At the moment Donald Trump’s presidency seems to have produced a big adrenaline shot for a relatively stagnant U.S. economy.
According to the most recent information from the federal Office of Management and Budget, the country has been experiencing 3 percent growth for the past three quarters, and that number appears to be holding for the fourth quarter. Growth like this has not been experienced since before the Great Recession.
The economic numbers clearly have improved on President Donald Trump’s watch, with unemployment down and consumer confidence stronger.
Out of the 50 states, Forbes ranks Vermont 48 for business climate. Only Alaska and West Virginia project a more dismal future than we do.
The bold, new education and workforce development program has a goal of arming 70 percent of Vermont’s population with either trade or higher education credentials by the year 2025.
Vermont’s personal income tax revenues are down $6.41 million below forecasts. We have to ask how can this be given that the national economy is booming with 3 percent or better growth for three straight quarters, the stock market is at record highs, and Vermont’s unemployment numbers are at record lows.
It is apparent that one of the priority bills in the new year will be to increase the minimum wage to $15 an hour. The Central Vermont Chamber of Commerce has joined many other pro-business groups to oppose this recommendation.
At a public forum hosted by the Bennington County Republican Party last month, a bipartisan panel agreed that tax reform and the economy were the right focus for Vermont going into 2018.
The job loss from the Great Recession was 14,700. We have now recovered 22,700 jobs, a 154 percent job recovery rate, the third highest in New England behind Massachusetts and New Hampshire.