A new annual report from Truth in Accounting found Connecticut has $67 billion in bonded debt and unfunded retirement costs, making it the third most indebted state per taxpayer in the nation. The total debt, which amounts to $50,700 per taxpayer in the state, is based on Connecticut’s 2019 financial ...
One in 20 Connecticut Residents Have Given Up Looking For Work
New research released today by the Yankee Institute for Public Policy, in conjunction with the Liberty Foundation, shows that one in 20 Connecticut residents has given up looking for work since 2008.
“This decline highlights the weakness of Connecticut’s economy, and shows just how incomplete its recovery from the 2008 recession has been,” said Carol Platt Liebau, president of the Yankee Institute. “When people who want to work – and who deserve to be able to support their families – become so discouraged that they give up, it’s clear proof that our economy is stuck. Connecticut’s people want to get working again – and that means we need smarter policies that help create jobs, rather than taxing and regulating them out of existence.”
Nationwide, labor force participation – or the number of people who are working or looking for work – has declined to its lowest level in 37 years.
Labor participation rates have dropped in Connecticut across the board since 2008. The percentage of men in the workforce has dropped from 74.9 percent to 70.1 percent, a 4.8 percent decline, while women have seen a 3.5 percent decline from 63.6 to 60.1 percent.
Other significant declines include:
• A 3.7 percent drop for Latinos, from 70.4 percent in 2008 to 66.7 percent in 2013.
• A 5.3 percent drop for African Americans, from 70 percent in 2008 to 64.7 percent in 2013.
• A 7.5 percent drop for African American men, from 72.2 percent in 2008 to 64.7 percent in 2013.
An updated report by the Federal Reserve on Friday says that 77 percent of 4,174 people surveyed said they were doing “okay” financially during the pandemic, an increase of 5 percent since the survey was conducted in April. But the study also shows that many people are not expecting to ...