April is the first full month of revenue collections since a state of emergency was declared by Gov. Scott, and the subsequent mitigation “Stay Home Stay Safe” order was issued on March 24. April revenues collected were predictably and dramatically under the consensus forecast for the month.
During the first month of the pandemic, Congress scrambled to pass multiple aid packages aimed at helping states and individuals prepare for and respond to the crisis. But whether that will be enough to meet Vermonters’ needs is anyone’s guess.
Activists and policymakers on the left are trying again to grab Americans’ tax dollars to bail out state and local governments from their own poor budget choices, this time using the COVID-19 pandemic as an excuse.
Under the pre-coronavirus CBO baseline, federal debt held by the public had been expected to rise from $16.8 trillion in 2019 to $31.3 trillion by 2030, or 79 percent of GDP to 98 percent. According to Edwards’ calculation, debt will rise to $37.2 trillion by 2030 or 116 percent of GDP.
Vermont’s 2020 state budget was $6 billion. So, if we are determined to keep the same level of services and programs in 2021, how can we do it given the projected loss of $596 million in revenues?
Many Vermonters have been wondering how towns that voted down school budgets, or had votes scheduled before social-distancing was required, will set their budgets for the coming year.
“There’s going to be a number of initiatives on the table, as we try and prioritize and live within our means and get through next year. … I don’t know which areas. There are going to be a lot of difficult choices to be made,” Gov. Scott responded.
The governors’ demand for an additional $500 billion of unrestricted federal money would set a dangerous precedent for even larger future bailouts, such as a $4 trillion to $6 trillion bailout of unfunded pension liabilities (more than two or three years’ worth of federal income tax revenue).
There will “undoubtedly” be state budget cuts due to the effects of the coronavirus pandemic, Gov. Chris Sununu said Wednesday.
The least of our problems is a trade war with China. Vermont needs an actual economic plan that addresses the most serious problems we face — pensions, schools, over-regulation and an unwieldy bureaucracy.
The president’s proposed fiscal year 2021 budget achieves common-sense savings throughout the federal government, while investing in areas crucial to our nation’s future.
Fewer regulations and related expenses for businesses will improve incomes, decrease housing expenses, encourage investment and instill hope. This will reduce suicides, domestic violence and illicit drug use.