Really terrific

Look up the word “terrific” in any good dictionary, and you’ll find the preferred definition to be something like “causing terror or great fear.” Maybe that’s what Gov. Angus King had in mind last Monday when he proclaimed the Maine economy to be experiencing “really terrific growth.”

For it was just a few days later, Thursday, when the U.S. Census Bureau released its 1996-1997 income and poverty report. In median household income, Maine fell eight places among the states, from 24th to 32nd. From $35,575 to $34,132. A decline of $1,443, or 4.1 percent. Nearly $3,000 below the national average. One of only four states to fizzle while others boom. That’s just terrific.

And it’s worth noting that every economist worth a dime constantly reminds Maine that its income data is skewed a bit to the rosy side by the presence here of a proportionally large number of wealthy retirees and other well-off non-workers. Consider just the working stiffs and it’s truly terrifying.

To be fair, the governor was referring at that moment specifically to the waning tourist season, which certainly is shaping up as a dandy. Perhaps a better measure of Maine’s economy than the number of folks from other states who have the time and money to vacation here would be the number of Mainers who were able to vacation elsewhere. The count of packed minivans heading south for a fortnight instead of forever would be an interesting and very informative economic indicator.

But Gov. King did say that the Maine economy continues to grow, that unemployment continues to fall and that caution is called for, as economic developments elsewhere, such as the Asian crisis, could send the state into a tailspin. True enough, but the census income report strongly suggests that Maine, Iowa, Wisconsin and Hawaii are the four states that have yet to figure out that replacing high-paying manufacturing jobs with lower-paying service jobs is growth without prosperity. And Maine doesn’t have to look as far away as Tokyo or Seoul to find the economic fountain that trickles down here. It flows from Boston.

Maine has within its grasp a tool that can help rebuild its economy, get income headed in the right direction, create new industries, new jobs, new opportunities and put this state less at the mercy of that happens across the Pacific or the Piscataqua. It’s the research and development bond on the Nov. 3 ballot, a $20 million investment that can easily generate a four-fold return and lift Maine out of last place in the nation in R&D support. The governor had a golden opportunity to boost this vital measure the other day. He chose instead to reflect upon the pessimism that comes with his Scots heritage.

He’s not alone in ignoring what is likely the most important ballot question Mainers will decide in years. With just a few exceptions, there’s hardly a candidate for any state office actively promoting this bond. It’s as though they’re all afraid of advocating for change, scared to admit everything’s not peachy, petrified at the thought they might be labeled big spenders. But it’s OK, candidates. Mainers want better jobs, they want higher incomes, they want to see the Magic Kingdom, they will — if informed sufficiently — invest in themselves. When it comes to the R&D bond, there’s nothing terrific (in the true sense of the word) about it. Really.