I recently attended a Chamber of Commerce event where noted economist Don Klepper-Smith said Connecticut state government must make profound structural changes to spending and regulations to avoid a fiscal catastrophe. He presented compelling evidence to support the need for change, including:
- Connecticut is last among New England states in job recovery and has recovered only 74% of the jobs lost from the 2008 recession.
- Approximately 575 people are leaving Connecticut each week.
- While the national economy is growing at a rate of 2% to 3%, our state is seeing only 1.1% economic growth.
- Connecticut has the second highest state and local tax burden, with an average of $7,000 per person.
- Major employers like GE are in the process of leaving the state.