Tag Archives: Beth Pearce

We Regret to Inform You that John Rodgers Has Drunk the Kool-Aid

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The Republicans’ candidate for lieutenant governor, John Rodgers, is seen as a potential winner for the victory-starved VTGOP: a centrist politician who served in the Legislature as a Democrat and might pull moderate voters away from incumbent Progressive/Democrat David Zuckerman.

Well, maybe we should pump the brakes on that one. Because to judge by the above graphic, Rodgers has taken a Wile E. Coyote-style dive into the deep end of conservative Republicanism.

Two things of note. First, he’s endorsing Andrea Murray, a far-right candidate for state Senate in deep-blue Windsor County. He promotes Murray as “a moderate woman,” which is a goddamn lie. Murray and her husband August were described by the Valley News’ Jim Kenyon as the “ringleaders” of the move to get rid of John MacGovern as chair of the Windsor County Republicans. MacGovern is a very conservative fellow and a very active Republican, but he is not a fan of Donald Trump. That was too much for the Murrays and their ilk; they undertook a long, noisy, divisive, and ultimately successful effort to oust MacGovern. They were so het-up over MacG’s apostasy that they actually filed a lawsuit against him and the Vermont Republican Party. A suit that was basically laughed out of court, but whatever happened to Ronald Reagan’s 11th Commandment?

There is more, much more, to say about Ms. Murray, but that will have to wait for an upcoming post. For now, let’s move on to point two about Mr. Rodgers.

Which is, look at the company he’s keeping.

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Shouldn’t We Be Thinking Big on Housing?

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As the Legislature pursues an actual housing policy in the absence of Gov. Phil Scott, who is focused solely on regulatory reform, there’s my question.

Shouldn’t we be thinking big?

Like “a record-breaking bond issue to jumpstart our supply of affordable housing” big.

Back in 2017 the Legislature and governor approved a $37 million affordable housing bond. In the ensuing two years, then-senator Michael Sirotkin, then chair of the Senate Economic Development Committee, proposed a second bond of $35 million (2019) or $50 million (2020). His efforts fell short, in part because then-treasurer Beth Pearce expressed concern about Vermont’s total indebtedness,

Well, it’s more than time to reopen that question and, honestly, push it as far as we possibly can. I’d aim high, maybe $250 million, and see what I could get. Why not? If we have a housing crisis, shouldn’t the response be proportionate?

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If Lenore Broughton Had a Clue, She Could be Dangerous

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Reclusive Montgomery Ward heiress Lenore Broughton, who must be referred to as “reclusive heiress” under the immutable laws of journalism, is by a longshot the most generous conservative donor in Vermont.

She is, of course, a modestly-sized frog in a tiny pond. She’s nowhere near the DeVoses or Uihleins of the world. But in Vermont, she’s got enough muscle to move our political center of gravity to the right.

Fortunately, she has no idea how to effectively spend her money. She wastes a lot of it on fruitless ventures, outmoded ideas, and candidates who are far too conservative to make any difference in public office even if they win. (What should she do instead? Read on, my friend.)

Most recent example: Broughton donated a cool $100,000 to Vermonters for Good Government Action, the thinly-veiled anti-abortion group trying to defeat Article 22. In a year when 59% of voters in goddamn Kansas refused to open the door to abortion restrictions, what hope is there of prevailing in deep blue Vermont?

You might chalk that up to unshakable belief. Broughton probably can’t help but spend heavily against reproductive rights. But how do you explain her bankrolling True North Reports, that seldom-read outpost of conservative commentary and “news”? There’s no way to know how much she spends on TNR because it’s a private venture, but it must be quite a lot. The return isn’t a bang for her bucks; it’s more like a wet fart.

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Strap a Rocket to His Backside

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The second-biggest winner of the campaign cycle so far is (I would argue) Mike Pieciak, newly-minted Democratic nominee for Treasurer. (Lovely 8-bit illo courtesy of Epicenter, a podcast devoted to blockchain, cryptofinance, and other stuff I am blissfully ignorant about.)

I say so despite, and because of, the fact that he sailed unopposed to the nomination.

