The Protected Class...
Governor Douglas continues to do his best to look out for a special, protected class of Vermont citizens. Who is this special minority Diamond Jim has taken an interest in through the years? Kids? The elderly? The disabled?
Nope. Rich people. To his credit, he has at least been consistent in his choice of interest group. He has consistently sought to provide special treatment for those with the most among us. Close the capital gains loophole? He opposed it. Support for the Bush tax cuts that benefited the super-rich in this country (and squandered the Clinton budget surpluses)? For it. More taxpayer dollars for private corporations ($25 million at last request, through VEGI). For it. Yep, he's consistently been a friend to the have's at the expense of the have nots. But, his largesse may finally be catching up to him thanks to a recession brought on by the trickle-down policies he supported throughout his tenure during the Bush years. And, I'm not the only one noticing.
Indeed, the "Great Recession" as it's popularly become known, was brought on by the reckless fiscal policy of the ultra conservatives in the Republican party. The deregulation that led to massive investment in toxic assets on Wall Street that led to a severe market crash, the unscrupulous lending practices of mortgage brokers who instantly flipped bad loans to other corporate entities, which were then packaged by real estate investment groups and sold as risky investments on Wall Street - all of it was a direct result of the "less is more" laissez-faire approach to economics that Douglas and his buddies in the GOP blindly subscribed to over the last decade. Well, it ruined many a 401-k retirement fund, led to massive layoffs, and the result is that state's are now feeling the pinch of lower revenues leading to huge fiscal crises in state budgets around the country.
So, here we are in Vermont with a $150 million budget gap. And, Douglas trots out the same old plan as last year: Cut your way out. In addition to calling for massive cuts this time around, however, Douglas is adding a new and insulting wrinkle: tax the middle class by raising property taxes, but pretend that you're not really doing it. It's insulting because he doesn't think people will figure out that his plan is all about raising taxes on the middle class. Worse, it's not a shared burden. The highest income earners are left out! The people Douglas wants to soak are not the rich, but the folks in the middle who are struggling with mortgage payments, childcare costs, and stagnating wages.
Douglas is proposing reducing income sensitivity for middle-class property taxpayers which will immediately raise their property taxes. And, on top of that he's going back to the well with his plan to shift teacher retirement commitments from the general fund to the education fund which will force local school districts to either eviscerate their local school budgets or raise taxes themselves.
But, raise a nickel from anyone who took a ride on the Bush gravy train throughout the last decade? Nope. The joke is that the governor is fond of saying "we're all in this together." What he really means is that we're all on our own. But Douglas and his "protected class" are indeed in this together. To the great detriment of the rest of us, and the future of the state of Vermont. Some joke.
Here's hoping the legislature charts a more responsible, sustainable course. A balanced approach would immediately tap the rainy day fund infusing $60 million into our economy. As the Public Assets Institute recently showed, this would provide immediate and much needed stimulus to our local economy and eliminate a huge chunk of the budget gap. The legislature should then identify on a case-by-case basis any responsible savings, efficiencies or budget cuts for non-essential programs and services. And, finally, the legislature should look at the remainder and implement a fair, sustainable income-tax surcharge weighted most heavily on those who can most afford it. Such a strategy would ensure that we are truly "all in this together" and that we come out of it stronger and better positioned for the future.
To do anything less is to join Lame-Duckless, er, Jim Douglas with his head in the sand.
Governor Douglas continues to do his best to look out for a special, protected class of Vermont citizens. Who is this special minority Diamond Jim has taken an interest in through the years? Kids? The elderly? The disabled?
Nope. Rich people. To his credit, he has at least been consistent in his choice of interest group. He has consistently sought to provide special treatment for those with the most among us. Close the capital gains loophole? He opposed it. Support for the Bush tax cuts that benefited the super-rich in this country (and squandered the Clinton budget surpluses)? For it. More taxpayer dollars for private corporations ($25 million at last request, through VEGI). For it. Yep, he's consistently been a friend to the have's at the expense of the have nots. But, his largesse may finally be catching up to him thanks to a recession brought on by the trickle-down policies he supported throughout his tenure during the Bush years. And, I'm not the only one noticing.
Indeed, the "Great Recession" as it's popularly become known, was brought on by the reckless fiscal policy of the ultra conservatives in the Republican party. The deregulation that led to massive investment in toxic assets on Wall Street that led to a severe market crash, the unscrupulous lending practices of mortgage brokers who instantly flipped bad loans to other corporate entities, which were then packaged by real estate investment groups and sold as risky investments on Wall Street - all of it was a direct result of the "less is more" laissez-faire approach to economics that Douglas and his buddies in the GOP blindly subscribed to over the last decade. Well, it ruined many a 401-k retirement fund, led to massive layoffs, and the result is that state's are now feeling the pinch of lower revenues leading to huge fiscal crises in state budgets around the country.
So, here we are in Vermont with a $150 million budget gap. And, Douglas trots out the same old plan as last year: Cut your way out. In addition to calling for massive cuts this time around, however, Douglas is adding a new and insulting wrinkle: tax the middle class by raising property taxes, but pretend that you're not really doing it. It's insulting because he doesn't think people will figure out that his plan is all about raising taxes on the middle class. Worse, it's not a shared burden. The highest income earners are left out! The people Douglas wants to soak are not the rich, but the folks in the middle who are struggling with mortgage payments, childcare costs, and stagnating wages.
Douglas is proposing reducing income sensitivity for middle-class property taxpayers which will immediately raise their property taxes. And, on top of that he's going back to the well with his plan to shift teacher retirement commitments from the general fund to the education fund which will force local school districts to either eviscerate their local school budgets or raise taxes themselves.
But, raise a nickel from anyone who took a ride on the Bush gravy train throughout the last decade? Nope. The joke is that the governor is fond of saying "we're all in this together." What he really means is that we're all on our own. But Douglas and his "protected class" are indeed in this together. To the great detriment of the rest of us, and the future of the state of Vermont. Some joke.
Here's hoping the legislature charts a more responsible, sustainable course. A balanced approach would immediately tap the rainy day fund infusing $60 million into our economy. As the Public Assets Institute recently showed, this would provide immediate and much needed stimulus to our local economy and eliminate a huge chunk of the budget gap. The legislature should then identify on a case-by-case basis any responsible savings, efficiencies or budget cuts for non-essential programs and services. And, finally, the legislature should look at the remainder and implement a fair, sustainable income-tax surcharge weighted most heavily on those who can most afford it. Such a strategy would ensure that we are truly "all in this together" and that we come out of it stronger and better positioned for the future.
To do anything less is to join Lame-Duckless, er, Jim Douglas with his head in the sand.
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