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Massachusetts was left in great shape after Deval Patrick left office, with ten straight months of job growth, high reserves and historic credit rating due to the Patrick-Murray Administration’s investments in education, innovation and infrastructure.
And now that the end of the fiscal year numbers are in from the state Department of Revenue, we know that the Baker administration never had to reckon with a $1 billion deficit, as was predicted by the Mass Taxpayers Foundation; but rather they benefitted from hundreds of millions in surplus revenues when all was said and done.
Bruce Mohl debunks the big budget deficit myth in an excellent piece in Commonwealth Magazine.
Even the Mass Taxpayers have backed away from their deficit projections. “In 20-20 hindsight, 2015 ended up doing better than we thought,” their spokesman tells Commonwealth Mag. “They were lucky and ended up with a surplus.”
… $391 million in surplus revenues at the close of the Fiscal Year, to be exact.
Of course, Governor Patrick addressed a budget gap before leaving office through some tough and fiscally responsible 9C cuts.
And the sound condition of Massachusetts at the change of administration reflects the solid investments and strong stewardship of the Patrick-Murray Administration over the past eight years.
The Mass Executive Office of Labor and Workforce Development reported that June marked the tenth consecutive month of job gains. At 4.6 percent, the unemployment rate is now the lowest it’s been in the state since 2007, and nearly a full percent lower than the national rate.
During Deval Patrick’s Administration, a strong rainy day fund was maintained and the Commonwealth’s bond rating was increased by Wall Street rating agencies to the highest rates in the history of Massachusetts, including in the same year they downgraded the rating of the United States.
International travel, tourism and business was boosted by billions of dollars during the past several years, thanks to new flights and business relationships cultivated during Governor Patrick’s trade missions.
Massachusetts is now the undisputed national leader in life sciences and biotech and other more traditional industries are booming, as well.
The Sunday Globe’s business section contained the below map showing well over 1,000 bridge, highway and tunnel projects underway this summer thanks to billions of dollars of investments made over the past eight years.
Massachusetts weathered the worst fiscal downturn since the Great Depression better than the rest of the country and these facts show we’re still growing fast and strong thanks to the Patrick-Murray Administration’s record of investments.
(**Disclosure: I served as a press secretary in the Patrick-Murray Administration.)