I completely underestimated the guy. When he entered the race, I saw him as the unknown technocrat who, like Chris Winters, would be vulnerable to a Democratic officeholder with relevant expertise. Kitty Toll, perhaps. Shap Smith. Mitzi Johnson. Etc.

Turned out he wasn’t another Winters. He was another Beth Pearce, a technocrat who blossomed into a political force.

Or maybe it was there all along, and I wasn’t in a position to see his appeal to Democrats of all stripes. As it turned out, Pearce quickly endorsed Pieciak and nobody else even tried to enter the race. (H. Brooke Paige falls into the category of “nobody.”)

Pieciak will be our next Treasurer, and it’s absolutely not out of bounds to see him as a viable gubernatorial candidate in a few years’ time. Maybe even 2024.

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The Money Race: Gubernatorial

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Second in a series on the July 1 campaign finance reports. The first installment covered the race for lieutenant governor.

We’re livin’ in an upside-down world, I tell ya.

There are six campaigns for statewide office. Second from the bottom, from a fundraising perspective, is the race for governor.

Yep.

Gov. Phil Scott and Brenda Siegel have raised a combined total of $82K. The only cheaper campaign is Auditor Doug Hoffer’s bid for re-election. He has raised precisely zero dollars in the past year. He carried forward a $1,115 surplus from 2020; he’s spent $862 of that, including a $200 donation to the Vermont Democratic Party. I guess he’s not worried about taking on H. Brooke Paige or whatever patsy the VTGOP digs up to take Paige’s place.

Otherwise? The six candidates for lieutenant governor have raised a combined $324K, including a paltry $16K for the two Republicans. The two Democrats running for attorney general check in at $154K. The three Dems competing for Secretary of State have raised a combined $120K. And good ol’ MIke Pieciak, running all by his lonesome for the Democratic nomination to succeed Beth Pearce, has raised $106K.

Meanwhile, the race for governor tootles along below the radar.

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Signs of a Backroom Deal

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Did Beth Pearce just hand the treasurer’s office to Michael Pieciak? Consider the timing.

April 27: Gov. Phil Scott’s office announces that Pieciak would step down as Commissioner of the Department of Financial Regulation in mid-May “to pursue other opportunities” of the unspecified variety.

May 4: Pearce announces she will not seek re-election as treasurer. Her decision, she said, was made after being diagnosed with cancer three weeks earlier. Or about two weeks before Pieciak’s departure from the administration.

May 6: Pieciak launches a campaign for treasurer as a Democrat. (He served under Republican Scott, but he was brought into state government by Dem Peter Shumlin.)

Here’s what it looks like: Pearce realizes she’s stepping down and essentially handpicks Pieciak as her successor. How could you look at the sequence of events and think otherwise?

Pearce took a couple weeks after her diagnosis, more than enough time to drop a word to Pieciak. He steps down as commissioner “to pursue other opportunities” only a week before Pearce’s surprise announcement. And he launches his candidacy only two days after Pearce’s announcement.

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The Unlikeliest Superhero

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When Jeb Spaulding became newly-elected governor Peter Shumlin’s top cabinet official in January 2011, his little-known deputy was chosen to serve out the remainder of his term.

That deputy went on to become, arguably, the most popular officeholder in the Vermont Democratic Party. She routinely got loud, sustained ovations at VDP gatherings, and was at the top of many Democrats’ wish lists as a candidate for governor. But she had no interest in being anything other than Treasurer.

And now Beth Pearce has announced her retirement as Treasurer at the end of her term, when she will have served 12 years in the office.

First and foremost, all the luck in the world to Pearce as she battles cancer. Having watched Pearce in action, I have to say cancer has no idea what it’s in for.

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“Condos & Winters,” Eh?

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There’s nothing new in Secretary of State Jim Condos penning an op-ed for Vermont news outlets. Does it all the time. But there’s something different with his latest: He lists deputy SoS Chris Winters as co-author. And earlier this month, Condos’ office announced the creation of an Elections “Myth vs. Fact” page on the Secretary’s website. Specifically, it announced that Condos and Winters had created the page.

This would be mere trivia except for one thing. The Democratic rumor mill is rife with word that Condos will not seek a seventh term in office, and that he will endorse Winters as his successor. In that context, it makes all the sense in the world for Condos to be elevating Winters to kinda-sorta coequal status in the public business of the office.

