[Fuele]

Originally Posted by JayCT

We are doing better than North Carolina, Maryland and Nevada; are the same as Georgia; and aren’t that much higher than Texas, Florida and Tennessee. Jay

https://www.bls.gov/web/laus/laumstrk.htm

And none of those states have anything in common with this economic region. Additionally CT is at the bottom of New England States regarding personal income growth and economic growth. We are close to the bottom here in the New England region, no matter how much lipstick you would like to apply.

[JayCT]

Originally Posted by kidyankee764

Accurate. But there’s an accuracy problem with comparing very large states vs very small states. Comparing metro vs metro would make more sense. E.g. New Haven vs Raleigh metro; Stamford/Bridgeport vs Charlotte metro, etc.

There is no accuracy problem at all. This is a comparison of state economies plain and simple. It does nothing to compare metro areas. Just more smoke screening and denial of facts.

For a long time now, some posters here complained that our unemployment rate was higher than the national average. They have ignored that we have been at full employment for a long time. Well we are now under the national average and comparable to or even lower than states whose economies were pointed to as booming. Why has anything changed?. Jay

[JayCT]

Originally Posted by Fuele

And none of those states have anything in common with this economic region. Additionally CT is at the bottom of New England States regarding personal income growth and economic growth. We are close to the bottom here in the New England region, no matter how much lipstick you would like to apply.

Yet posters here have pointed to those states as having great economies. Why is it any different today?

There is no pig to put lipstick on. The fact is our economy is doing very well by common standards. We are well under the rate of full employment and have been for a long time now. We are No. 3 in Real Gross Domestic Product per capita. We are among the top five in median incomes in the country. We are No. 1 in Real Disposable Income. We have more billionaires on the Forbes 400 List now (9) than we have in the past and that number is three times the average that a state our size should have. That is a very attractive pig by any measure. I would say it is downright beautiful. Jay

[Fuele]

Originally Posted by JayCT

Yet posters here have pointed to those states as having great economies. Why is it any different today?

There is no pig to put lipstick on. The fact is our economy is doing very well by common standards. We are well under the rate of full employment and have been for a long time now. We are No. 3 in Real Gross Domestic Product per capita. We are among the top five in median incomes in the country. We are No. 1 in Real Disposable Income. We have more billionaires on the Forbes 400 List now (9) than we have in the past and that number is three times the average that a state our size should have. That is a very attractive pig by any measure. I would say it is downright beautiful. Jay

Regardless of what other posters may say about economics outside of New England, the economic climate here is underperforming compared to other New England States except for Rhode Island. What exactly are “ common standards “? If common standards are a higher unemployment rate , lowest in personal income growth and lowest in economic growth there is very little attractiveness there. These are undisputed facts, not opinions. Along with one of the top wealth and income gaps in the country, which is also fact not opinion, then the big picture comes into focus. Our financial liabilities to state workers and retirees are additional facts that need to be considered when gauging the economic climate. Counting the number of billionaires in the state is irrelevant when we have people struggling to afford the cost of living. No.1 in real disposable income has to be considered in perspective to the high cost of living and the high tax rates. That’s what keeps people from moving here. Those Are the primary reasons people leave CT. Not only some of the highest tax burdens in the country, but each and every time a budget is rolled out, more taxes are added.

And they are far from done. CT already has their gated communities, it is just that the walls and gates aren’t visible. That’s the future for the economic climate in CT. Increased levels of taxation and cost of living will continue to drive the middle class out. We have seen it in the cities.Nothing on the table will change the existing wealth and income growth. Many of the policies from the state and many local governments point in the direction of increasing that gap. And if you follow the national political scene, Democrats one after another are talking about increasing taxes on the wealthy , and in some cases anyone that actually works for a living. And if you don’t work, some would like to pay you anyway. Think about what that would do to the CT economy.
And you think SALT had an affect ?

[kidyankee764]

Originally Posted by JayCT

There is no accuracy problem at all. This is a comparison of state economies plain and simple. It does nothing to compare metro areas. Just more smoke screening and denial of facts.

