Press Release:Maryland’s Credit Downgrade: A Wake-Up Call for Bold, Independent Action
FOR IMMEDIATE RELEASE
Date: May 14, 2025
Contact: Andy Ellis, Candidate for Governor, Seeking The Green Party Nomination
Email: Andy@gogreen2026.com
Maryland’s Credit Downgrade: A Wake-Up Call for Bold, Independent Action
Today’s announcement that Moody’s has downgraded Maryland’s bond rating from AAA to Aa1 marks the end of a 50-year plus era of top-tier creditworthiness. Andy Ellis, who is seeking the Green Party’s nomination for Governor of Maryland, emphasized: “This downgrade is a wake-up call. For too long, Maryland has depended on federal largesse and corporate tax breaks to lure out-of-state businesses here to sustain our economy. It's time to build an economy rooted in our communities and our people, not in Washington or Wall Street.”
This downgrade is not just a financial metric - it’s a reflection of systemic issues that have been building for years. Moody’s cited Maryland’s “economic and financial underperformance compared to AAA-rated states”, driven by “elevated fixed costs” and a “heightened vulnerability to shifting federal policies and employment.”
“Both parties are quick to blame each other and offer the same solution: a return to their respective periods of control, promising that things will be better this time. But recycling old approaches will not address the structural issues at hand,” Ellis said. ”Maryland needs a new path forward – one that prioritizes economic resilience, equitable growth, and independence from volatile federal funding streams.”
The Ellis for Governor Campaign Calls for a Solidarity Economy for Maryland
In place of reactive crisis management, Ellis proposes a bold transformation: building a solidarity economy - a people-powered alternative that puts democratic control, local investment, and long-term sustainability at its center.
The Ellis campaign’s economic vision includes:
Investing in Local, Democratic Institutions: Support for small businesses, worker cooperatives, and community-run enterprises that generate wealth where people live – not for absentee shareholders.
Creating a Maryland Public Bank: A public bank would keep state dollars circulating in Maryland, financing local infrastructure, housing, and sustainability projects, without Wall Street fees or conditions.
Reforming Tax Policy for Justice: Ending corporate tax breaks that produce little public value, and reinvesting those funds into education, housing, transit, and healthcare.
Building Independent Revenue Streams: Reducing reliance on federal dollars by creating stable, state-based sources of public funding, such as green utilities, community land trusts, and equitable taxation models.
Enacting Reparations to Close the Racial Wealth Gap: Maryland must address the deep and ongoing economic impacts of slavery, segregation, and disinvestment by implementing reparations policies, including cash payments and community-led reinvestment, to repair historical harm and close the racial wealth gap.
Ensuring Transparent, Accountable Governance: Long-term budgeting, full transparency, and participatory processes so the public – not corporate lobbyists – determines how money is raised and spent.
Ellis added, “A bond rating should not dictate our values. Maryland’s economy must serve its people - not the credit agencies, not the corporations, and not the consultants.
Our campaign is committed to leading this charge and invites all Marylanders to join us in forging a new path forward.”