(Zero Hedge)—Maryland’s tax-and-spend Democrats—obsessed with a far-left progressive agenda, ranging from condoms for kids to gender identity to reparations to climate change to criminal illegal aliens—have pushed the state closer and closer to the brink. The self-created financial mess unfolding in the state predates President Trump’s second term and derives from leftist activists who have seized power in recent years and squandered taxpayer funds.
Now, Maryland’s financial credit profile is deteriorating—for the first time in decades—after Moody’s downgraded the state’s creditworthiness to Aa1 from AAA, according to Fox Baltimore.
Since 1973, Maryland has maintained a top-tier credit rating, long seen as a reflection of fiscal discipline and responsible governance. However, far-left Democrats in Annapolis have chosen to run deficits to fund their progressive pet projects. This credit downgrade puts Maryland on the disastrous pathway toward becoming “Illinois 2.0.”
The move by Moody’s ends more than three decades in which Maryland held the highest bond rating from the three rating agencies: Moody’s, Standard & Poor’s and Fitch. Moody’s had given Maryland a AAA rating every year since 1973 — until Wednesday. Prior to Wednesday’s announcement, Maryland was one of 14 states to have the highest rating from the three major agencies — Fitch, Moody’s and Standard & Poors. –Maryland Matters
About a year ago, Moody’s downgraded the state’s outlook from stable to “negative,” citing significant concerns about looming structural deficits due to Annapolis’ out-of-control education spending.
Moody’s assessment of Maryland’s deteriorating creditworthiness comes as Democrats in control of the General Assembly and the governor’s seat struggle to tame a projected $3.3 billion deficit through cuts, cost shifts, and $1.6 billion in taxes and fees.
Democratic leaders in Maryland—including Governor Wes Moore, Senate President Bill Ferguson, House Speaker Adrienne Jones, the state treasurer, and the comptroller—are pointing fingers at federal cutbacks tied to President Trump’s Department of Government Efficiency (DOGE) initiative as the source of the state’s fiscal strain.
“To put it bluntly, this is a Trump downgrade. Over the last one hundred days, the federal administration’s decisions have wreaked havoc on the entire region, including Maryland,” the joint statement from Gov. Moore and others stated, adding, “Washington, D.C. received a credit downgrade. Thousands of federal workers are losing their jobs. Actual and proposed cuts to everything from health care to education will continue to exact an incalculable toll on Maryland and states across the country.”
But this deflection by Maryland Democrats masks years of unsustainable progressive policy decisions not rooted in financially sound decision-making.
Meanwhile, Maryland’s economy remains heavily exposed to government spending because roughly 20% of its GDP is tied to government spending: 10% from local government, 6% from the federal sector, and 4% from state operations (as of 2023). In such a heavily government-reliant economy, even modest reductions in government activity can have outsized effects, yet those cuts take time to work into the system.
Republicans have criticized Gov. Moore and Democrats for their previous spending binge…
“A year ago, Moody’s changed Maryland’s fiscal outlook to ‘negative’ due to our looming deficits and Blueprint spending. This was well before President Trump’s reelection and before any federal retrenchment,” Republican House Minority Leader Jason Buckel said via a statement, adding, “Foisting the blame anywhere but at the feet of the excessive spending championed by Maryland’s Democratic party is, at best, disingenuous.”
“Governor Moore promised to make this ‘Maryland’s Decade,’ but he and Maryland’s Democratic supermajority keep putting all their eggs in one basket, banking our entire economy on the federal government instead of building a diversified, competitive private sector,” said Republican Senate Minority Whip Justin Ready.
“Since well before Governor Moore, Maryland governors—Democrats and Republicans alike—protected this AAA rating as a symbol of our financial integrity,” said Republican Senate Minority Leader Steve Hershey.
Hershey noted, “But in just over a year, Governor Moore’s administration has eroded that legacy through unchecked spending and a lack of serious fiscal discipline. His feel-good messaging can’t cover up the fact that the choices made under his leadership have left Maryland weaker, not stronger.”
Maryland Loses AAA Bond Rating: Senate Republican Leaders Say “We’re Paying the Price for Failed Leadership” pic.twitter.com/c6kDYjFQtK
— Maryland Senate Republicans (@MDSenateGOP) May 14, 2025
In February, we noted:
Our recent conversation with a large asset management firm in the region revealed the state’s dire fiscal situation and how their clients are being told not to add Maryland munis to their bond portfolio. Some clients are being advised to find residency in conservative states amid fears Democrats will enact out-of-control tax hikes as the state implodes.
Even though Maryland still holds one of the highest possible credit ratings, the slippery slope has begun for the state as unaccountable Democrats have done everything in their power to ignore taxpayers to prioritize illegal criminal aliens, woke, and climate change nonsense.
Maryland’s demise via a series of reporting pieces:
- June 5, 2024: “Self-Created Hole”: Education Reforms Push Maryland Toward Financial Cliff
- July 13, 2024: Maryland “Can’t Import Itself Out Of Energy Crisis” Amid Urgent Need To Boost In-State Power Generation
- November 28, 2024: Maryland’s Death Spiral: Reckless Democratic Lawmakers Spark Budget Crisis Fears As “Deep Recession” Looms
- February 23: Maryland Democrats’ ‘Extremist’ Green Agenda Sparks Power Bill Crisis Crippling Households
- February 27: Maryland Democrats “Clearly In Denial” As State Faces Twin Crises
- March 5: Maryland Dems Lose All Sense Of Reality: Focus On Condoms For Kids, Reparations As Crises Pile Up
- March 29: Maryland Democrats Pass “Sleep Tax” – Is A Thinking Tax Next?
- April 3: Far-Left Maryland Lawmakers Pass Reparations Bill While Financial Crisis Looms
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