Aetna Flees Connecticut for NYCJune 29, 2017
Aetna’s departure from Hartford comes as Connecticut struggles.
Aetna’s departure from Hartford comes as the Connecticut is struggling with a spiraling fiscal imbalance that has led to a projected $5.1 billion budget deficit over the next two years. It is the latest big-name corporate loss for Connecticut after General Electric Co. left the state for Boston last year.
Since 1853, Aetna has been headquartered in Connecticut’s capital of Hartford. Its move is the latest in a growing exodus of corporate giants from Connecticut.
In 2016, General Electrics announced plans to relocate to Boston, after failed pleas to state leaders over dramatic tax increases and financial mismanagement:
GE first publicly threatened its move in June, blaming a Connecticut budget deal that raised corporate taxes and what company officials described as an inhospitable business climate.
The same year, United Technologies Corporation (UTC) passed over Connecticut for a new facility, choosing to invest in Brooklyn, NY, another painful black eye to the state leadership.
While Connecticut’s exodus continues, years of massive tax hikes and Connecticut’s progressive politics of tax-and-spend are continuing to drive the once-economic powerhouse of a state to a slow grind.
The capital city Hartford has quietly looked to retain counsel for the city’s potential bankruptcy. Aetna’s announcement may serve as yet another wake-up call for Connecticut’s leadership: the state’s downward economic trajectory is abundantly clear.
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