Condos’ endorsement would be a huge plus for the politically untested Winters, but it would be far from dispositive. There would be other entries in the race, possibly from two distinct spheres: (1) the technocrat class, with experience in running elections and such, and (2) Democratic politicos looking to climb the ladder. I don’t have specific names in either category besides Winters in Column A, but the opening would be a big fat juicy opportunity.

The statewide offices, generally speaking, are the best perch for those seeking to reach the highest levels of Vermont politics. They get your name before a statewide audience. They get voters accustomed to filling in the oval next to your name. (I was going to say “pulling the lever,” but I need provide no additional proof that I’m old.) A statewide post is a far better launchpad than any position in the Legislature, and I’m including Speaker and Pro Tem in that calculation. Most people, even most voters, just don’t pay much attention to the Statehouse.

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Why the Sudden Reticence, Madame Treasurer?

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This kinda got lost in the wake of Speaker Jill Krowinski’s retreat on pension reform, but Treasurer Beth Pearce has taken a curious stand on fund management. She seems dead set against a legislative review of the pension funds’ track record.

Normally she’s a fiscal bloodhound, whenever shy about exploring any and all financial issues to the last decimal point and sounding the alarm when she sees fit. But not this one time.

As a reminder, the state treasurer occupies one of seven seats on the Vermont Pension Investment Committee, which makes the investment decisions.

I’d been wondering how the pensions underperformed badly during a historically long bull market. I mean, couldn’t a roomful of monkeys with Bloomberg terminals make money on Wall Street these days? Now, Seven Days’ Kevin McCallum has put numbers to my feeling.

Over the last decade, the S&P 500, a benchmark for the U.S. stock market, enjoyed an average annual return of 13.6 percent. Over that same period, Vermont’s public pension funds earned an average of just 7.2 percent a year from its investments.

That’s not an entirely fair comparison, as McCallum pointed out, since pension funds can’t take chances with their investments. But then he compared Vermont’s funds to other similarly sized public pension funds, and found that Vermont ranked 69th out of 100. Not exactly sterling.

Members of the House Government Operations Committee, who risked political suicide by exploring Krowinski’s reform plan, aren’t happy with the funds’ performance. Committee vice chair John Gannon, who has financial credentials to rival Pearce’s*, called the funds’ performance “horrendous.” Yikes.

*Eleven years at the Securities and Exchange Commission and several at the Financial Industry Regulatory Authority.

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So Many Sad Crocodiles

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I tried to watch Tuesday’s kabuki performance hearing of the House Government Operations Committee, but was repeatedly thwarted by a bad Internet connection. (Thanks, Consolidated Communications!) Still, I saw enough to realize what was going on. And enough to be completely fed up with all the expressions of dismay from Democratic officeholders.

The short version: The fix is in. The skids are greased. Following two days of dog-and-pony public hearings, the committee picked up on Tuesday exactly where it left off on Friday afternoon: Charging ahead with a reform plan that will substantially devalue pensions for teachers and state employees.

So, thanks to all those who testified. For your time and trouble, you get a lovely parting gift: our Pension Reform Home Game. Now you can play God with other people’s pensions, just like our legislative leaders!

One thing every committee member can agree on (well, except the three Republicans, they don’t seem to mind at all) is that these are difficult, painful conversations. In the brief statement she read at the beginning of the second public hearing Monday, committee chair Sarah Copeland Hanzas used the word “difficult” three times. “These are really difficult conversations,” “Everyone has had a tremendously difficult year,” “this conversation couldn’t have come at a more difficult time.” In her testimony on Tuesday, Treasurer Beth Pearce said “When we gave our recommendations, we did so with a great deal of reluctance… these are painful.” Other Dems chimed in with similar expressions of saditude throughout Tuesday’s hearing.

Pardon me if I can’t appreciate the self-pity parade. These conversations are waaaaay less “difficult” for elected officials than for the folks who’ll take it in the shorts if this plan (or something like it) takes effect.

Here’s another thing that’s cratering my sympathy for our poor hard-working betters: They’re lying about where we are in the process.

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