Editorial: Mass. must act fast to boost private job growth — or else

A new record puts Massachusetts politicians on notice get a grip on housing costs and taxes or the state is in for a world of hurt According to a protocol brief from the Pioneer Institute while nearly every state has expanded private sector employment since the onset of the COVID- pandemic Massachusetts has seen a net decline in private sector job expansion This puts the state s economic wellness and long-term prosperity at serious peril Bureau of Labor Statistics information shows that Massachusetts private sector employment has contracted since January while states such as Florida North Carolina and Texas have each seen private sector job progress The nation is growing jobs but we are losing them reported Jim Stergios Pioneer Institute s executive director There is no clearer and no more troubling economic signal And Mass pols need to sit up and take notice without more private sector jobs who s going to pay all those inhabitants sector salaries A look at the mass gov website shows that in January of this year governing body jobs were added while were added over the year Must be nice Of subject you d need a administration job with a plush paycheck to afford the housing costs and high prices in Massachusetts The outlook for the rest of us isn t so good if these trends continue The Pioneer Institute warns of far-reaching implications including rising economic inequality reduced opportunities for residents diminished stake and innovation and an increasing outmigration of talent and businesses to states with stronger job markets and lower costs of living That s already happening We ve read the reports on outmigration from the Bay State to lower-cost lower-tax states Who can blame them In Raleigh NC a roomy -bedroom will set you back Try that in Boston State taxes are lower there too How can Massachusetts compete To secure a prosperous future we need bold decisive action to create an economic surroundings that allows both individuals and businesses to thrive stated Aidan Enright who wrote Massachusetts at Threat The Alarming Decline of Private Sector Employment Upsurge for the Pioneer Institute That means Enright says tax modification regulatory improvements strategic workforce investments and aggressive housing enhancement policies We ve had aggressive housing policies lately but they involved securing shelter spaces around the state for the influx of immigrants under the Biden administration and homeless local families We paid about billion to cover the costs in fiscal year and several million so far in fiscal year As the number of private sector workers shrink that puts even more of a squeeze on the state s remaining taxpayers This news couldn t come at a worse time as a Wall Street Journal review underscored how fiscally damaging empty office buildings in Boston could be to the city s bottom line Continued downward pressure on commercial values would shift more than billion of Boston s tax burden to homeowners over the next five years according to a statement from the nonprofit Boston Agenda Institute the WSJ statement states Those increases would be on top of additional tax hikes a great number of owners face because their homes have risen in value The writing s on the wall Massachusetts lawmakers need to act fast to keep the Bay State from sinking Editorial cartoon by Gary Varvel Creators Syndicate