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Ways & Means hearing: forecaster says U.S. GDP above 3% but state lacks granular wealth data
Summary
At a Ways & Means Committee Q&A, Tom Kivett told lawmakers national GDP and market gains are boosting revenue forecasts even as gains are uneven; staff and members flagged a lack of credible state-level wealth data and asked for more localized analysis ahead of the July forecast.
Tom Kivett, staff member, told the Ways & Means Committee that broad national measures show a stronger economy even though many Vermonters may not feel it.
"The US economy is tracking above real GDP growth, tracking above 3%," Kivett said, adding that the stock market’s gains feed into personal and corporate revenue. He also warned that aggregate figures mask large differences across households: "Whenever you look at an aggregate statistic, it's…
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