Jobs & The State Budget
April 18, 2008 Press Statement:
The April economic forecast for Vermont pointed to more than an economic downturn. It made an especially troubling, but overlooked point about our current economic condition.It said, “Despite record profits… among Wall Street firms and big oil companies, growth has not been shared by all. The recent expansion…will mark the first time since the government has been keeping such records that real median family income has actually declined during a period of economic expansion.”
We need to keep this in mind as we respond to current budget issues. The gap between the wealthy and the rest of us is growing. Good jobs are being lost or replaced with lower paying jobs. Eight of the ten fastest growing jobs in Vermont don’t pay enough to allow workers to buy a home. And yet my opponent has proposed to cut support for affordable housing.
This downturn is not an excuse to balance the budget on the backs of those who can least afford it. Families are struggling because their income is not keeping pace with the basic costs of living, health care, housing, energy and food. We must support working families, not hurt them.
When we eliminate health care, prescription drugs, and mental health and family services, as the administration has suggested, we make life harder and we raise long-term human and financial costs.
The same is true of infrastructure; delays in repairs drive costs up and create budget problems. We are suffering from a funding shortage but also a lack of planning and investment.
We need strategies to strengthen our economy and working families. We need to put money in the pockets of Vermonters so they can pay their bills and spend on Main Street.
It is not very complicated. We need to fix the roads and we need good jobs for Vermonters. We need affordable housing and good jobs for Vermonters; we need affordable, renewable energy and good jobs for Vermonters.
And, we have a major loophole in Vermont tax law. Unlike most states, we tax wages more than investment income. It is time to close the loophole. Doing so will bring in revenue estimated at more than $20 million a year. We should use some of the revenue to create jobs, support working families and strengthen our economy. Instead of cutting services and jobs and throwing people out on the street we should be putting people to work fixing our roads and building homes for Vermonters.
I will close the capital gains loophole and invest in jobs and infrastructure.
- Bridges and Roads: $5 million a year in debt service for bonding to raise $75 million, to fix our bridges and roads before they get worse and cost us more.
- Affordable Housing: $5 million a year for 4 years – $20 million total – to build affordable housing for Vermonters. The slow down in construction is a trouble spot in our economy. This investment will help, creating jobs and homes for Vermonters. I will bring together Vermont architects, energy experts and others and challenge them to design the model affordable “VermontHome” designed for our environment. It will be energy efficient, use renewable power and have a flexible, family-friendly floor plan
- Green Jobs: $4 million a year for 4 years - $16 million total – supporting green jobs, constructing, renovating, and designing buildings that are energy efficient and supporting Vermont companies engaged in renewable energy technologies.
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FOR IMMEDIATE RELEASE: April 18, 2008
CONTACT: Meg Brook - 802-343-2604