[JayCT]

Originally Posted by beach43ofus

The economic climate in CT is declining. People drive the economy, but too many people are leaving CT, CT's best are leaving, & that is harmful to the economic climate there.

CT is the slowest growth in net population over the past 10 years in the Northeast USA, and the 4th slowest nationwide.

https://ctmirror.org/2021/04/27/ct-s...census-report/

That is devastating to a State's economy. If you back out inbound immigration into CT, that would reveal that long time CT residents are leaving in large numbers. They are being replaced with mostly uneducated immigrants who do not speak English well. CT is suffering from brain drain, & wealth drain.

~500,000 CT residents were born outside the USA, and since CT population growth is nearly flat, that means ~500,000 residents left, & took their wealth with them. That is a massive number for such a small state. They perceived the economic climate to be better elsewhere.

CT has the 4th lowest birth rate in the US, which is also economically disasterous...

https://worldpopulationreview.com/st...-rate-by-state

Proximity to NYC propped up CT for decades, but even that attribute is fading away. NYC is a mess, & they have lost Fortune 500's at an alarming rate, which impacts CT adversely.

Connecticut needs new leadership, and a new direction to reverse the loss of highly educated & skilled executives, & wealthy retirees. The fading economic climate needs to shift its reliance away from NYC, and create value from within.

I have been hearing this garbage for decades now and yet somehow Connecticut is still No. 1 for personal income; No. 1 in disposable income and in the Top 5 in Gross Domestic Product per capita. Those are hardly numbers of a “devastated” economy. It is also not what you’d get if, as you claim, the educated and well paid are leaving and being replaced by the uneducated in low paying jobs. It’s true that our population growth has been moderate but we are already the 4th most densely populated state in the country. We do not need more people just so we can brag about growth. Our state coffers have been doing well as well with a significant budget surplus not just this year but over the next two years as well. And our Rainy Day Fund is rapidly approaching a record $4.5 billion. Again, how is that devastating? Jay

[norcal2k19]

Originally Posted by BobNJ1960

It peaked past 160,000 in its heyday a few decades ago.

https://www.bing.com/images/search?v...t=0&ajaxserp=0

This is misleading - population numbers don't equal peak influence. As you know, average family size decreased over the years and suburbanization happened. New Haven is not irrelevant, especially to CT's culture, economy, and politics.

[BobNJ1960]

Originally Posted by JayCT

. And our Rainy Day Fund is rapidly approaching a record $4.5 billion. Again, how is that devastating? Jay

It needs to be partially drained via lower personal and business income taxes. This fund is an opportunity, as many corps will be relocating, right-sizing leases in new spots, and while I welcome the couple of NY ones we are getting, we can compete for them in far more states..by moving up on the Business Friendliness list. Corps usually hire consultants to study where to move, and the Business Tax and regulatory climate plays a big role in those decisions. We will, no doubt, lose Subway's 600 hq jobs fairly soon, so it would be nice to have replacements here. When Bic left Milford, Mayor Richetelli said it would be used quickly (the whole property). Well, a decade later, it is not close to used. While I went to school with him and like him, I knew it was just empty bragging by him.

This is the time to reduce that too large rainy day fund strategically, before our Legislature spends it on things which will not improve our competitive position.

Lamont has not shown the spine with the legislature which is far left wing, so when, not if, they wish to use it recklessly, he will smile and sign whatever they put in front of him. As evidenced by the criminal records bill he stated not agreeing with, but he signed it. He needs to direct how it is used, by actually vetoing anything which uses it wastefully. (Look at what happened in NYC with the billion dollar waste on the mayor's wife's ThriveNYC..which was a complete waste of money. That can occur here.)

