The State of Connecticut has the highest per capita income of any state, yet is falling behind in job creation, education – and has the second-worst income disparity in the country.
“This is no longer a social-only discussion, this is now an economic competitiveness discussion,” said Thomas Phillips, president of Capital Workforce Partners in Hartford. “Our region is going to lose 15 percent of its work force through demographic change. And what are businesses going to do? Those that can move elsewhere will.”
There’s also steep property taxes, expensive electricity, and the soaring cost of heating oil, problems that could easily persuade businesses to leave. Not to mention a Three Stooges legislature who spend most their time stumbling over each other, pausing only to pocket bribes or request that someone be beaten up (you probably think I’m exaggerating here, don’t you?)
Given that Greenwich CT is the hedge fund capital of the country and that many hedge funds are cratering – a process that will continue and worsen – this indicates that shortfalls in state and local revenues will almost certainly be coming. And I’m sure Larry, Moe, and Curly in the state government will be totally gobsmacked and unprepared when it happens too.