“Changes intended to make tax collections more stable, combined with constraints intended to promote fiscal prudence, have strayed far wide of the mark.”
Since 2011, Connecticut has bonded nearly $1.8 billion for economic development, but the effort has produced little effect on the state’s economy. During the seven year period from 2011 through 2017, Connecticut’s gross domestic product declined 1.6 percent when adjusted for inflation, according to figures from the Bureau of Economic Analysis.
Connecticut contains a mere 1 percent of the total national population across fifty states, but its metropolitan areas occupied three spots in 24/7 Wall Street’s list of cities residents are fleeing.
Connecticut ranked 43rd in the country in Wallethub’s annual ranking of Best and Worst States to Start a Business.
The Commission on Fiscal Stability and Economic Growth — composed of Connecticut CEOs and business owners — released their much-anticipated recommendations today at the Capitol, which included a combination of tax increases, tax cuts, tolls and a $15 minimum wage.
It’s easy to see the rationale behind the deal. How could offering pasty-faced Connecticut residents direct flights to Ireland fail to rake in the cash? But things didn’t quite take off as expected so now, along with buses and trains, Connecticut is subsidizing airline travel — a sort of public transportation system for the sky.