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I saw the latest State budget is something like 43 billion. Turn back the clock to around 1985 when Mr. Potato Head was governor and the budget was around 4 billion. What's wrong with this picture?
Well, in 1985 we had O'Neill as governor, and he's the genius who told public sector unions he would give them anything they wanted. Fast forward 35 years later, and we're now the most beleaguered taxpayers in the country, with some of the biggest outward migration, yet our clueless politicians still believe CT is a state to be reckoned with just because it's not Mississippi.
If you really want to see where this state is heading, explore Essex County, New Jersey sometime: there has never been a more town-specific place with a striking contrast between rich and poor, safe and crime-ridden, expensive and cheap. You can be in a nice, leafy town with beautiful, walkable neighborhoods of lovely old homes with sizable ethnic groups, and the town next door can be completely awful. That's where we're heading. There are very few towns that will truly be able to sustain a middle class. This is not an alarmist view so much as it is the reality of what's to come. I wish I were wrong about this.
The state's eroding population and persistently anemic economic growth are two (of many) statistics that would counter your baseless claim.
Connecticut is my home state. I moved away years ago because of a lack of economic opportunity. Count me in the ranks of those young Nutmeggers who made (and continue to make) up the state's "brain drain."
In the past 20 years, nearly all of my extended family (about 30 individuals) are gone from Connecticut. The younger ones ultimately left for brighter futures in places like Boston, Dallas, or DC. The older ones left for states that are much friendlier to retirees (e.g., Florida, Tennessee, Virginia). Nobody is coming back, even if they wanted to. Only one relative is left in West Hartford. That person retires next year and is already making arrangements to move. My personal story may be somewhat atypical in terms of the actual number of family members who left, but how many of us on this thread don't know someone who left the state for greener pastures?
The only reason Connecticut is one the richest states in the country is because of a relatively small number of uber-wealthy individuals in lower Fairfield County that skew the entire state's statistics. Take them out of the equation and you have a less impressive picture -- a picture only made worse by the fact that the state continues to bleed white collar jobs.
Connecticut is at a crossroads in this current global economy. It can make some drastic economic and political reforms that help enable it to compete more seriously for meaningful job growth and investment, or it can sentence itself to becoming an economic backwater that slowly continues to decline over time...
This is spot-on.
I lived in the Stamford area for more than 6 years, and my ex's large family saw a similar--although not as large of a family-exodus. His family moved south from Connecticut to North Carolina and Florida.
About half of them were at retirement age or nearing retirement age, but the rest left for better jobs in Charlotte and Raleigh, and a couple of them moved to Tampa.
Connecticut is ultimately going to become a state where middle class folks just cannot survive.
Its so crazy. They're lining up to get in. That's why the real estate market is through the roof. Oh wait.
If I was making a decision on where to live right now, it would not be in CT. But I'm here, my kids are in school and I'm invested in my community. But once they are off to college, all options are on the table, absent a dramatic change in the political and fiscal environment. And that seems to be the prevailing attitude of the people I know.
Much of the slowness of our real estate market is due to the changing tastes of buyers. Those large homes on large lots far away from the city are not quite as desirable as they once were. Try finding a reasonably priced home in any of the shoreline towns near town centers or shopping. You can’t. Prices have gotten insane.
I would also point out to you the both Hartford and New Haven have one of the tightest rental markets in the country. Both, along with Stamford, Bridgeport and Norwalk, have seen thousands of apartments being built AND, more importantly, occupied. This shows the changing desires of people today. This is happening across the country, not just here.
I know a lot of people that said the same thing as you about leaving once their kids are out of school but honestly few have actually done so. They realize their ties here whether it’s family, jobs, friends or whatever are more important than the few pennies they would save moving to those lower cost states. Jay
The state's eroding population and persistently anemic economic growth are two (of many) statistics that would counter your baseless claim.
Connecticut is my home state. I moved away years ago because of a lack of economic opportunity. Count me in the ranks of those young Nutmeggers who made (and continue to make) up the state's "brain drain."
In the past 20 years, nearly all of my extended family (about 30 individuals) are gone from Connecticut. The younger ones ultimately left for brighter futures in places like Boston, Dallas, or DC. The older ones left for states that are much friendlier to retirees (e.g., Florida, Tennessee, Virginia). Nobody is coming back, even if they wanted to. Only one relative is left in West Hartford. That person retires next year and is already making arrangements to move. My personal story may be somewhat atypical in terms of the actual number of family members who left, but how many of us on this thread don't know someone who left the state for greener pastures?
The only reason Connecticut is one the richest states in the country is because of a relatively small number of uber-wealthy individuals in lower Fairfield County that skew the entire state's statistics. Take them out of the equation and you have a less impressive picture -- a picture only made worse by the fact that the state continues to bleed white collar jobs.
