Current News

by John McClaughry President Biden has signed into law the Schumer-Manchin “Inflation Reduction” bill. Among its many provisions is the long-sought (by Democrats) authorization for the Federal government to “negotiate prices” of pharmaceutical products purchased through Medicare. The bill requires the Health and Human Services Secretary to “negotiate” prices for 10 of the top-spending drugs in Medicare starting next year and 20 by the end of the decade. If drug makers don’t accept the government’s offered price, they would get slapped with a 95% excise tax on their sales. As Kim Strassel of the Wall Street Journal writes, “That’s not a ‘negotiation’; it’s a gun to the head. The proper term is “price controls.”

Vermont Business Magazine New and returning students began arriving on campus for the Fall 2022 term in early August, and this week will be the peak of the move-in process when first-year undergraduates arrive Wednesday and Thursday. UVM continues to see strong enrollment numbers for undergraduates, graduate students, and medical students. The undergraduate Class of 2026 was selected from more than 30,000 applicants for admission, setting a record and allowing the university to continue its efforts to diversify and raise the academic profile of the student body. Over the past two years, UVM has seen a surge of more than 60 percent in undergraduate applications.

Vermont Business Magazine Kick off your shoes and let the good times roll at Cajun Zydeco Fest 2022 at Kampfires Campground, Inn, & Entertainment, on August 27 from 1:00 – 7:00 pm. MANGO JAM headlines the 5th annual single-day festival, set on the grounds’ natural tree-lined outdoor open-air amphitheater. Burlington-based Mango Jam is a six-piece dance band playing straight-up Zydeco as well as New Orleans inspired funk, Reggae and Ska.

Vermont Business Magazine Vergennes Day kicks off its 40th year on Friday, August 26th and continues Saturday August 27th. The weekend’s activities are hosted by the Addison County Chamber of Commerce, the City of Vergennes and presented by Vermont Gas Systems and sponsored by multiple area businesses. Vergennes Day is a celebration of the city and community to be enjoyed by all ages.

Vermont Business Magazine Today Vermont Secretary of State Jim Condos announced that the results and winners of statewide and federal races in the August Primary Election were certified as official at the meeting of the canvassing committee on Monday, August 22. Secretary Condos, along with Chairs or their designees from the three major parties (Democratic, Republican and Progressive) certified vote totals and winners for all federal and statewide offices. The results and canvass report can be found on the Secretary of State’s website.

Vermont Business Magazine As part of their preparations for their proposed merger, VSECU and NEFCU have completed an evaluation of their individual brand identities. The financial institutions announced today that they will create a new brand identity and name for the merged credit union, pending the merger’s approval by the membership. The new name would take effect after they are operating as one credit union, potentially in late 2023.

Public Assets Institute Nationally, the big news is that employers have added back more jobs than were lost in the pandemic. That’s not the case in all states, though, including Vermont. If employers here could find workers for their open positions, jobs would be at an all-time high, bringing the state above the 319,000 filled jobs it had at its peak in March 2019. This is a tall order, because job openings in Vermont outnumber job seekers. In June there were more than three openings for each person looking for work. In contrast, at the end of the Great Recession, in June 2009, there were three workers for each available job.

Vermont Business Magazine The Vermont Fish and Wildlife Department responded to a bear attack in Strafford on August 20. Ms. Susan Lee, 61, of Strafford, was treated at Gifford Medical Center for non-life-threatening injuries from the attack. She called 911 while being transported to the hospital by her neighbor. Game Warden Sergeant Jeffrey Whipple and Game Warden Kyle Isherwood responded. Ms. Lee reported that she and her two dogs, a Jack Russell terrier and labradoodle, were walking trails on her Strafford property at the time of the attack. She stated that she had just recalled her dogs which had moved out of sight, when she heard a loud noise and realized a bear was charging her. Ms. Lee stated that she tripped on a stone wall as the bear charged her. She then felt pain on her upper left leg and realized the bear was on top of her and had bitten her.

Vermont Business Magazine The Vermont Agency of Transportation (AOT) today announced that it has received two new grants through the Federal Transportation Agency (FTA) totaling $12.5 million. These awards will bring nine new e-buses to Vermont and allow for a new building and facility improvements to the Marble Valley Regional Transit District. The first grant award of $9.2 million is through the FTA’s Low and No Emissions Bus and Bus Facility Grant program and will bring nine new e-buses to Marble Valley Regional Transit District (MVRTD) and Green Mountain Transit (GMT). Five of these buses will be medium-sized transit vehicles from a new manufacturer, Letenda, located in Longueuil, Quebec.

Vermont Business Magazine Burlington School District (BSD) is proud to announce a BHS/BTC 2025 Fundraising Partnership with Burlington Students Foundation (BSF). The partnership with the 501(c)3 will allow the District to solicit private, tax-deductible donations from the public. The partnership will also help the District apply for grants and funding awards that may not have been previously available to the school district. On August 15, Burlington City Council unanimously voted to place a $165 million bond on the November ballot to support the construction of a new high school and technical center. Superintendent Flanagan said he hopes to raise more than $200,000 in private donations through the partnership and through avenues such as naming rights.