Total nonfarm payroll jobs increased by 2,000 in January, topping 311,500 for the first time since March 2020. But the mix of jobs has changed. Jobs in the Professional and Business Services sector have increased by nearly 4,000. Meanwhile, the numbers in the Private Education and Health Services and Leisure and Hospitality sectors remain below their January 2020 levels—falling about 2,700 and 2,300 short, respectively. 

Hi everyone, thanks for having me back. Again, I’m Stephanie Yu, Executive Director of Public Assets Institute. I just want to make a couple of quick points about what all this great work (and clear, thoughtful methodology behind it) from the Institute on Taxation and Economic Policy (ITEP) means.

First, that the goal is a progressive tax system; we’ve heard now that our tax system actually improves income inequality unlike so many states, but that it remains regressive at the top end and is not truly a progressive system.

So what’s the best way to make our system more progressive? Do we need to increase taxes on the high end or decrease them on the low end? I think the answer is both.

Vermont is facing challenges old and new—from housing shortages and a child mental health crisis to more frequent floods and pandemics. The new problems are far more costly to fix than anything we’ve seen before. The good news: The state has the resources to address its problems and invest in its future. Policymakers need to tap that capacity by changing the way Vermont raises and spends money.

That’s the message of State of Working Vermont 2023. The annual report analyzes Census and other data, including wages, jobs, and employment, poverty, household income, and wealth inequality to provide a clear picture of how Vermonters are doing and where the state needs to go.

   

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