Trump administration insurance policies may price Mass. billions, report finds
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A brand new report from the Larger Boston Chamber of Commerce tasks a $5.9 billion hit to the state’s financial system and $515 million in misplaced tax income.
A brand new report commissioned by the Larger Boston Chamber of Commerce warns that federal coverage modifications proposed by the Trump administration may strip Massachusetts of $5.9 billion in financial output and $515 million in tax income — the most important per capita lack of any state.
The evaluation, performed by Econsult Options Inc., highlights the outsized function that larger training and well being care play in Massachusetts’ financial system. The report says these sectors are significantly susceptible to federal cost-cutting and funding caps.
In response to the report, the state’s larger training and well being programs generate $155.9 billion in financial output and assist greater than 858,000 jobs statewide, contributing roughly $4.1 billion in tax income yearly.
Roughly 1 / 4 of these jobs — about 222,900 positions — are in industries past well being care and training, similar to actual property, retail, and hospitality, underscoring how deeply these sectors ripple by means of the state’s financial system.
In response to the examine, graduates of Massachusetts’ larger training establishments additionally take pleasure in a big “wage premium,” incomes 15 % to 50 % extra on common than non-graduates.
The examine consists of information from 88 schools and universities and 93 well being programs statewide.
Nevertheless, the report warns that proposed federal price caps and cuts to analysis grants may undermine that financial engine, eliminating an estimated $2.6 billion in statewide output and eight,700 jobs.
“Our larger training and well being care programs have been going through the headwinds of accelerating prices and altering demographics for the previous decade or extra,” James Rooney, president and CEO of the Larger Boston Chamber of Commerce, wrote in a letter within the report.
He continued, “However as we confront unpredictable modifications to federal and state coverage, and escalating rhetoric directed at hospitals and universities, we threat taking without any consideration how lucky the Commonwealth is for internet hosting a various array of neighborhood schools, private and non-private universities, and native, regional, and huge hospitals.”
He mentioned the report was a technique to “dig deeper” and discover the “true impression” the upper training and hospital programs have on the financial system.
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