Posted 12/9/2023, 12:38:50 PM
Maryland Economist: Population Growth Needed to Address Looming Budget Deficits
- Maryland needs to grow its population to grow its economy and address budget problems, says Towson U. economist Daraius Irani
- The state's labor participation rate is 4% lower than pre-pandemic, representing 130,000 "missing workers"
- Federal pandemic aid has run out, ending recent historic budget surpluses
- The state faces projected budget deficits ballooning to $2 billion by 2029 without revenue growth
- Rather than cuts or tax hikes, Irani advocates for population growth to drive economic and tax revenue growth