After a long career working for international banks that specialized in developing countries, John Caracciolo decided to retire with his family in Barkhamstead for the good schools and the quiet countryside. That was six years ago. Now John is rethinking that decision.
“We are in this together,” was the message Gov. Dannel P. Malloy asked state residents to take away from the budget he introduced Wednesday. But what we’re in together doesn’t look very pretty – a massive $3.6 billion deficit out a $36 billion two-year budget.
This year, Connecticut lawmakers have the opportunity to show that they are committed to bringing jobs and prosperity back to our state. That starts with saying “no” to another tax increase, and “yes” to dismantling the barriers that hobble job and economic growth. During the 2017 legislative session, the Yankee Institute will be working with legislators, state officials and stakeholders in the following areas
As Gov. Dannel Malloy delivered his state of the state address, which highlighted Connecticut’s growing deficit problem, the Office of Fiscal Analysis released it second-quarter report on state agency overtime spending. So far, Connecticut agencies - particularly the Department of Correction - have spent 14.7 percent less on overtime payments than the second quarter of last year. The DOC is consistently the biggest driver of overtime but managed to reduce their payments by $8.2 million.
When Governor Dannel Malloy admitted that the state’s recent trend of raising taxes wasn’t working, and that economic growth was necessary, it signaled a shift in attitude toward the right direction. How to foster economic growth should consistently be a factor and goal in any public policy debate or legislative issue. The state needs revenue, but by chasing revenue through tax increases, it has actually chased people, and revenue, away.
Nice states encourage and reward risk takers, both with policy and general attentiveness to their job creators. Unpredictability, projections to increase taxes, and constant regulatory creep are factors that reduce business confidence and, ultimately, reinvestment in a state. Naughty states disregard the concerns of employers.