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Malloy Brags About $81M in Taxpayer-Backed Bonds…to Keep or Create Only 19K Jobs

June 4, 2018 By Staff
Malloy Brags About $81M in Taxpayer-Backed Bonds…to Keep or Create Only 19K Jobs

Is Dan Malloy proud of this economic legacy, bonding tens of millions of dollars just so companies can keep or create jobs in the state?

On Friday, the State Bond Commission, led by Gov. Dan Malloy (D-Conn.), approved $233 million in general obligation (GO) bonds. More than a third of that ($80.7 million) was approved for the Department of Economic and Community Development (DECD), going to 16 businesses to keep or create jobs in the state.

Malloy issued a press release effectively bragging of his efforts.

“The investments we’re making today will produce thousands of good-paying jobs for our residents for years to come,” Governor Malloy said. “These investments are further proof of our commitment to companies right here at home, and to welcome new businesses to the great state of Connecticut.”

The precise numbers, according to Malloy’s office? Nearly $81 million in GO bonds will convince 16 companies to keep 15,003 jobs in the state and create 3,876 more.

For those keeping track, here’s the math: state taxpayers are backing $4,247 in bonds per one job retained or created in Connecticut by these 16 companies.

While that may not seem like a lot when broken down to a ‘per taxpayer’ cost, it continues a legacy of Malloy having to send taxpayer-backed dollars to companies in order to convince them to keep jobs in Connecticut. Meanwhile, companies like GE have left the state, amid high taxes and state budget crises.