Connecticut on the road to trouble

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Wednesday, June 15. 2011

Connecticut on the road to trouble

From Malanga's The 'Anti-Christie' Agenda Driving Connecticut:

Connecticut finished 47th among states in net jobs created by existing businesses over a 15 year period, according to the National Establishment Times Series database, which tracks job dynamics from 1993 through 2008. On jobs generated by new businesses over the same time, the state ranked 46th, according to NETS. In fact, it's misleading even to use the term ‘job dynamics' in discussing Connecticut. The state has fewer private sector jobs today than it had in 1990.

Malloy and his fellow Democrats now in charge seem to believe that the state's only problem was that it just wasn't doing enough taxing and spending and borrowing.

Lovely state, insane politics. Economically, it could be another Texas if it wanted to be. From an income standpoint, it's the richest state in the US (but that mostly comes from the comfortable NYC suburb of Fairfield County). Instead, it keeps trying to kill the geese that lay the golden eggs to buy votes in its forlorn dying cities from which industry has fled.

That's a long-term death spiral, just like the one New Jersey was in.

Posted by The Barrister in Hot News & Misc. Short Subjects, Our Essays at 09:17 | Comments (6) | Trackbacks (0)

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The government is elected by the client urban areas and Suburbanites who want to manufacture a fake, amusement park new england.

It's easy to forget that Bridgeport, Hartford, Norwalk etc. were once economic powerhouses run by real businessmen who competed in a worldwide economy. Now we yearn for the wealth they created but don't want to pay the price in change or effort. We hoped finance would pay the bill without any dirty bits, but when you tax finance heavily it just moves the accounts away

#1 DirtyJobsGuy on 2011-06-15 09:56 (Reply)

Want golden eggs quickly? Kill the golden goose!

Some people never understood the story.

#2 Sam L. on 2011-06-15 12:28 (Reply)

Having lived in New London for a few months, wasn't defense industries a major contributor to the state's economy?

I will say that my exposure to New London's politics left me no wonder at their dismal economics. The political/economic thinking in that corner of the state is really stupid!

They were enjoying their new casinos but that's just vice money from NYC and Boston. Competitors will buy their way into the market.

I think part of the problem is that "Old Money" has a lot of control and they're happy to sit on their wealth and stifle new money.

#3 Whitehall on 2011-06-15 12:30 (Reply)

Have to disagree at least somewhat with:
1) "The government is elected by the client urban areas and Suburbanites who want to manufacture a fake, amusement park new england."
2)"Old Money" has a lot of control and they're happy to sit on their wealth and stifle new money.

Molloy was elected by the union, public & private, the big construction and developers who depend on state contracts and legal advantage, and the big (for CT) city machines with huge turnouts, and frankly, even this doesn't seem to have been quite enough as the Bridgeport shenanigans proved.

Essentially, Molloy is in complete hock to these people and he's going to pay them off. We may get our Christie (oh how I hope and pray I'm not stil here then), but frankly, the system is so corrupt, so many entreprenuerial people have left and continue to leave, and the amount of debt will be so crushing, that I think we're much more likely to turn into Michigan.

#4 Joe Y on 2011-06-15 12:49 (Reply)

The way a death spiral works is that you can't tell whether you're turning or not without reference to the ground or some instrument to tell you. You have a strong sense whether you're turning or not, but it isn't accurate.

A pilot for some reason starts turning but thinks he's going straight.

The nose of the plane falls and the plane starts descending and gaining speed.

The pilot hauls the nose "up" which tightens the turn. This increases the problem.

Ultimately either he snaps the wings off in a super tight descending turn or hits the ground.

All from not knowing that he's turning.

I don't know that the politicians are ignorant of the turn; I suspect they know but have short term goals. The ground is in the future, after they're gone.

#5 rhhardin (Link) on 2011-06-15 14:28 (Reply)

Good point, but I suspect there is more than a little self-deception.

#5.1 inthehills on 2011-06-15 15:11 (Reply)

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Wednesday, June 15. 2011

Connecticut on the road to trouble