we had gained jobs.
Mr. Basu continued with some “good news facts” about Maryland: Maryland schools have been Number One in the country for five years running; the Port of Baltimore is “coming back, and BWI is a “jewel” of an airport.
But, businesses are re-locating out of Maryland (to Florida and to Delaware). And I quote Mr. Basu here as he stated, “When people are leaving your state to go to Delaware – you’ve got a problem!”
The sequestration actually represents only 3% of the budget. Basu tells people what’s really happening, for example: Maryland increased the gas tax – Maryland having a “lockbox” to spend on transportation = fiction!
Mr. Basu’s recommendations included the following: Republicans must have a package of ideas ready!!; we must grow the economy (Maryland has a horrendous reputation for being business-friendly); Mar
