In The News: Economy

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Latest economic reports are cautionary tales

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Mar 5 2019

By Jon Chesto, The Boston Globe

Eileen McAnneny, president of the business-backed Massachusetts Taxpayers Foundation, says she’s not worried about this year. But the slowdown in growth could make it harder to budget for the fiscal period that begins July 1. In many ways, McAnneny says, we’re living on borrowed time with this decadelong recovery. Good thing the state has $2 billion in its rainy day fund, thanks in part to a capital gains-related windfall last year.

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Our view: Time to plan for tough times is now

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Feb 11 2019

Gloucester Daily Times

“With April being the largest month for tax collections, it is unlikely policymakers will have significantly more information about tax revenue available before the House and Senate budgets are published in the spring,” said Eileen McAnneny, president of the Massachusetts Taxpayers Foundation. “As a cautionary measure, budget writers may want to revisit the tax growth assumptions before the fiscal 2020 budget is adopted.
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Narcan Made Available at Construction Sites Amid Opioid Crisis

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Nov 19 2018

By Caroline Connolly, NECN

Last week, a report from the Massachusetts Taxpayers Foundation found that businesses in the state have been losing billions annually due to absent or unproductive workers who are addicted to opioids. According to Botticelli, companies like Shawmut can help turn things around.
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'We Can't Afford to Not Take Action': Leaders Discuss Economic Impact of Opioid Crisis

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Nov 16 2018

By Caroline Connolly, NBC 10

According to a report from the Massachusetts Taxpayers Foundation, employers have lost likely more than $2.5 billion annually due to employees who skip work or underperform because of their addiction. In addition, treating those people through opioid programs and services across systems in Massachusetts is estimated to be at least $5.5 billion.
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Opioid epidemic costing Massachusetts employers billions

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Nov 14 2018

By Colin Young, The Telegram / State House News Service

“MTF hopes this report catalyzes greater urgency and engagement from all segments of our society in the battle against the scourge of this epidemic — particularly among Massachusetts employers — by exploring and explaining the economic and fiscal impacts of the opioid epidemic on the state,” the group wrote. “We have no illusions that this crisis is fundamentally about economics. While the opioid epidemic is causing considerable costs across all major systems in our state, the primary costs of this crisis are its impact on human lives — and these are incalculable.”
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Report: Opioid epidemic keeps jobs unfilled

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Nov 14 2018

WBJournal

According to a new report, the opioid epidemic is costing Massachusetts businesses more than $2.5 billion annually. The report from Boston public policy nonprofit Massachusetts Taxpayers Foundation said that figure comes from lost productivity and absenteeism and presenteeism.
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New Study Says Opioid Epidemic Is Costing Massachusetts Economy Billions

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Nov 14 2018

By Paul Tuthill, WAMC

The study from the Massachusetts Taxpayers Foundation puts the cost to the state’s economy at $7 billion in lost business productivity. The report concludes the opioid crisis is far from over and is likely to get worse, as more lethal synthetic drugs such as fentanyl proliferate. The foundation is hosting a forum Friday in Boston on the opioid epidemic. Governor Charlie Baker and Attorney General Maura Healey are scheduled to participate.
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Report: Opioid Epidemic Cost Massachusetts $15.2 Billion In 2017

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Nov 14 2018

By Martha Bebinger, WBUR

"They're staggering," says Eileen McAnneny, MTF president, of the dollars spent on hospital care, EMTs, early intervention for infants and families, jails and the job productivity forfeited by individuals and employers. "We wanted folks to get a sense of the pervasiveness. It really impacts all major areas: health care, criminal justice, public safety and businesses."
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Report: Opioid crisis costing state $2.5B a year

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Nov 14 2018

By Steve LeBlanc, Daily Hampshire Gazette / AP

“There’s an old business school adage that you can’t manage what you can’t measure, so we thought that quantifying the cost and providing a sense of the magnitude would motivate employers to engage more on this issue,” said foundation president Eileen McAnneny. “The economic impact is a crisis itself.” One big reason the opioid epidemic should worry employers is that it threatens to make it harder to find and keep employees in an already tight labor market, McAnneny said.
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Report shows opioid crisis is costing Mass. workforce billions in lost productivity

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Nov 14 2018

By Jon Chesto, The Boston Globe

The taxpayers foundation estimates that opioid addiction kept nearly 33,000 people from participating in the labor force each year, on average, over the past five years. And the annual costs to health care providers total nearly $1 billion, some of which is paid by the taxpayer-funded MassHealth and other insurance programs.
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