Of the 377 executives the Connecticut Business & Industry Association (CBIA) surveyed recently, 80% had a “had a negative or somewhat negative opinion” of Connecticut as a place to do business. Couple that with another finding in the CBIA survey–that more than 1/3 of all businesses here, and half of all manufacturers, have been approached by representatives of other states for relocation or expansion over the last 5 years–and you have a predictable result. Job loss and economic stagnation. The[...]
“Perhaps with the complacency of old money, Connecticut policymakers came to believe they didn’t need to compete for investors and entrepreneurs – the key people who make prosperity happen.”
Jim Powell wrote the above for Forbes’ in his recent piece, “How did Rich Connecticut Morph Into One of America’s Worst Performing Economies?” But it was more than just complacency that helped put Connecticut’s economy in the tank and, over two decades, sent hundreds of thousands of its residents fleeing to states with greater opportunity. Powell’s next sentence nails it: “Keep in mind that government basically doesn’t have any money other than what it extracts from the private sector via taxation.” A basic economic fact lost on too many of our ruling class in Connecticut and D.C.