Our five economists answer: What are Maine's biggest challenges?
As part of our 2012 forecasting coverage, Mainebiz asked the five economists we tapped for predictions to give us their opinions on Maine's top economic challenges. Here are their answers:
Charlie Colgan, Muskie School of Public Service: Taking any serious efforts to lay a foundation for future economic growth in the fourth year of the worst economic crisis in 80 years.
Amanda Rector, Maine state economist: If the U.S. falls into another recession due to European turmoil, Maine's economy will struggle to stay afloat. Also, Maine is very reliant on oil for gasoline and heating oil, making high prices a great concern.
Jonathan Reisman, University of Maine Machias: Our aging population, crony capitalism, the stealth implementation of the Precautionary Principle [the overly cautious policy stance of the environmental left] in Maine (because it's been implemented without actually mentioning it), high energy prices and the environmental left.
Garrett Martin, Maine Center for Economic Policy: How we weather the coming budget battles and reflect the interests of all Maine people in the process will largely determine our potential long-term economic prospects. We have a choice. We can continue the ideological divide and bitter partisanship that have come to define our political landscape or we can return to our tradition of working together toward solutions that best serve the interests of Maine people. We must acknowledge those things over which we have little or no control and identify solutions consistent with facts, not politics.
J. Scott Moody, Maine Heritage Policy Center: The biggest challenge will be balancing the state budget without tax increases. Already the federal government is cutting back on Medicaid matching funds, which have created a funding crisis in MaineCare. Other federal cutbacks are looming, especially if an across-the-board cut becomes reality.
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