UI Trust Fund Press Conference

Statement

By:  Martin O'Malley
Date: Oct. 15, 2012
Location: Washington, DC

Thank you. We're joined by our new Secretary of Labor, Licensing and Regulation Leonard Howie. To President Miller, and Speaker Busch,… Senator Middleton, as well as the fiscal leaders of the House and Senate,… thank you for your partnership.

There is no progress without jobs. There is no recovery without jobs. In Maryland, our small and family-owned businesses -- the backbone of our economy -- are leading our way forward out of the Bush recession, with the 8th fastest rate of job recovery in the nation.

Because we are a national leader in jobs recovery, because of the strength of our businesses, and because of the effective, cost-neutral legislation we passed together in 2010:

Today, we are able to announce that we are significantly lowering Maryland's Unemployment Insurance taxes for businesses in our State.

In fact, most employers in Maryland will pay at least $100 less in taxes per worker.

As a result of our choices together, we have secured the 5th highest Trust Fund balance in the nation. At the same time, fewer Marylanders today have to rely on unemployment benefits.

All of these signs point in one direction: forward. Maryland's economy is improving. And with this lower tax rate for our businesses -- especially our small and family-owned businesses -- we're set to recover even faster with more jobs and a stronger economy.