There is no progress without jobs. And there is no such thing as a jobless recovery. In Maryland, our small and family-owned businesses – the backbone of our economy – are actually leading our way out of the recession, with the 8th fastest rate of job recovery in the nation. In other words, since our recovery has begun,… since the depth of the recession,… our State, in terms of rate of job growth, ranks 8th among the 50 states.
That did not happen by itself. It happened because of the hard work, and really, the courage,… the fortitude that so many family-owned businesses and employers have been showing in the face of these tough head winds – putting food on families tables, caring about their employees, stretching and doing everything possible in order to retain jobs and to grow jobs again.
Because we are a national leader in jobs recovery, because of the strength of our businesses, because of the effective, cost-neutral legislation that we passed together in 2010,… today, we are able to announce that we are significantly going to be able to lower Maryland’s Unemployment Insurance taxes for businesses in our State.
Because of job creation, because of the strides that Maryland employers have made in saving and creating new jobs, we are going to be able to move from Schedule F up to Schedule C. We’re not yet back to Schedule A, but we’re moving in the right direction.
What does this mean for most employers? Most employers pay $187 a year per employee. And some employers actually pay more, depending on their experience and the type of business that they are in. But with the lowering of these rates, most employers in Maryland will pay at least $100 less in Unemployment Insurance taxes annually per worker.
So, because of greater job creation and the fiscally responsible decisions that we’ve made together, fewer Marylanders today have to rely on unemployment insurance. And our Trust Fund is strong.
All of these signs point in one direction, and that direction is forward. We would not be moving forward were it not for family-owned businesses and employers throughout Maryland making the tough decisions to put one foot in front of the other, and to grow their businesses, retain jobs, save jobs, and create more jobs. So, the credit for this movement really goes to those countless numbers of family-owned businesses and employers throughout our State who have been leveraging our strengths, including the great talents we have in our workers, in order to create jobs and grow our economy. That doesn’t happen by itself. It happens because of their leadership.