[norcal2k19]

Originally Posted by JayCT

I have been hearing this garbage for decades now and yet somehow Connecticut is still No. 1 for personal income; No. 1 in disposable income and in the Top 5 in Gross Domestic Product per capita. Those are hardly numbers of a “devastated” economy. It is also not what you’d get if, as you claim, the educated and well paid are leaving and being replaced by the uneducated in low paying jobs. It’s true that our population growth has been moderate but we are already the 4th most densely populated state in the country. We do not need more people just so we can brag about growth. Our state coffers have been doing well as well with a significant budget surplus not just this year but over the next two years as well. And our Rainy Day Fund is rapidly approaching a record $4.5 billion. Again, how is that devastating? Jay

Exactly - also Lamont is the most pro-business governor CT has had in decades. Lots of good momentum right now, but some person from Venice, FL wants to comment about CT's economic condition...go on.

[BobNJ1960]

Originally Posted by norcal2k19

This is misleading - population numbers don't equal peak influence. As you know, average family size decreased over the years and suburbanization happened. New Haven is not irrelevant, especially to CT's culture, economy, and politics.

Stamford was at a far lower population at the time New Haven hit 160k than Stamford is now.

Did family size grow in Stamford while falling everywhere else?

Reality: New Haven, Hartford, & Bridgeport are smaller percentages of Ct population than they were a few decades ago. Stamford is a larger percentage of Ct population.



https://www.bing.com/images/search?v...t=0&ajaxserp=0

[norcal2k19]

Originally Posted by BobNJ1960

Stamford was at a far lower population at the time New Haven hit 160k than Stamford is now.

Did family size grow in Stamford while falling everywhere else?

Reality: New Haven, Hartford, & Bridgeport are smaller percentages of Ct population than they were a few decades ago. Stamford is a larger percentage of Ct population.



https://www.bing.com/images/search?v...t=0&ajaxserp=0

Stamford has a much larger land area compared to New Haven and the development patterns are different given that New Haven is a much older city. What else?

[BobNJ1960]

Originally Posted by norcal2k19

Stamford has a much larger land area compared to New Haven and the development patterns are different given that New Haven is a much older city. What else?

Stamford is growing. Both in population and corporate presence. New Haven is not.

Our old industrial cities are not in good shape. Norwalk & Stamford are doing quite well.

[norcal2k19]

Originally Posted by BobNJ1960

Stamford is growing. Both in population and corporate presence. New Haven is not.

Our old industrial cities are not in good shape. Norwalk & Stamford are doing quite well.

We're just going to agree to disagree. While I'm realistic about CT, I'm very bullish about the state and quite frankly find your comments misleading. Why even spend time in this forum if you're going to trash New Haven - it's clearly growing (who is producing the most new housing out of all the cities in the state - it's New Haven).

[beach43ofus]

Originally Posted by JayCT

I have been hearing this garbage for decades now and yet somehow Connecticut is still No. 1 for personal income; No. 1 in disposable income and in the Top 5 in Gross Domestic Product per capita. Those are hardly numbers of a “devastated” economy. It is also not what you’d get if, as you claim, the educated and well paid are leaving and being replaced by the uneducated in low paying jobs. It’s true that our population growth has been moderate but we are already the 4th most densely populated state in the country. We do not need more people just so we can brag about growth. Our state coffers have been doing well as well with a significant budget surplus not just this year but over the next two years as well. And our Rainy Day Fund is rapidly approaching a record $4.5 billion. Again, how is that devastating? Jay

Here's how its devastating Jay...

That $4.5B rainy day fund is DWARFED by CTs $92 BILLION dollars in unfunded liabilities, which includes $41B in underfunded pensions. Sorry Jay, but CT is upside down...leveraged upto their eyeballs! Read the 6th paragraph in the link below where it says CT is one of the most highly leveraged states in America....

https://ctmirror.org/2021/06/08/new-...f-2-3-billion/

Due to all this debt, Fitch ranks CT's Bonds as 2nd worse (only behind NJ) in the USA, & Moody's ranks them 17th worse:

https://en.wikipedia.org/wiki/List_o..._credit_rating

CT pensioners will very likely have to settle for less than their pensions promised, the article linked above suggests.

