Author: John Eick and Joe Horvath

Anyone remotely familiar with Maine’s economy knows it’s at a crossroads. Between 2004 and 2014, its cumulative economic growth ranks 49 out of the 50 states, a mere 21.8 percent. Non-farm payroll employment has shrunk 1.2 percent over the same period, placing Maine’s employment growth at 48 in the nation. An economic resurgence is clearly needed, and state legislators have two options. They can loosen the reins holding back growth, or try to pick winners and predict market trends. Recent history, especially in the Northeast, shows that reducing tax and regulatory burdens on businesses, individuals and investors leads to widespread…