Biography
My name is Joshua Bechhoefer, and I’m a lifelong Addison County resident. I went to UVM and graduated with a degree in economics, and have an understanding of the danger the state of Vermont is in if we continue to drive out our tax base and make it unaffordable for the next generation to live, work, build a home, and raise a family in this state. Most of my friends from high school has left the state due to the lack of affordability. I work as a credit analyst in the Farm Credit System and have a deep understanding of the problems facing agriculture in this state at the individual level.
Candidate occupation
Credit Analyst
Why are you running for office?
I’m running for office so the next generation can inherit a treasury and state economy that is sustainable in the long run. Our bond rating, which is what our creditors assess is our creditworthiness, will not be stable if we exacerbate demographic aging, fail to grow our tax base, and spend prudently. Just because Vermont has a stable outlook now just points to bonds being issued today, not even years down the road. This is not a long-term view for our state. I believe simple, actionable reforms and additional options regarding a pension, a bank for the state such as what North Dakota has, as well as recommendations from the treasury office to the house can go a long way in steering the state in the right direction.
Issues in depth
What are the most important responsibilities of the state Treasurer’s Office?
The fundamental responsibility of the State Treasurer’s office is to wisely steward the treasury and make decisions that benefit the welfare of the people who rely on it. That means not allowing it to become a political football for pet projects, investing in the best interest of the beneficiaries of the pension, looking out for the long-term viability of the pension. It is also to make recommendations to interested parties as to how to improve the treasury’s position and therefore the bond rating. The bond rating determines the rate at which we borrow. If our creditors believe we are less able to pay our debts back because we spend profligately and do not reduce unfunded liabilities, it will worsen our bond rating making it more expensive to borrow. I want a virtuous cycle where we can borrow more cheaply because we are judicious, allowing us more flexibility down the road to continue improving our financial position. If we don’t head off bond rating deterioration, even harder financial decisions about what to cut, like the pension or other spending projects, will be made for us.
What would your three top priorities be if you were elected or reelected to the state Treasurer’s Office?
My first, which I would pitch with the governor, are more options for pensions where possible, which is both good for state employees and eliminates unfunded pension liabilities. This is followed by advocating for a Bank of Vermont and making recommendations to the house based in reality about how much of an expensive the treasury can bear.
If you’re an incumbent, what are you most proud of achieving in the state Treasurer’s Office? If you’re a challenger, what could you do better than the incumbent?
Mike Pieciak seems to be running more for governor than treasurer judging by the fashion he has turned treasury into a political football. I believe treasury funds should be invested the way a fiduciary would your personal money, that is in your best interest, not for flashy political projects to get in the papers. Moreover, he has refused to give any pushback for profligate spending and taxation proposed in house, which is crushing the taxpayer, discouraging investment, and encouraging people to leave the state. Moreover, Mike Pieciak is a lawyer, and I have a background in econometrically driven analysis and solutions.
What’s the most important thing voters probably don’t know about you?
I believe the position of treasury should be above politics, so the treasury cannot be a political football. Future generations will rely on our good stewardship today.
Financial disclosure
Candidates for state and legislative offices are required to submit a financial disclosure when filing to run. These disclosures include each source, but not the amount, of personal income of each candidate, and of their spouse or domestic partner, that singly or jointly totals more than $5,000 for the previous 12 months. The information provided is an opportunity for voters to learn about candidates’ potential conflicts of interest.
You can find Bechhoefer’s financial disclosure here.
Campaign finance
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Disclaimer
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