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Office of the State Treasurer

Office of the State Treasurer. Bruce L. Poliquin State Treasurer. IMPORTANCE OF FISCAL PRUDENCE. Sign-up for email updates at www.maine.gov/treasurer/outreach. Spend More Than Take In $1+ TRILLION Budget Deficits $15 TRILLION Federal Debt Credit Downgrade. DC FISCAL NIGHTMARE.

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Office of the State Treasurer

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  1. Office of the State Treasurer Bruce L. Poliquin State Treasurer IMPORTANCE OF FISCAL PRUDENCE Sign-up for email updates at www.maine.gov/treasurer/outreach

  2. Spend More Than Take In $1+ TRILLION Budget Deficits $15 TRILLION Federal Debt Credit Downgrade DC FISCAL NIGHTMARE Sources: Congressional Budget Office; Standard & Poor’s

  3. 50th Rank – Worst in U.S. Stifling Regulations 56 New Private Sector Jobs 1999-2009 Med Household Inc $19k/year Less vs NH MAINE BUSINESS CLIMATE Kids Leave for Jobs Elsewhere Sources: 2010 Forbes Magazine; Maine Dept. of Labor; U.S. Census Bureau.

  4. 1. Spend Less 2. Tax Less 3. Regulate Less 4. Lower Energy Costs 5. Lower Health Insurance Premiums 6. Reform Education HOW TO CREATE MORE PRIVATE SECTOR JOBS Build Business-Friendly Climate

  5. STEP 1. HIGH GOVT SPENDING = HIGH TAXES 17th Highest State Spending Per Capita 7thHighest Tax Burden $ 6,000 13% 12.6 Pers. Inc. 5,628 12 5,500 11.0 11 5,000 4,926 10 4,500 9 4,000 8 ME U.S. U.S. ME Sources: Kaiser Foundation; U.S. Bureau of Economic Analysis.

  6. Pensions for Teachers + State Emp. Health Insurance for Teachers + State Emp. Hospital Debt 1. ELIMINATE $3 BILLION OF DEBT $200 Million/Year Less Spending Source: Maine Public Employees Retirement System.

  7. $150 Million Tax Cut 460,000 Mainers Keep More Money 70,000 Pay $0 State Income Tax Business Tax Cut for Equip Invest No Fuel Tax for Commercial Fishing Death Tax Exemption $1 $2 Million STEP 2. TAX LESS Less Expensive Live + Do Business

  8. Ask Job Creators Common Sense Changes Lobster Traps on Dock Gift Cards Maine Revenue Service Appeals Gift-a-Fish STEP 3. REGULATE LESS Easier Do Business in Maine

  9. STEP 4. HIGH ENERGY COSTS = FEWER JOBS 43% Higher Electricity Cost 18th Highest Gas Tax 32¢ gal 17¢ kwh 15.9 31 16 31 30 14 29 28 12 28 11.1 27 10 26 8 25 ME U.S. ME U.S. Sources: U.S. Energy Information Administration; The Tax Foundation.

  10. All Sources Explored Natural Gas Pipelines Keep Hydroelectric Dams Cheap, Plentiful, Green Canadian Power Eliminate Taxes on Monthly Electric Bills STEP 4. REDUCE ENERGY COSTS Lower Energy Costs = More Jobs

  11. STEP 5. HIGH HEALTH INSURANCE PREMIUMS = FEWER JOBS Anthem Monthly Premium (40-yr-old w $5,000 Deductible) $500 • New Maine Law • Close Dirigo Health • Buy Insurance Across State Lines • High Risk Pool • Cheaper Premiums for Healthy 440 400 300 216 200 100 0 NH ME Sources: Anthem Blue Cross Blue Shield; U.S. Government Accountability Office.

  12. STEP 6. HIGH EDUCATION COSTS + POOR RESULTS = FEWER JOBS 12th Highest Cost Per K-12 Student $12,000 11,664 11,000 54% of CC Freshman Need Remedial Courses 10,000 9,683 9,000 8,000 ME U.S. Sources: U.S. Government Accountability Office; Maine Community College System.

  13. Charter Schools Flexible Curriculums Student Performance Benchmarks Merit Pay for Teachers Flexible Licensing for Teachers Seamless HS/Trade School/CC STEP 6. EDUCATION REFORMS Better Prepared Workforce = More Jobs

  14. CULTURE OF DEPENDENCY 2nd Highest % Households Receiving Food Stamps 3rd Highest % Population Enrolled in Medicaid 15% 30% 13.8 27 13 25 11 20 19 8.8 9 7 15 ME U.S. ME U.S. Sources: U.S. Census Bureau; Kaiser Foundation; Maine DHHS.

  15. 5-Year Lifetime Limit Waiting Period Drug Testing Termination of Benefits Fraud Task Force WELFARE REFORMS More Personal Responsibility and Independence

  16. Zero Based Budgeting Eliminate Tax on Pensions More Regulatory Reforms More Welfare Reforms Right-to-Work Legislation WHAT’S NEXT Spend Less, Tax Less, Regulate Less = More Jobs

  17. Fiscal House In Order Spend Less, Tax Less, Regulate Less, Borrow Less Attract Business Investment + JOBS Protect Natural Environment Great Place to Live and Work IMAGINE A MAINE… Keep our Kids Here! Sign-up for email updates at www.maine.gov/treasurer/outreach

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