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FBN’s Lou Dobbs compares the policies of Maryland and Virginia and their impact on the economy of each state.
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Both under the -- talk that I can prove that because I'm getting most of this things on -- through tonight trouble with my wife before we even begin with a chart talked.
We're gonna talk about two states two very different governor.
First we have Merrill.
Governed by liberal Democrat Martin O'Malley and then there's Virginia.
Governed by conservative Republican Bob McDonnell.
Now these this is surely a metaphor for what's going on you know I -- at least the national.
Choice that'll be made in November.
Both of these politicians of this whole rising stars within their parties and both serve as chairman of their party's National Governors Association pretty impressive.
Maryland Virginia are also two states.
Surrounding.
Washington DC in which taxpayer dollars wash all the time and and huge.
Huge amounts and with great regular so let's take a look.
What has happened to the states their economies.
And the political environments.
Since taking office in 2007.
Governor O'Malley.
As an -- and are you ready for this nineteen that.
Excellent.
Just trying to help.
The two parties understand where they are with the economy and with the body public.
Nineteen major tactics including a millionaire's tax and income tax our sales tax a bigger -- acts of the stacks.
A tobacco tax from alcohol sales thank you name it Marilyn.
And this and governor O'Malley of their behind it they're taxing it.
And as a result the anti tax group called -- Maryland now estimates more than 30000.
30000.
-- wealthy residents.
-- -- Have well they fled the state and its high taxes there out of there.
And that is estimated to have cost -- more than one and a half.
Billion dollars one and a half billion.
In lost revenue one and a -- the and that's part of a larger trend because Maryland has lost nearly a 100000.
Residents.
100.
Thousand residents.
In the past decade let's contrast that -- Virginia.
Virginia has significantly lower personal and corporate tax rates than Merrill.
Virginia actually gained more than.
A 100000 residents actually 170000.
Residents.
Over the past decade.
On Maryland was losing -- meanwhile Virginia this posted its third straight budget surplus.
Third.
Surplus.
-- -- -- -- -- -- -- -- -- -- Virginia's five point 7% unemployment rate by the way is the lowest in the entire region five point 7%.
-- -- Is one of the lowest in the country.
Much more than marijuana which by the way is better than much of the country but it's seen its unemployment rate rise from six point 5%.
Six point 5%.
Back at the beginning of the year.
And that has now risen to -- Are you -- nearly 7%.
Six.
It's six point.
9% so you know in the course of six months -- talking about.
Basically working -- -- percent.
In a short period of time 7% basic despite all those taxes Maryland.
Merrill.
-- carrying a deficit of about a half billion dollars a deficit.
Despite all of this.
Of a half.
Billion.
Dollars.
Are you kidding they're more differences of course -- like Marilyn Virginia has a right to work state.
Meaning employers have a right to keep -- job without joining a union.
It's no wonder that -- magazine named Virginia.
Virginia is the seventh.
Best.
State in the union.
Which to do business.
While -- and is.
Look at a lot of numbers under Maryland analysts in the governor's used to that.
Fortieth.
To do business.
Make -- wonder about where we're at the last ten a separate study by the American legislative exchange council by the way -- Virginia third in the nation.
-- economic prospects.
Third.
Compared to Marilyn's.
21.
The politics of along the Virginia governor is talked about as a potential vice presidential contender.
Maryland's governor is dropping hints about a potential run for president -- sixteen.
No one else is talking about -- Mali's political ambitions.