CT thrived due to its proximity to NYC. Now that proximity is not nearly as valuable as it once was. NY has lost 2/3rds of its Fortune 500 HQ's, & the trend is worsening. Work-from-home is killing NYC.

Some in CT's gov't sees the writing on the wall, so they are trying to soak the rich for more taxes. Even the CT governor says "we dont need more taxes, we need more tax payers" which is precisely my point. CT is losing taxpayers at an alarming rate, and trying to tax the top 5% that remain will cause more top 5% departures. It's a house of cards....like an imploding ponzi scheme

CT has one of the most severe income & wealth inequality distributions. The top 5% are extremely wealthy, and too many of the rest are poor. With all the uneducated poor immigrants moving in, that is going to get worse. These are the root causes of CT's declining economic climate....massive income & wealth disparity, top 5%'er moving away, & massive debt.

The future is not bright for CT. If they pass laws to soak the top 5% for more taxes, CT will wind up like Francois Hollande's France...a mass exodus of the top 5%. They'll take their wealth, their companies, and the jobs they provide, with them. CT's governor knows this, but he's fighting an uphill battle against the rest of his state gov't.

I'll be in CT soon, & I can't wait to hear what the locals say about CT's future economic climate. At least CT isn't as bad off as IL & NJ. Underfunded pensions will take all 3 of these states down eventually. Their bonds will become junk, & they'll lose the ability to lend at the normal market rates.

Detroit got bailed out by the state of Michigan, but who will bail out the State of Connecticut?

[norcal2k19]

Originally Posted by beach43ofus

Here's how its devastating Jay...

That $4.5B rainy day fund is DWARFED by CTs $92 BILLION dollars in unfunded liabilities, which includes $41B in underfunded pensions. Sorry Jay, but CT is upside down...leveraged upto their eyeballs! Read the 6th paragraph in the link below where it says CT is one of the most highly leveraged states in America....

https://ctmirror.org/2021/06/08/new-...f-2-3-billion/

Due to all this debt, Fitch ranks CT's Bonds as 2nd worse (only behind NJ) in the USA, & Moody's ranks them 17th worse:

https://en.wikipedia.org/wiki/List_o..._credit_rating

CT pensioners will very likely have to settle for less than their pensions promised, the article linked above suggests.

CT thrived due to its proximity to NYC. Now that proximity is not nearly as valuable as it once was. NY has lost 2/3rds of its Fortune 500 HQ's, & the trend is worsening. Work-from-home is killing NYC.

Some in CT's gov't sees the writing on the wall, so they are trying to soak the rich for more taxes. Even the CT governor says "we dont need more taxes, we need more tax payers" which is precisely my point. CT is losing taxpayers at an alarming rate, and trying to tax the top 5% that remain will cause more top 5% departures. It's a house of cards....like an imploding ponzi scheme

CT has one of the most severe income & wealth inequality distributions. The top 5% are extremely wealthy, and too many of the rest are poor. With all the uneducated poor immigrants moving in, that is going to get worse. These are the root causes of CT's declining economic climate....massive income & wealth disparity, top 5%'er moving away, & massive debt.

The future is not bright for CT. If they pass laws to soak the top 5% for more taxes, CT will wind up like Francois Hollande's France...a mass exodus of the top 5%. They'll take their wealth, their companies, and the jobs they provide, with them. CT's governor knows this, but he's fighting an uphill battle against the rest of his state gov't.

I'll be in CT soon, & I can't wait to hear what the locals say about CT's future economic climate. At least CT isn't as bad off as IL & NJ. Underfunded pensions will take all 3 of these states down eventually. Their bonds will become junk, & they'll lose the ability to lend at the normal market rates.

Detroit got bailed out by the state of Michigan, but who will bail out the State of Connecticut?

Ok - so tell us about Florida then since you're spouting gloom and doom about CT's economic condition. You don't even live here. CT will be fine and is doing pretty well compared to the rest of the country right now with an optimistic and can-do attitude from the governor.