State Treasurer Beth Pearce. You'll never miss a story with our daily headlines in your inbox. Phil Scott released a joint statement Wednesday evening. They said that the downgrade was not unexpected, although the state had taken extra steps this year to fund pension and other debt obligations, and boost reserve funds. Scott told reporters that state officials have spent a lot of time on the phone with ratings agencies this year, making the case to prevent downgrades. We need to bring more people into Vermont, be more welcoming, satisfying the workforce challenges that we have.
Want to stay on top of the latest business news? Sign up here to get a weekly email on all of VTDigger's reporting on local companies and economic trends. And check out our new Business section here. The last part of the above statement is key. Well, times are changing…people are leaving, people are not moving in, and those left behind are squeezed to the point of bursting.
All of this is expected, in fact its what the majority vote for every single election. Why was VT so attractive back then? Because it was cheap and they were largely left alone to pursue happiness as they saw fit. If we want people to move here in large numbers again, we need to recapture that dynamic. Unfortunately, the current crop of political leaders ironically many of those original hippies is intent on making this state crazy expensive and they want to control every aspect of your life. Younger people move out due to a lack of good paying jobs and a high cost of living and high taxation.
It appears almost all recognize there is a problem. The difference is, the Progressive bunch can only come up with ideas that will make the situation worst. The majority in the legislature has been tone deaf to this problem for decades, and the treasurer has not been able to get them to wake up despite that she is in their party. The governor has been impotent to fix the underlying issues.
Favoritism and Nepotism: Managing Favoritism in the Workplace
It will take voters demanding change to urge the actions needed. Failing that, this trend will continue as I predicted in as a candidate for state treasurer. It is self-defeating to increase population in order to help fund public spending, because then the public has to spend even more to accommodate the additional people. We need a financial system that does not depend on ecologically ruinous economic growth. The bitter gloom and doomers here want nothing more than to turn Vermont into Jersey and repeat the failed Kansas tax cut experience.
Perhaps State Auditor Hoffer has some insight in this regard? You know. Why are our creative and productive young people leaving Vermont? Could the reason be high taxes? What would Vermont look like if we doubled, tripled, quadrupled our population? Is more and more and more people the answer to our problem….
Who is stepping up to the plate to take responsibility for this mess? The Democrats and Progressives whose Petri dish social justice experiments for over 30 years have used Vermont as their liberal agenda playground? Our spineless governor and his inner policy team? Who is owning up to the fact that they created this mess? These people are ruining our state. Who in Montpelier is brave or bold enough to step up to the plate and own the mess they helped to create?
Where are the responsible adults in the room? This news just proves that Utopia is just one more tax away.
If you live in the Twilight Zone of the progressive ideology. The way to fix this problem is to have one of the big casinos come in to Vermont and build on Champlain, take the tax money and clean up the sewage plants, then clean the lakes, Everyone was worried about corruption coming with it,,But look we have that already. I could go on and on. Utopia is a dream…mostly a nightmare.
It can never exist, so get over trying to make VT so. VT has it backwards, the minority dictate as to what is wanted and needed. Never will there be a state of complete harmony. Time to draw back entitlements, and, ask those that want stuff to earn it on their own. VT is a great state to visit. Tourists come and leave. VT is in trouble, more than it will believe.
Time for VT to look into the mirror.source
Your options if your employer offers you another job - Citizens Advice
Rutland turns away hardworking refugee families who desire to live and work in Vermont while the youth exit in droves. Just imagine the problems that will be created. One has to wonder if we are capable of solving this. Combined with our expanding carbon footprint, is Vermont sustainable? They only want the fluffy proposals, such as one they will take up next January — 12 week paid family leave and possibly medical leave also.
This is only a benefit for a very small population in VT, yet they, the progressives are insisting, that ALL VT workers pay a new payroll tax for this, even though they will not use it. These reps think they will keep their base…those that want everything for free and have others work for THEIR benefits. This must be defeated in January! Do they worry about the pension debt? No, and if they do, not much. Tax, tax, tax. Blame it on previous administrations, and just put the debt aside.
They have driven companies, workers, young, out of VT, and are now going to be left with oldies. A great article with some of the best comments that I have read to date, with the exception of a few, and those can be identified by the high negative vote numbers. Most of the commenters see the reality of the current situation that exists in VT.
Why do we not have at least three liquor stores on the interstate near our borders? We also do not provide gas nor food—revenue in renting out space to businesses. Look at the business each service center does daily on I87 in New York state. Vermont : sixth highest tax rate per capita in the country and the lowest GDP of any state. I grew up here. I went to the big college on the hill.
Able bodied people are not working obviously. If we have enough money to pay people to move here, and pay many people to move here then we must have money to distribute to increase our minimum wage to our very small and continually exiting local population. And how many people do we have to buy to move here when they are already moving here anyway?
I am concerned that we are finding ways to manage more of the type of people that move here than adding to our numbers. If local people cannot afford to live here but out of state money can then you are merely replacing population and not adding to it. And if we are more welcoming to a diversity of people no matter where they are from, whether they are in-state or out-of-state then we will see growth in many ways. I would be interested to see the retention stats of the workers that we paid to move here.
Vermonters have far more money than most humans ever had. The trouble is not that Vermonters are overtaxed, but that too many are, while those who can afford to pay more are significantly under taxed. As a result, income inequality grows apace: the very rich get still richer, while everyone else struggles. The benefits of all of our economic growth continue to go to a tiny fraction of those who created it.
No successful business carries lots of unneeded employees or thrives and grows due only to the contributions of its leaders.
ALL are needed, yet only a few reap the benefits. But few pay their share of the costs. Drop the sales tax, lower the property taxes, ax the death taxes and Vt could soar with economic development. The downgrade could lead investors to demand higher interest rates from the federal government and other borrowers, raising costs for governments, businesses and home buyers. The announcement came after markets closed for the weekend, but there was no evidence of any immediate disruption. A spokesman for the Federal Reserve said the decision would not affect the ability of banks to borrow money by pledging government debt as collateral, a statement that could set the tone for the reaction of the broader market.
On Friday, the company notified the Treasury that it planned to issue a downgrade after the markets closed, and sent the department a copy of the announcement, which is a standard procedure. The Treasury called the company and explained the problem.
About an hour later, the company conceded the problem but did not indicate how it planned to proceed, the official said. Hours later, S. In a release on Friday announcing the downgrade, it warned that the government still needed to make progress in paying its debts to avoid further downgrades. View all New York Times newsletters.
The credit rating agencies have been trying to restore their credibility after missteps leading to the financial crisis. A downgrade of federal debt is the kind of controversial decision that critics have sometimes said the agencies are unwilling to make. On the other hand, S. Yields rose before the Congressional deal on fears of default and a possible downgrade. But after a deal was struck, yields sank as money poured into Treasuries as a safe haven from sharply falling stocks and the turmoil of the European debt markets. On Friday, the price of Treasuries fell sharply in heavy selling, and yields rose, reversing the moves of recent sessions.
The year Treasury note ended the day with a yield of 2.
The United States has maintained the highest credit rating for decades. Experts say the fallout could be modest. In addition, S. However, because Treasury bonds have always been considered perfectly safe, many rules prohibiting institutions from investing in riskier securities are written as if there were no possibility that the credit rating of Treasuries would be less than stellar. Banking regulations, for example, accord Treasuries a special status that is not contingent on their rating. The Fed affirmed that status in guidance issued to banks on Friday night.