Can Connecticut Save Itself?August 14, 2017
With a bleak economic forecast, many Connecticut residents are heading for the exit.
A recent Hartford Courant editorial calls for “Stopping The Family Drain From Connecticut,” bashing those that are against raising taxes yet again to pay for “critical” spending:
Those residents who are dead set against potentially higher property taxes often vote against this critical investment. But by putting barriers up to new families with children, they are strangling themselves and making it harder for corporations to draw talent to the region.
And despite Connecticut’s precipitous drop in income tax revenues, particularly from high earners, some lawmakers — laughably — want to once again raise tax rates on the wealthy.
Meanwhile, Connecticut taxpayers are asking “where is the budget?” Gov. Dan Malloy (D-Conn.) has been operating the state by executive order, a situation that’s anything but unsustainable. While state leaders have begrudgingly agreed to labor concessions, the deal still leaves Connecticut facing a $3.5B deficit:
With $1.57 billion in labor concessions in the rearview mirror, legislative leaders have pivoted to the remaining two-year, $3.5 billion budget deficit.
Connecticut’s business climate is among the 10 worst in the nation, according to the latest CEO-driven rankings by Chief Executive Magazine.
They’re headed across state lines in droves, towards states with economic growth and different styles of government:
Democratic “blue” state attitudes may dominate the national media, but they can’t yet tell people where to live. Despite all the hype about a massive “back to the city” movement and the supposed superiority of ultra-expensive liberal regions, people are increasingly moving to red states and regions, as well as to suburbs and exurbs.
Progressive state leaders seem incapable of leaving their ideological echo chamber of “tax and spend,” though, despite the unfolding results. From the National Review:
No one seriously believes that the state can grow its way out of its fiscal troubles. In four of the last six years, the Connecticut economy has ranked among the five slowest-growing of all American states.
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