June 11, 2014
FOR IMMEDIATE RELEASE
VTGOP STATEMENT ON VERMONT’S ECONOMY
State Revenue Results For May 2014 Show Shumlin Economy is in Crisis
Montpelier, Vt. — There are more signs that Governor Shumlin’s economic policies — enacted by the Democrat supermajority in the State Legislature — are failing. The strategy of higher tax rates, more state spending and bigger state government is not working to grow Vermont’s economy, create jobs, or lower the cost of living in our state.
In fact, they are doing just the opposite.
The Agency of Administration’s revenue release on June 6th revealed Vermont’s revenues for May 2014 were 7.22% below expectations for the month. The bulk of the miss was due to lower than expected revenue from Vermont’s income tax. This should come as no surprise given that Vermont’s workforce is about 8,000 workers smaller than it was just 4-years ago when Governor Shumlin took office. These revenue results continue the disturbing trend first noted last month when April’s income tax revenue also missed monthly budget targets.
What is alarming Vermonters is that while these revenues continue to decline, Governor Shumlin and the Democrat supermajority in the legislature continue to increase state spending. Next year’s state budget — passed just last month and already with a projected deficit — will grow state spending by more than 5% over this year’s level. These plans — with a continuing decline in state revenues — will plunge our state even furtherinto debt, making the prospects of an economic recovery even more remote.
It’s time for a change.
Vermont Republicans this summer will offer Vermonters a new strategy for an economic recovery that will finally delivery the results Vermonters deserve. With a laser like focus on creating new, sustainable jobs and by assuring that every single taxpayer dollar is spent wisely, we will reign in the growth of our state budget and leave more hard earned dollars in the pockets of the Vermont taxpayer. Our strategies will lower the cost of living in Vermont and make our state more affordable for our families, young people, and small businesses. This is what Vermonters deserve and it is exactly what Vermont Republicans will offer.