Lots of conflicting views on the US economy. Was discussing the prospect of state or local funding for an historic restoration project with a retired property developer yesterday.
He had moved to Maryland’s Eastern shore from Montgomery County where he had many development projects. And of course financial ups and downs and many “interactions” with local and state government regulators.
Here is his observation from one indicator of the state’s economy. Accurate for the entire situation or just anecdotal, I don’t know. But it does remind us that as in politics, all economic issues are ln the first instance local.
You’re right on. State resources??? I think the state declares bankruptcy in 2 years.
I drive across the Bay bridge a lot. Before Covid, always 10-15 tankers/container ships waiting at anchor south of the bridge to get into the port at Baltimore. Covid? Dropped to 3-5 boats waiting.
After Covid it picked right back up to 10-15. The port even retooled and floated in a $400 million crane system that barely fit under the bridge. Everything was booming.
Now, zilch….nada.. no boats, nothing waiting to unload.
The cost for that $400 million crane to sit idle makes me cringe. The owners will go under, the bank that financed it will get hurt, and the loss of employment on top of those costs. Then add in the loss of tax revenues to the state and city and the loss of revenue to the truckers and rail systems every single day will add up.
I do not see resolution.
I see destruction.
