Report: Maine's recovery chances grim
While Maine's economic performance places it in the middle of the pack, the state has one of the worst economic outlooks in the country based on state policies, according to a new report from the American Legislative Exchange Council.
The report, Rich States, Poor States: ALEC-Laffer State Economic Competitiveness Index, ranks the 50 states based on the relationship between policies and performance, revealing which states are best positioned to make a recovery, and which are not. Maine was ranked No. 47 based on its economic outlook, a ranking based on 15 variables, including the top marginal corporate income tax rate (Maine's is 8.93%, placing it No. 38 among the states), property tax burden (Maine's is $53.41 per $1,000 of personal income, placing it No. 48) and average workers' compensation costs (Maine's is $3.04 per $100 of payroll, placing it No. 45). Read Maine's report.
The report also ranked the state's economic performance based on the historical measure of per capita personal income, absolute domestic migration and non-farm payroll employment. Maine ranked No. 24 in this ranking.
The report warns that the federal bailout funds heading to states will likely encourage increased spending by states, which has increased 124% over the last 10 years.
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