For a long time now, some posters here complained that our unemployment rate was higher than the national average. They have ignored that we have been at full employment for a long time. Well we are now under the national average and comparable to or even lower than states whose economies were pointed to as booming. Why has anything changed?. Jay

Who is denying facts? If you go back and read, I specifically stated your facts are accurate.

And yes, comparing metro vs metro would be much more accurate. Large states 20x the size of CT, with numerous spread out metros and many square miles of rural land, compared to a tiny compact state is an odd comparison. That’s why comparing metros would be more accurate and frankly, I’d be curious to see unemployment numbers listed like that.

[beerbeer]

Xerox expands out of Connecticut with new "Center for Excellence in North Carolina. Is another business sniffing an exit?


https://www.courant.com/business/hc-...7oi-story.html


Keep telling yourself Connecticut has no problem. Keep voting for tax and spend Democrats that lurch the state economy into crisis every couple of years. Just close your eyes and you will not see a problem.

Xerox’s project in North Carolina received a Job Development Investment Grant that authorizes the potential reimbursement of up to $12.3 million over 12 years. The state said the project is estimated to help expand North Carolina’s economy by $1.7 billion over 12 years.

[JayCT]

Originally Posted by beerbeer

Xerox expands out of Connecticut with new "Center for Excellence in North Carolina. Is another business sniffing an exit?


https://www.courant.com/business/hc-...7oi-story.html


Keep telling yourself Connecticut has no problem. Keep voting for tax and spend Democrats that lurch the state economy into crisis every couple of years. Just close your eyes and you will not see a problem.

Xerox’s project in North Carolina received a Job Development Investment Grant that authorizes the potential reimbursement of up to $12.3 million over 12 years. The state said the project is estimated to help expand North Carolina’s economy by $1.7 billion over 12 years.

While I agree it would have been great if Xerox built this here I am not sure our state or any state in the northeast was seriously considered. If you look, Xerox already has a center in New York. I believe it’s been there for decades. Their other US center is in California so it makes sense they establish something in the southeast. Jay

[beerbeer]

Originally Posted by JayCT

While I agree it would have been great if Xerox built this here I am not sure our state or any state in the northeast was seriously considered. If you look, Xerox already has a center in New York. I believe it’s been there for decades. Their other US center is in California so it makes sense they establish something in the southeast. Jay

What makes sense is expanding anywhere but Connecticut.

https://www.cbia.com/news/media-rele...omic-concerns/

These numbers are catostrophic,

"For the year, Connecticut is down 0.2% while Massachusetts is at 0.9% job growth and the U.S. overall is at 0.8% growth."

Gioia added that the one-tenth of a point drop in the unemployment rate is connected to the state’s shrinking labor force, which declined by 1,700 people in July.

The labor force has decreased by 14,900 people since the beginning of the year, a drop of 0.8%.

[Fuele]

According to a 2018 study by the Economic Policy Institute, Connecticut has the largest gap between the richest one percent and the poorest 99 percent in the country. And as wages for low-income residents remain stagnant, the state’s revenue streams have also faced a growing crisis.

“We’ve added a lot of people who are down at the very bottom of the income spectrum,” Lavielle said. “There’s nothing wrong with people down at the bottom of the income spectrum, but they don’t contribute to income taxes and sales taxes at a high level.”

The growing gap between rich and poor is also visible in the state’s geography. According to a 2015 DataHaven report, the percentage of Connecticut residents who live in neighborhoods of concentrated wealth or poverty has grown by 30 percent since 1980. Meanwhile, the percentage of Connecticut residents living in middle-income neighborhoods has shrunk by seven percent.

UP CLOSE: Picking up the pieces of Connecticut

[GoHuskies]

Originally Posted by JayCT

Yet posters here have pointed to those states as having great economies. Why is it any different today?

There is no pig to put lipstick on. The fact is our economy is doing very well by common standards. We are well under the rate of full employment and have been for a long time now. We are No. 3 in Real Gross Domestic Product per capita. We are among the top five in median incomes in the country. We are No. 1 in Real Disposable Income. We have more billionaires on the Forbes 400 List now (9) than we have in the past and that number is three times the average that a state our size should have. That is a very attractive pig by any measure. I would say it is downright beautiful. Jay

If the shrinking job market keeps pace with the decreasing population then everything should be fine, right!?