As has been widely reported, the State of Maryland suffers from a structural deficit of about $1.4 billion. "Structural deficit" is a fancy term for a simple problem: the state is spending $1.4 billion more than it is bringing in from taxes and fees. That's about $750 per Maryland family.

This is not a new problem. Spending has outpaced revenues since 2006. How has the state managed to spend more than it brings in? Simple - by drawing down on savings. It's just like a family that spends more than it brings in and covers the difference by raiding the piggy bank.

But as we all know, eventually the savings will run dry. That's...