Connecticut is at a crossroads in this current global economy. It can make some drastic economic and political reforms that help enable it to compete more seriously for meaningful job growth and investment, or it can sentence itself to becoming an economic backwater that slowly continues to decline over time...
You are wrong about Connecticut’s affluence being tied only to a few in Fairfield County. As has been shown here and discussed at length, all of Connecticut’s counties have median household incomes above the national average. Add to that is the fact we have the fourth highest disposable income in the country even after considering our higher cost of living and taxes. This clearly shows we are a very affluent state even if you negate Fairfield County.
Connecticut is a highly educated (meaning a lot of our kids are college educated) but very small state. Of course our kids go other places for jobs. Our economy is not big enough to absorb the thousands of kids each year who graduate here. I doubt our state has ever had an economy that could do that. The only way we could be able to do that is if we had massive growth which would surely destroy our state which is already one of the most densely populated states in the country. Jay
I lived in the Stamford area for more than 6 years, and my ex's large family saw a similar--although not as large of a family-exodus. His family moved south from Connecticut to North Carolina and Florida.
About half of them were at retirement age or nearing retirement age, but the rest left for better jobs in Charlotte and Raleigh, and a couple of them moved to Tampa.
Connecticut is ultimately going to become a state where middle class folks just cannot survive.
I too have a large family and a lot of friends. Some of them have moved to those low cost states because they thought they could be better off. Some did do better (it’s arguable whether they could have done the same or better here) but the majority did not. Those lower cost areas lower cost for a reason. The cost to live in a major employment center is not that much lower than it is here in Connecticut outside super pricey Fairfield County. They had to take pay cuts there. All do not live any better than those who stayed here. Several openly regret leaving. I suspect a few that don’t openly regret it, do in private.
People have been bemoaning the demise of Connecticut for as long as I can remember (really my entire life) yet here we are with virtually full employment, among the highest incomes, and a number of major employers staying and expanding. We still have the highest number of Fortune 1000 companies per capita in the country. Could it be better? Of course, but to be better may mean sacrificing a lot of the things that make Connecticut special. Jay
Connecticut is a highly educated (meaning a lot of our kids are college educated) but very small state. Of course our kids go other places for jobs. Our economy is not big enough to absorb the thousands of kids each year who graduate here. I doubt our state has ever had an economy that could do that. The only way we could be able to do that is if we had massive growth which would surely destroy our state which is already one of the most densely populated states in the country. Jay
The reason so many young people are leaving is because the generally underwhelming cities don't justify the high taxes and high cost of living. Add to that the fact that not everyone with a college degree finds a well-paying job fresh out of college. I realize this isn't unique to CT, but again, when you factor in taxes and high living costs, it's obvious why young people are leaving. This might be a small state geographically, but even so, there is the potential for growth. Massachusetts is only slightly larger than we are, and they're doing great. Sure, much of that state's success is owed to metro Boston, but elsewhere the state is vibrant. Western Mass is poised to experience an economic boom thanks to recently passed legislation, and in select places like Northampton, it's already happened. There are so many opportunities to rehabilitate cities like Bridgeport and other mill towns in this state where industries have died, and it's just not happening here. Between unjustifiably high taxes and a generally unfriendly business climate, it isn't hard to fathom why more people and businesses aren't flocking here.
I work with a number of young people in their twenties and early thirties in both my jobs, and I have yet to find one who is truly enthusiastic about living in this state. Of course, now that I've said that, I'm sure a few people will chime in to say something to the contrary, and as true as that may be, it is the anomaly. And let me emphasize, I'm not hating on this state. I want this state to succeed, but this is a challenge for CT. I'm tired of this parochialist attitude that we're great in every way due to educational attainment and income levels when many of the people who give this state that distinction are leaving.
The reason so many young people are leaving is because the generally underwhelming cities don't justify the high taxes and high cost of living.
How much can a person making 50k a year pay in taxes ? What's extra funny is no one here knows that the CT income tax was reduced by 33% for tax year 2018 at the lower income levels. Which would include people making 50k a year.
The tax exemption for single filers was increased from 10k to 15k which is a 33% reduction in income tax for tax years starting in 2018. I bet North Carolina didn't lower their income taxes.
How much can a person making 50k a year pay in taxes ? What's extra funny is no one here knows that the CT income tax was reduced by 33% for tax year 2018 at the lower income levels. Which would include people making 50k a year.
The tax exemption for single filers was increased from 10k to 15k which is a 33% reduction in income tax for tax years starting in 2018. I bet North Carolina didn't lower their income taxes.
Pales in comparison to CT's income tax reduction. Nice try though.
You said specially “income taxes” which went from 5.5 to 5.25, essentially lowering the income tax as your bet claimed.
Listen CT is the best, I know.
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