Massachusetts faces job and innovation threats from Trump cuts

Massachusetts Secretary of Economic Development Yvonne Hao discussed the potential effects of spending cuts by the Trump administration on the state's economy. These cuts could seriously impact hiring at major institutions like UMass Chan Medical School and Harvard University. The cuts may also affect federal funding for sustainable energy technologies in which Massachusetts has been a leader. Hao described the current situation as a "very serious threat" to the state's knowledge and education economy. She noted that Massachusetts is a global leader in higher education and healthcare. In her view, cutting funding for these sectors makes no business sense and could hurt not just Massachusetts but also states that rely on universities and hospitals. The current workforce shortage in Massachusetts is exacerbated by these funding cuts. Employers in healthcare, manufacturing, and hospitality report difficulty in filling many positions. Despite low unemployment, key sectors face talent shortages. Hao also outlined a state program designed to attract and retain talent. This includes a new initiative to offer tax incentives for summer internships to college students in Massachusetts. This program aims to encourage students to remain in the state after graduation. In addition, Hao mentioned ongoing efforts to promote economic development in areas like Williamstown and North Adams. She pointed out that these towns have potential due to their cultural and natural resources, needing just a little more support to thrive. Lastly, Hao shared her personal favorite stop on the way to Williamstown—Hager’s Farm Market, known for the best maple soft serve ice cream, which she enjoys every time she makes the trip.