The state of working families in Maryland has deteriorated, and the prospects for the future are shaky, unless state and national governments take strong action to promote a broadlyshared recovery
BALTIMORE, Dec. 20, 2010 /PRNewswire-USNewswire/ -- By numerous indicators detailed in this report, working families in Maryland are hurting, even as Maryland has retained its ranking as the wealthiest state in the nation. Business profits and stock prices have recovered, but employment and median incomes have not. The national and state economies are on a path to a "jobless recovery." The danger Maryland faces is that most of the gains of the economic recovery will flow to the wealthiest Marylanders. New jobs will be few, and those that emerge will have lower wages and fewer benefits than before the recession.
What: Press Conference Releasing "The State of Working Maryland 2010"
When: Tuesday, December 21, 2010, 11:00am
Where: Conference call no.: 18778721423; pass code 3891537452
Who: The Maryland Budget & Tax Policy Institute and The Progressive Maryland Education Fund
- Since 2000, median household income in Maryland increased only 0.5% in inflation adjusted terms, from $69,694 to $69,272 (in 2009 dollars). The median household income in Maryland actually declined in 2009 compared with 2008.
- Over the last decade, the rate of poverty in Maryland has risen from 7.4% in 2000 to 9.1% in 2009.
- Maryland's unemployment rate stands at 7.4% the highest level since 1983.
- In Maryland, female workers have been marginally better off than their male counterparts during 2009 with an unemployment rate of 6.1% compared to 8% for men.
Public policy has a crucial role to play in addressing this danger. National and state governments must promote the development of jobs that can support families. They must support initiatives in training and education to prepare workers for 21st century job demands.
SOURCE The Maryland Budget & Tax Policy Institute and The Progressive Maryland Education Fund