Economy - Business growth - affordability

We need to start passing balanced budgets that prioritize what's important and emphasize responsible spending. Our working families deserve better.

"We have to separate want from need, and we have to be realistic. Which means we have to prioritize, and that’s what my budget does. And prioritizing is about more than what you fund and what you don’t, it’s about looking across the entire field, understanding all the challenges and how they work together, and making strategic investments that give you the biggest bang for the buck." - Governor Phil Scott

"...as the result of bills passed by this Legislature over my vetoes, Vermonters now pay 20% more for their license and registration at the DMV. In July they’ll be paying a $100 million payroll tax. And next year, they’ll be burdened with the clean heat standard, which could cost people hundreds or thousands more a year to heat their homes and businesses." - Governor Phil Scott

Our state's economic policy must prioritize sustainable and efficient spending. State spending has grown at an annual rate of 5.45%, far outpacing state revenues over the last five years, and this doesn't account for the increased spending incurred this year. In all cases, state spending should always be undertaken with frugality and without raising taxes unless absolutely unavoidable. Vermonters work hard for their money and the state should look for opportunities to let us keep it, rather than taking it.

Our state legislature's recent trend of unsustainable spending has led to a state inhospitable to many. Vermonters are feeling financial strain (and I am one of them) between groceries, rent, utilities, childcare, and other essentials. Vermonters should be able to afford the bare essentials and when they cannot, there is a problem.

I meet seniors on fixed incomes that are being forced out of their homes. I meet young Vermonters who are struggling to get their feet under them. I've lost count of the number of people that I've known personally that have moved to other states. Their #1 reason for leaving - big shock - Vermont is TOO EXPENSIVE!

I support state spending, but only when Vermonters ultimately benefit. This includes infrastructure investments, agricultural research, business grants, expansion of law enforcement and judiciary budgets, community improvement projects, etc. We pay taxes with the expectation that we will receive the best achievable quality in public services, it's simple.

In recent memory, Governor Phil Scott has been a champion of fiscal responsibility and has proposed responsible budgets that prioritize investing in business and infrastructure and providing essential services. These budgets have been disregarded and it has led to a situation where spending is out of control. Every legislator has bills and projects and most of them have money attached to them. But money doesn't grow on trees, and we have to be realistic in our spending and make some tough decisions in our priorities.

Budgets should not be seen as a measure of what we want to spend, they are a measure of what we can afford, and right now, Vermont can't afford to spend what we're spending.

We need to prioritize attracting new business, fostering business growth, and increasing our saleable exports. We also need to support the businesses we already have!

Our state has seen a decline in business and Vermont sits as the nation's 50th largest state economy. We are in last place for a reason. We are the 2nd least populated state in the nation while also being 45th in business friendliness. We do not encourage growth or expansion, instead, we stifle it and restrict it through greater regulation. I interview business owners extensively and regularly hear that the state's regulations and red tape are a large impediment to their business.

What can be done to make Vermont's business climate more friendly to small businesses, generate an entrepreneurial spirit, and to attract new businesses from out of state?

Expand the inventory of useable manufacturing facilities. Many commercial spaces are only feasible for offices or small-scale ventures, especially in the Northeast Kingdom. Businesses vary and our available commercial real estate need a varied mixture of office spaces, high ceilings, adequate utilities, and high-speed internet. In addition, placing these locations near logistics centers reduces transportation costs. Prior to the railroad, rivers were logistics channels, now it's the interstate.

With precise investments made into infrastructure and high-speed internet, Vermont could be a manufacturing hub. As it stands, Vermont's largest export is computer chips, a manufactured product. Our state has great access to the Port of Montreal, Boston, and NYC, expediting the transportation of our products. Especially in Orleans County, being so close to Montreal, we should be working to attract manufacturing. An influx of businesses into Orleans County would bring additional commerce, tax dollars, and more employment.

Reduce barriers of entry for startups. This includes lowering operating costs, temporarily reducing state fees and taxes, and facilitating ease of information and communication from the state. These changes, among others, will incentivize startups to move to Vermont and encourage in-state businesses to open.

Operating costs are similar across business types, examples being transportation, utilities, and state fees. While the price of diesel is linked heavily to foreign trade pressures, Vermont can still do its part in keeping the price as low as possible, and the same holds true for electricity. For struggling businesses, even yearly registration costs can be burdensome.

While business expenses and losses can be written off, our businesses shouldn't rely on write-offs to account for our bad policy. Some businesses can bear higher costs, but those operating on razor thin margins may find it difficult to maintain in operation. Bad business policy inevitably leads to higher costs for consumers and economic stagnation. Higher costs for consumers require that those consumers need higher salaries, and the vicious cycle continues.

There are some that claim that increases in business and industry will mar our landscape and ultimately cost the state in tourism revenue. This claim, while thoughtful, is shortsighted. Vermont can maintain its tourism industry while bolstering its business sector. Many businesses are tourist draws themselves. Cold Hollow, Johnson Woolen Mill, and Ben & Jerry's are excellent examples.

Out-of-state startups will put down roots where it makes economic sense. Vermont's economy needs self-sufficiency, self-reliance, and to be productive. When business thrives, so do our communities.