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Update February 2012
In this issue:
-- Rebuilding the middle class
-- The People's Budget
-- There they go again
-- Fewer newcomers, but still better heeled
-- The results are in: Act 68 works
Rebuilding the middle class
Average Vermonters have been struggling to get ahead since well before the Great Recession—as we showed in State of Working Vermont 2011 and Vermont's Middle Class: The Facts. Median household income has been stagnant for decades, and job growth in the 21st century has been awful so far. Now Gov. Peter Shumlin, who campaigned on a promise to rebuild Vermont's middle class, has released his five-year strategic plan. Welcome news: The plan begins to refocus attention on improving the lives of typical Vermonters.
The People's Budget
The state budget expresses what's most important to spend money on. But important needs are not being met. Part of the problem: It's almost impossible to understand what's going on unless you're an insider. That's why Public Assets Institute is working with the Vermont Workers' Center on the People's Budget. This legislation creates a framework for the state budget that puts Vermonters' needs first and makes it possible for people to understand, follow, and participate effectively in the budget process.
There they go again
Loyal readers might have noticed a familiar theme in our recent blog, "'Per-capita tax burden' is misleading." It was at least the fifth time we've explained the problem with adding up the taxes collected by each individual state—whether they come from tourists or non-resident homeowners or residents—dividing that number by the state population, and ranking the states by their so-called "tax burden." Gov. Jim Douglas loved to cite this statistic to "prove" Vermont was a high-tax state, even though it didn't represent what Vermonters paid. Most recently, the Burlington Free Press used this calculation. Read the other installments in this series.
Fewer newcomers, but still better heeled
IRS migration data show that Vermont has been attracting fewer new residents for the last several years. But as our recent report shows, those coming to Vermont still have higher incomes on average than those who move away.
The results are in: Act 68 works
The first comprehensive study of Vermont's school funding system since reform was enacted fifteen years ago was completed last month. California-based Lawrence O. Picus and Associates delivered their report to the Legislature on January 18. Picus concludes: "The state has designed an equitable system...[with] virtually no relationship between district fiscal capacity (measured by either by district property wealth or personal income) and spending levels." This is good news for Vermonters and their children. Read Paul Cillo's blog about the report.
Public Assets Institute is funded by grants and donations. Please consider making a tax-deductible contribution to support our work.
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Fact: Without reform, Vermont health care expenditures are set to double this decade: $5 billion in 2010 to $10 billion in 2020.
Sources: Joint Fiscal Office, Vermont Department of Banking, Insurance, Securities, and Health Care Administration
town2town
bringing fiscal data home
What Families Earned in 2010
The typical Vermont family had less buying power in 2010 than it did a decade earlier, according to the latest data from the Vermont Tax Department.
This town2town map shows the 2010 median family income in each Vermont town. Check out your town.
Calendar
Town Meeting Day
March 6, 2012
House Budget Debate
Scheduled to begin
March 22, 2012
House Chamber, State House
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