[ad_1]
James Rooney, president of the Greater Boston Chamber of Commerce, who appeared here with Gov. Maura Healey, said in the business group’s annual outlook that state spending growth has become unsustainable and calls for “tightening.” (Nancy Lane/Boston Herald File)
The state’s business community says that while they praise the actions of Gov. Maura Healey and other local leaders, looking ahead to 2024 means recognizing the serious economic challenges facing Massachusetts. He says he will.
Jim Rooney, CEO of the Greater Boston Chamber of Commerce, delivered his organization’s 2024 Business Outlook virtually Thursday, in which he said the state and city of Boston has made positive strides toward improvement. However, he made clear that there is still much work to be done before Massachusetts can improve. Attractive for families and businesses.
“Much work remains to be done next year to address issues such as competitiveness, transport, housing and economic uncertainty,” Mr Rooney said. “We cannot compete and win unless we address the policies that are holding us back.”
Rooney praised the passage of the House’s tax reform bill, saying it will make the state more affordable for families, but when comparing states in terms of tax policy, Massachusetts ranks near the bottom. He also pointed out data that shows this.
He warned that state spending was increasing at an uncontrollable rate and “tense” times were officially upon us.
“When the state budget for the current fiscal year was passed last summer, which included recent tax cuts, General Fund spending also increased by $3.3 billion, or 6.2%, compared to the fiscal year 2023 budget,” he said. said.
That’s just part of the picture, he said. From 2018 to 2022, the state budget grew by more than 26%, but Boston’s consumer price index grew by just 14%. Rooney said the Chamber of Commerce has warned Beacon Hill that the rate of spending growth is “unsustainable and risky.”
Gov. Maura Healey announced earlier this week that the state will have to cut about $1 billion from its 2024 budget after revenue fell below expectations for the sixth consecutive month.
Mr Rooney said incorporating a 2025 revenue target under previous year’s spending could be a step towards fiscal discipline. He called on the rest of state government to practice the “prudence” the Healey administration has shown by cutting the 2024 budget as lawmakers begin writing their 2025 spending plans.
Massachusetts Associated Industries echoed Rooney’s comments in an early release of the 2024 Massachusetts Business Address, praising the work Congress has already done on tax reform, but saying the state has more to do. He also said it was necessary.
“Massachusetts needs a far-reaching new approach to economic development that seamlessly blends the competitiveness of our business community with affordability for residents who work for our companies and live in our communities. Make no mistake, we must continue to prioritize the traditional pillars of economic development such as favorable tax rates, streamlined regulation, and efficient permitting, which are the foundation of business success and job creation. ” wrote Brooke Thomson, AIM President and CEO.
The main problems facing the state, which both Congress and AIM say need to be at the top of the legislative agenda, include a lack of housing, an unremarkable transport network, and a lack of visibility compared to other states. high taxes, high energy costs, and a lack of affordable child care.
“Among these policy priorities, we recommit to a vision of inclusive economic growth where all businesses in the commonwealth have access to the resources they need to compete and share in our state’s economic prosperity.” “We need to,” Thompson wrote.
[ad_2]
Source link
