The Trump Effect On Maryland Foreclosures Has Already Begun…
Donald Trump has just released his very first Budget as President of the United States and it calls for HUGE Federal budget cuts. These cuts will dramatically hurt states that rely heavily on Federal spending for social programs such as HUD Community Block Grants, Health Care and Federal Research.
While there is much debate on the broader issues, all of the local economist agree that the (single) Biggest Loser In Trump’s Budget is Maryland!According to the Washington Post… “Trump’s budget proposal this week would shake the federal government to its core! …numerous programs will be eliminated and we will see a historic contraction of the federal workforce.”In other words, people in Maryland are going to lose their jobs (some very high paying) at an alarming rate, when Trump’s Budget goes into effect on October 1, 2017…
The Post goes on to say… “this would be the first time the government has executed cuts of this magnitude — and all at once — since the draw down following World War II, economists and budget analysts said. Aides say that the president sees a new Washington emerging from the budget process, one that prioritizes the military and homeland security while slashing many other areas, including housing, foreign assistance, environmental programs, public broadcasting and research.”Of all the states impacted, Maryland would see cuts in Federal spending and indirect Federal Aid approaching $20-30 Billion Dollars. This is on top of Maryland’s own $2.2 Billion Budget Deficit.
Currently Maryland is #3 in States across the country, but with the new TRUMP ERA BUDGETS, Maryland Foreclosure activity could be surging again come October 2017, simply because of Maryland’s over dependence on Federal spending, especially in health care and Urban Block grants.
