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The Trump administration’s cuts to federal spending and jobs will have a damaging effect on Maryland’s economy, according to a new report from the state’s comptroller and the University of Maryland Robert H. Smith School of Business.
“Federal spending is a huge part of Maryland’s economy,” said Vojislav Maksimovic, the William A. Longbrake chair in finance and professor of finance at UMD.
Maksimovic said the report found that Maryland’s federal job base is large, highly earning and until 2025, it was expanding.
Nearly 230,000 Maryland residents are employed by the federal government and work in the D.C. area, which is the third highest number of federal jobs in the country after D.C. and Virginia. The federal government also contributes $150 billion a year to Maryland’s economy.
“My team and I are closely analyzing how federal decisions — such as workforce reductions, cuts to research funding, and changes to veterans’ benefits — directly impact Maryland’s economy, families, and institutions,” Comptroller Brooke Lierman said in a news release. “This report offers us a baseline from which to measure and understand the scope of that impact.”
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