Skip to comments.Report: (CT)Aging workforce threatens state's economic recovery
Posted on 05/25/2012 12:36:39 PM PDT by matt04
By the time the state's plodding economic recovery finally takes off in 2014, it could be too late to compensate for an aging workforce closing in on its retirement, says a report released today by the University of Connecticut.
The Connecticut Center for Economic Analysis also repeated its call for state government to make smarter use of its business tax credits, arguing that unless Connecticut both recovers the jobs lost in the last recession and creates 50,000 new ones it won't have enough jobs to entice youthful workers back to the Nutmeg State.
The university's economic think-tank added that while initiatives of Gov. Dannel P. Malloy's administration -- including the bioscience collaborative in Farmington and the small business loan express program -- are "a good beginning," by themselves they won't come close to reversing Connecticut's employment woes.
"If the state does not change its demographic trajectory, it faces a bleak future," the center wrote in a report titled "Recovery Stirring, But Will Connecticut be Too Old to Compete?"
Connecticut, which failed for decades to create new jobs while its young workers migrated away, "now confronts a rapidly aging population," and a "dependency ratio -- residents younger than 18 or older than 64 versus the working population -- that grows dangerously.
The impending economic crisis lies hidden within Connecticut's employment and demographic numbers of the past 35 years, the report states.
Connecticut has added 443,000 jobs since 1977. Yet it reached "full employment" -- a macroeconomic term used when only a minimal level of systemic unemployment exists -- only twice over that period, in late 1988 and again in 2000.
Looked at another way, the 1.63 million jobs currently in the state is about 80,000 below the job total 12 years ago.
(Excerpt) Read more at ctmirror.org ...
How many young workers unless they are working for a hedge fund can afford a house in CT?
Gay marriage ought to help.
It's CT that is of the impression that what is yours can be your richer neighbor's if he agrees to pay higher taxes.
There's no reason whatsoever for young people to move to CT, nor to stay there!
When you add in state and local taxes to support welfare recipients and state employees, gas taxes, etc. even renting a decent place is hard.
And with Mallory being governor...you'll see a spending rise that'll make the Greeks seem like pikers. I left CT because of the taxes. Is FL perfect? No, (lousy education here -- homeschool here) but at least I can keep more of my $$$.
Schumcky Schumer: I know how to fix that! An EXIT TAX!...........
“Even if youth could afford houses, can they afford the Kelo case?”
That’s a great point, and in the end the company that fought for that land never used it...
The younger, tribal generation in America coming up will not be able to replace the boomer workforce. The boomer generation is huge, socialized American-American and educated by standards before the neo-left took over. The Leftist states will be hurt first as they chased what young and educated they raised there.
It’s going to be interesting to watch what develops.
you laugh, but how do you give away insane pensions and at the same time can't afford normal public services for the citizens and have to lay off the present public workers.....
there might have to be an "exit" tax or a surcharge on those receiving those mighty public pensions.....I see no way around it....
Forfeiture of all pension benefits comes to mind...........