UCONN Study: State's Economy Is In 'Deep Trouble'

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FAIRFIELD COUNTY, Conn. – The current economic status in Connecticut is dire, according to a recent study from the University of Connecticut.

According to the report, Connecticut was one of the first states to go into recession, and hasn’t climbed back above its 2007 household income peak.

The study describes the state’s job recovery as having been “anemic, barely recovering a quarter of the jobs lost while the quality of jobs deteriorates.”

It also describes how the falling tax revenues will drive the current state budget into a “significant deficit” adding around $1 billion in deficits to each of the next two year’s biennial budgets.

It looked at what would happen to the state’s economy if $200 million in state budget cuts were to take place, the results being the loss of more than 5,000 jobs each year. Should the cuts rise to a billion dollars there would be a loss of 25,000 jobs, essentially eliminating all the jobs that have been created since the recovery began.

These job losses, the report says, would be mainly in the public sector. But the private sector would “gain significantly,” which could potentially help to speed the recovery despite the major budget cuts and public sector job loss.

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Comments (6)

keith.brooks.712:

Major corporations and the super-rich are paying for the campaigns of those legislators who will pass laws in their interests. They fund campaigns, also, to defeat those candidates whom they feel will not support their interests.

The vehicle used for this funding is ALEC, the American Legislative Exchange Council, which is not even registered as a lobby so the expenses are tax deductible.

This enormous funding of our elected representatives takes away the influence of the individual citizen's vote and erodes the democratic process.

This transfer of voting power from the people to the corporations is the reason for the transfer of wealth and income from the 99 percent of us to the 1 per cent.

This corruption of our government has given rise to the Occupy Wall Street movement, and other grass-root organizations, as a protest against the loss of our freedom and democracy.

Occupy, Weston, meets Saturday, January 12, 2:00 PM, at the Weston Public Library. The public is invited.

Ken P Jr:

When a state worries more about social problems than cost of living and addresses everything by blindly throwing money at it what do you expect? But we keep electing these liberal moral midgets who think nothing of running us into debt trying to bring us closer to their mythical world where everything is done for everybody. Its sad to say but it'll get better only when we hit rock bottom. Liberalism is alot like drug addiction it seems.

araggedy:

Ditto. Hmm...can anyone name a state run by Dems (especially a Dem-controlled legislature) that actually has a sound balance sheet, no budget deficits, and economic growth? (I'm having trouble thinking of a single one.)

john.real.965:

Did they really need the study to come up with that conclusion?

Mr. Zippy:

There's a surprise...tax and spend dems with no knowledge of economic realities running the show...

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