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Old 11-19-2008, 04:33 AM
 
Location: Vermont
1,442 posts, read 5,898,828 times
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The United States of recession - Nov. 19, 2008
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Old 11-19-2008, 07:35 AM
 
894 posts, read 1,284,195 times
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Or this: Vermont Tiger: To The Bone
Doesn't a good bond rating simply mean the state can borrow money? Won't really help VTers, and it will still hurt in the future. Prosperity would help, welfare not so much.
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Old 11-19-2008, 09:18 AM
 
166 posts, read 385,802 times
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Economists Give Grim Forecast for Vt.

WCAX.COM Local Vermont News, Weather and Sports-Economists Give Grim Forecast for Vt.

Last edited by MTK1; 11-19-2008 at 10:31 AM..
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Old 11-19-2008, 11:39 AM
 
Location: hinesburg, vt
1,574 posts, read 4,415,964 times
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Well, yesterday the legislature got a dose of local reality. All of our tax revenues are down substantially and with all indications will continue to drop. Despite the state cutting 25 million from the FY '09 budget earlier it is now revealed that another 63 million needs to be cut. Then, the January report may very well indicate that even deeper cuts would be necessary to balance the budget. Now this is where the fun begins. The Dept of Administration claims we cannot wait until the legislature convenes normal session in January before enacting cuts. I had to laugh when I heard some of the terminology used yesterday, especially when this downturn was termed "sudden." Yup, the deer in the headlights alright. So now all the hand wringing over where to cut 63 million from a budget of 4 billion per year begins. We already know the sacred cow areas that will not be impacted. The end result will be more effort being put forth to devise schemes to glean more revenue and this folks means that taxes and fees will be going up. Add this already to the anticipated increases in such areas as electric utility increases being requested in advance of the eventual large increases we will see four years from now and the stress on the local economy will really hit. Housing starts this year in Vermont reportedly are the lowest on record, so this may be the only saving grace to those of us who own currently in order to maintain value. Anyway, it will be interesting to follow the chain of events on how the state will try to staunch the flow from its revenue shortfalls to how they budget their expenses.
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Old 11-19-2008, 11:50 AM
 
894 posts, read 1,284,195 times
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Blinders set to opaque- full tax ahead...
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Old 11-19-2008, 02:25 PM
 
Location: hinesburg, vt
1,574 posts, read 4,415,964 times
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Quote:
Originally Posted by mustmove View Post
Blinders set to opaque- full tax ahead...
LOL, brings to mind the 1954 classic The Caine Mutiny where Captain Queeg runs over and cuts his tow line, but refuses to acknowledge the fact to the disbelief of his crew. Well, we have already hit the rocks and gashed the hull, now it's time to see what if any skilled crew exists aboard the SS Montpelier. This whole economic mess at all levels is very sobering, gosh the market results today delievered yet another serious blow to folk's investments. When this nightmare finally ends and the slow recovery begins will be a major relief.
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Old 11-20-2008, 12:06 PM
 
166 posts, read 385,802 times
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While the whole U.S is suffering job losses. The job losses in such a small state as VT are becoming staggering. Every day on the news there seems to be another major layoff. Today it was announced Resolution Inc, a Williston e-commerce company will shed its workforce from 150 in August to 70. Friends are telling me there are tons of layoffs going on but only the big ones make the news.

A recent economic advisor to the governor predicts from this year to next VT to lose 5,100 jobs, and another 1,800 from 2009-2010. The report also says VT is going to have less infaltion adjusted income this year and next. If those losses occur VT is going to be facing some very, very tough times.

Two-year recession with "harsh" job losses forecast
http://www.burlingtonfreepress.com/a...NESS/811200301

Last edited by MTK1; 11-20-2008 at 01:19 PM..
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Old 11-20-2008, 01:24 PM
 
894 posts, read 1,284,195 times
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And whenever the rest of the country recovers VT will lag behind...
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Old 11-20-2008, 03:25 PM
 
Location: hinesburg, vt
1,574 posts, read 4,415,964 times
Reputation: 395
Another area of concern is the fact that the state legislature is quietly hoping for a potential $100 million federal "stimulus" payout in 2009. While such funds would surely be welcome to close the deficit it does nothing to correct the root problem of over spending to begin with. Stimulus, bailout, or whatever buzzword is in vogue at the time is like giving an alcoholic a drink. As to layoffs and other reductions, yes, the media only reports on a few. The problem is much greater and deeper than most realize. Also, some of these business problems here locally resulting in job losses while no doubt are affected by the economy, quite a few are also brought on by poor practices and management. The actual report by the economist to the state yesterday was a good read with good information and comprehensive data. Despite negative information it is vital to get facts in order to be able to understand where we are and how to plan for the future.
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Old 11-20-2008, 04:04 PM
 
Location: hinesburg, vt
1,574 posts, read 4,415,964 times
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Ha, ha, it's already starting, the doublespeak I mean. Today our state treasurer, Jeb Spaulding, was proposing a .05 cent gas tax increase to generate an estimated $20 million to go towards an expected $700 million to $1 billion infrastructure tab. What was funny is that he actually said he does not like referring to it as a tax (which it is and if enacted would be a 25% increase), but said he prefers to call it a "distributers motor fuel assessment." I love it! I can't wait to see what other vernacular masterpieces will be developed. Oh yeah, my son called today from Amherst, Ma to inquire if he should gas up before coming home for Thanksgiving. He wanted to know if we were cheaper than $1.90 per gallon yet. We had a good laugh.
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