Vermont State Treasurer Mike Pieciak: Vermont’s Steward of Financial Resilience and Innovations
By Shirenomics Staff
At a time when Vermont grapples with demographic shifts, housing shortages, and the pressures of climate change, State Treasurer Mike Pieciak has emerged as a steadfast voice for economic foresight and community-centered solutions. Speaking at the Vermont Economic Conference, Pieciak struck a balance between optimism and pragmatism, drawing on personal experience, policy acumen, and a commitment to fostering opportunity for all Vermonters.
Vermont Saves: Securing Futures for 80,000 Vermonters
In his keynote, Pieciak spotlighted the success of the Vermont Saves Program, a publicly administered initiative that has created retirement savings pathways for more than 80,000 residents. "When people don’t have access to retirement savings, they don’t save for their future," Pieciak said. "And when they don’t save, it’s not just a burden on them—it’s a drag on the Vermont economy as well."
The program exemplifies Pieciak’s approach: leveraging public policy to address structural challenges while empowering individuals. By ensuring financial stability for Vermonters, Vermont Saves also strengthens the broader economic fabric, generating tax revenues that support critical public services and investments.
Roots in Community, Focus on Collaboration
Pieciak’s vision for Vermont’s economy is deeply personal. Growing up in Brattleboro, he was profoundly influenced by his father, a CPA and small business advocate, and his mother, who founded a food pantry and soup kitchen. These experiences instilled in him a dual perspective: the importance of supporting local businesses and the necessity of ensuring that economic growth benefits everyone.
His commitment to collaboration is evident in the Treasurer’s Office sponsorship of the Vermont Economic Conference. "The strength of the economy is a joint interest of both government and the private sector," he emphasized. "We want businesses to thrive, individuals to succeed, and the state to generate the revenues needed to invest in our communities."
Addressing Vermont’s Challenges: A Data-Driven Approach
Pieciak’s presentation outlined Vermont’s economic landscape with striking clarity. Using data, he highlighted key challenges:
Demographic Decline: Since 2015, Vermont has experienced a natural population decline of 6,200 people. Pieciak underscored the urgency of reversing this trend by retaining young families, fostering workforce readiness, and welcoming interstate and international migrants.
Housing Shortages: Vermont’s housing market faces a critical mismatch between supply and demand. While building permits for single-family and multi-family homes have increased from 1,000 to 2,500 annually over the past decade, Pieciak stressed the need to triple this figure to meet current and future needs. "We need to build housing faster, more affordably, and in ways that address the needs of both older Vermonters and young families," he said.
Climate Resilience: Vermont ranks 7th nationally in natural disaster declarations, with federal disaster spending averaging $700 per resident over the past decade. Pieciak called for proactive investments in resilient infrastructure to mitigate the economic and personal toll of climate change.
A Vision of Progress and Resilience
Despite the challenges, Pieciak painted a picture of progress. Pension reforms initiated two years ago have already strengthened Vermont’s financial standing, with funding ratios steadily improving and full funding of pensions and healthcare projected within the next decade. Similarly, the influx of remote workers has boosted state tax revenues, with personal income tax collections nearly doubling since 2017.
Pieciak sees these developments as opportunities to invest in Vermont’s future while addressing equity concerns. "How do we make sure that new revenues are used to create a Vermont that is affordable for everyone, particularly lower-wage workers?" he asked.
The Call to Action
Pieciak concluded his address by urging Vermonters to embrace bold, collaborative solutions. "The challenges we face—whether demographic, economic, or environmental—demand a collective effort. But with the right policies and the right partnerships, Vermont can be a model for resilience and opportunity."
In a state known for its tight-knit communities and independent spirit, Pieciak’s leadership embodies the balance Vermont needs: grounded in tradition yet unafraid to innovate. As the state navigates its next chapter, Pieciak’s stewardship offers a beacon of hope and practicality, a reminder that progress often begins with the courage to act.
