Politics & Government

Franchot: Government Should Focus on Business

State Comptroller Peter Franchot discussed four policies the state government should implement to speed Maryland toward more prosperity and more jobs.

To improve the business climate in Maryland, state government should focus on helping businesses create jobs, Comptroller Peter Franchot said Thursday in Pikesville.

"Our economic focus is on government—how to generate revenue for government," he said during a meeting held at the . "Instead, government should be a constructive, junior partner in helping businesses to produce jobs."

The business climate in Maryland during next few years could still be rough, Franchot said. "But be assured that three or four years from now it will be ... much more prosperous," if the state's priority is the private sector, rather than the government, the comptroller contended.

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Jobs are created by businesses, not through stimulus money, Franchot argued. According to Franchot, state government should do the following to help businesses create more jobs:

1. Give a two-year time-out from tax and fee hikes. That includes increases on gasoline and alcohol that will be before the state legislature in the next session that begins in January.

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2. Honestly balance the budgets

3. Work with businesses in a collaborative way to create jobs

4. Improve financial literacy. Financial literacy begins with high school students, Franchot said, and he is proposing that all high school seniors take a mandatory course on that topic.

"If we do those four things, the state's business reputation will, within a year, improve dramatically," Franchot said. "And the private sector will feel much more comfortable about producing jobs in a state that has its fiscal house in order."

Once those policies are implemented, Maryland could regain prosperity quickly, he said. That's because Maryland is "a strong state," and Marylanders have "incredible spending power."

That spending power makes Maryland one of the wealthiest states in the country, Franchot said. That's partly because many Maryland households have two incomes.

The comptroller urged elected officials to put aside partisan issues and work together to get back to a more prosperous business climate. "I don't know what it will take to unite ... (but) there are plenty of things that divide," Franchot said.

And he said he looks to business people and the state's chambers of commerce to create needed jobs.

David Elkes, immediate past president of the Pikesville chamber, said he enjoyed hearing Franchot's talk.

"He always has a unique perspective," Elkes said. "I respect that. Even when it puts him at odds with his party."

Literacy for prosperity

John Gontrum, constituent services officer for Franchot, said Franchot's office is conducting  a petition drive for the financial literacy course. They're trying to get 10,000 signatures in support of establishing course for high school students.

The course would cover credit and credit scores, balancing a checkbook, compound interest and the consequences of not paying bills, among other topics, Gontrum said. For more information, or to sign the petition, visit the comptroller's Spotlight on Maryland website.


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