Crofton, Maryland – Brian Murphy, Republican candidate for governor of Maryland, calls Governor O’Malley’s InvestMaryland Program nothing more than a continuation of the failed policies of the past. Under the plan, Maryland would auction $100 million in tax credits, essentially borrowing money from the future, to fund investment in startup life science companies. Murphy calls this a state-level adoption of failed federal stimulus policies. O’Malley announced the plan earlier this week in Shady Grove.
“For the last two years, Maryland’s budget has been balanced by money borrowed from the federal government through the failed stimulus program, and by money borrowed from Maryland’s own rainy-day and infrastructure funds. Next year, the governor will have to either raise $2 billion in taxes or cut $2 billion in spending. My opponent continues to make empty campaign promises with borrowed money. Maryland has the most educated workforce in the nation. I have confidence voters won’t fall for this kind of empty rhetoric,” said Murphy.
“Instead of showing leadership and addressing Maryland’s economic realities, Governor O’Malley is committed to continuing failed policies. Instead of admitting he will support more than $2 billion in tax increases, he is promising more government spending. This program uses $100 million borrowed from the future and from higher taxes on the very companies he is promising to create. Unlike Governor O’Malley, I believe in our entrepreneurs. If Maryland creates a business environment that allows Maryland companies to compete in the region, billions of dollars, not just millions, will flow into our economy. Real stimulus cannot be created by our government, and it cannot be created with borrowed money,” said Murphy.
Brian Murphy and Robert Ehrlich are running in the Republican Primary on September 14. Governor Martin O’Malley is running in the Democratic Party Primary on September 14. The winners of the respective parties’ elections will square off against each other in the November 2 General Election.
Brian Murphy is a successful Maryland businessman with a B.A. in Economics from the University of Maryland and an M.B.A. from the University of Pennsylvania’s Wharton School. He is founder of the Plimhimmon Group, whose first investment, the Smith Island Baking Company, has been featured in The Washington Post, the Wharton Magazine, the Baltimore Sun, Businessweek, and other publications for its principled approach to job creation in Maryland.