It is time we seize upon our current circumstances to address Vermont's largest unsustainable tax liability: our $4.5 BILLION in pension and healthcare liabilities. That's $7200 for every adult and child in the state. These liabilities have increased by 110%...in a decade. Pre-Covid funding rates, at the top of the longest bull market in US history, were LOWER than at the bottom of the Great Recession.
We cannot afford to continue ignoring this. We need leadership willing to leave their ideals at the door and take an honest look at the stark reality of this situation. We need a government that can step up to the plate and provide the cash necessary to fund these obligations. We need Union representation to look beyond their own self-interest and consider the welfare of the entire state. We need to take accountability for having failed thus far and adopt a willingness to learn from our mistakes.
Addressing this looming financial crisis needs to be part of our strategy for post-pandemic economic recovery. This 4.5 billion dollar skeleton won't be able to fit in the closet for much longer.