Skip to comments.How Did Rich Connecticut Morph Into One Of America's Worst Performing Economies?
Posted on 08/02/2013 2:21:03 PM PDT by matt04
Connecticut has so many advantages that it might be hard to understand how it became one of Americas worst-performing state economies.
As we know, Connecticut is located along an important commercial corridor between New York and Boston. Its well-served by railroads and highways. Major airports are accessible. Connecticut has many charming towns, historic sights, stylish shops and nice beaches. CNN determined that of Americas 25 towns with the highest median family incomes, four are in Connecticut New Canaan (#1), Darien (#2), Westport (#5) and Greenwich (#14). ....
When investors and entrepreneurs consider important decisions like where to establish a residence, where to operate a business and, yes, where to die, they compare their options. From a financial point of view, Connecticut turns out not to be a great option. For instance:
-Connecticut ranks #50 the worst in annual economic growth. According to the Department of Commerces Bureau of Economic Analysis, Connecticuts economy contracted for the second year in a row. Connecticut is the laggard, reported Connecticut Department of Labor economist Daniel Kennedy.
-Between 1996 and 2006 before the financial meltdown and recession the number of Connecticut small businesses declined by 2.2 percent, while the average experience of all 50 states was a 10 percent increase. Only Ohio and West Virginia did worse than Connecticut. Its small businesses account for about half of the states private sector jobs.
-Government spending is out of control. Two years ago, Connecticut Governor Dannell P. Malloy signed a $1.8 billion tax hike, the biggest in the states history, that supposedly would generate enough. But it wasnt enough for the next budget, enacted this year. It was balanced mainly with gimmicks like shifting some $6 billion of Medicaid spending off-budget.
(Excerpt) Read more at forbes.com ...
Lowell Weicker foisted an income tax on them in order to claim his Profile in Courage Award. It’s been all downhill since.
Our next Detroit. How long has it been Democrat?
last time they voted R for POTUS was in 1988 .
Democrats doing what Democrats do best.
I don't know about you but I drive through Connecticut,on the way to NYC,regularly.I-84,I-91,I-95 and the Merritt Parkway (depending on traffic and my mood).The state already *has* a Detroit...it's the state's biggest city and it's called Bridgeport.What I've seen of the city from I-95 (I've never actually set foot in the city) appears to be every bit as bad as what I've seen in Detroit.
Right, and IIRC pushing status as ninth largest economy now. From fourth largest economy in the entire World to ninth, and it all happened at the hands of Democrats over a mere 35-40 years.
That and all the income earned in the state is mostly earned in neighboring New York City. Greenwich, Westport, Darien and New Canaan are all NYC bedroom communities. Very little productive economic activity. Mostly Wall Street paper shuffling.
Bridgeport is bad but not Detriot yet. Give them time and the will be.
IIRC, they were the ones throwing rocks and bottles at utility crews trying to restore power after Irene or Sandy, forcing crews to flee the city until they provided cops to protect the crews.
It appears to me that the modern paraphrase of this would be; Progressivism: the haunting fear that someone, somewhere is has some untaxed money or unregulated time.
I agree to an extent...but it started before that moron got in.
I grew up in CT and left shortly after the tax debacle was passed by this POS. He had promised NO INCOME TAX when running...oh yes, I was there in Hartford for the demonstrations...
Liberal Democrats. Next silly question.
And the deciiding vote was cast by a RINO, Marie Herbst, who was shown with a smiling Weicker signing the tax bill. When I contacted her and actually spoke to her she claimed that the income tax would solve our fiscal problems and was NEVER going to increase and would probably only last a few years.
My response, "How stupid can you be? That is telling me that state spending is not the problem, it is just that all of us scumbags that work for a living aren't paying enough in taxes."
Hello Florida. Moved my family and my business and have never loked back.