And The Good News Is … Sandy?

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Source: The Connecticut Economic Outlook: December 2012, Connecticut Center of Economic Analysis, UConn

 

The Connecticut Center of Economic Analysis at the University of Connecticut has released its latest economic outlook for the state, its December report, titled \”Averting the Doldrums: Will Connecticut Avoid Recession?\”

Here are a couple of excerpts from the executive summary:

\”Job recovery has been … anemic, barely recovering a quarter of the jobs lost while the quality of jobs deteriorates. The unavoidable outcome has been tax revenues falling below projections, driving the current state budget into a significant deficit and confronting the Governor and Legislature with billion dollar deficits in each of the next two years’ biennial budgets, to be adopted next Spring. With the state’s economy still struggling to recover, the cuts in public sector expenditure will weaken the economy further, and may even put the state back into recession…\”

And …

\”This Outlook again looks at the impact that significant cuts in the state budget may inflict on the state’s economy by modeling $200 million cuts in each year of the biennium. Such cuts would cost more than 5,000 jobs each year; if cuts rose to a billion dollars, the result would be a loss of about 25,000 jobs each year, eliminating essentially all jobs created since the recovery began. The current forecast anticipates little capacity of the private sector to offset the impact of public sector contraction. Ironically, Super Storm Sandy may help improve conditions as the region rebuilds…\”

Go here for the full report.

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13 thoughts on “And The Good News Is … Sandy?

  1. Da Troof

    It looks like we’ve had nearly 25 years of stagnation to negative jobs growth in Connecticut. Not to worry: the tax, spend, and borrow crowd in Hartford will tax and spend us into prosperity just like their hero Obama is doing at the national level.

    This state is circling the drain. Last one out turn off the lights.

    1. Relevant Capitol

      Da Troof, your comments are spot on. Laslo… yours as well. It’s sad… But it is the truth.

  2. Laslo

    UConn professors warning about the dangers of lowering government spending? Who woulda thought?

    As Da Troof says, the largest danger facing Connecticut is our liberal leadership. Until we creat a state that is business friendly (instead of public union friendly) we have little chance of even average growth.

  3. Skip

    YUP Keep raising taxes Gov. We are spending a lot less because of taxes. Why can’t they look at history? Every time they raise taxes revenue goes down.

  4. Richard

    It’s senseless telling them the NB highway isn’t a productive asset. As senseless as speaking about public service and 200k jobs versus creating ten 20k jobs. The pyramid continues to narrow at the top and bottom.

  5. Billy

    News Falsh to the Uconn economists – this is as good as it’s going to get – wait until 2015 when unemployment is above 15% and the debt passes 20 trillion.

    These same progressive economists will still be calling for more government spending to get the economy moving.
    Obama will still be blaming Bush – and his followers will believe him (with help from the media of course).

  6. j

    All this state does is become more expensive to live in and offer less for the money every year. Im one of those who makes under $35k a year that a previous article about housing cost said is an income bracket that cannot be accomodated, the state seems to just be shrugging their shoulders and saying “oh well”. Long as the Govt gets paid, no one else matters it seems.

  7. alan

    This is theoretical but instead of cutting the budget for current services give all govt workers a pension haircut. Teachers now get 70% after 35 years(state funded) and i know of 50 something park rangers getting mid 60′s. I have been told that govt workers/teachers make less than private sector workers but i doubt that has been true since the mid 80′s. These pensions accout for 20 Billion that we not even funded yet..with all these negative financial stats is it a good idea to keep paying these idiotic pensions negotiated by Bartender Bill O and pals before the PC was invented?

    1. Richard

      I’m fairness to the teachers they can’t do the pension spiking thing and obscene 20 year retirement thing

  8. sue

    These guys are geniuses No WONDER they have cushy state jobs at UCONN which is dolling out $200K+ salaries like they are going out of style. CT is in a death spiral. Higher taxes begets fewer taxpayers which begets higher taxes. There are 700,000 people on the dole in CT with a population of 3.5 million and DANNY BOY sees NOTHING wrong with this picture

  9. Wah my taxes are too high and there's too many people from hartford coming to my depressing suburb

    It’s interesting to me that places like the Boston area with public transportation (subways and buses) and progressive government that you guys hate so much are doing so much better employment wise than CT. Maybe we need to get past the all suburb/small town/screw the city/I want my taxes lowered mentality in this crappy state.

    1. Da Troof

      What do you suggest we do there Wah? Double down on “progressive” government and tax and spend ourselves into oblivion? How does Hartford go from entitlement zone to thriving economy? We all look to intellectuals like you for answers. We’ll wait.

    2. johngaltwhereru

      Wah,

      I see. The key to high employment is “Progressive” government and subway/public transport sysems. Fair enough.

      Could you explain this then?

      http://www.bls.gov/web/metro/laummtrk.htm

      Here we have the Boston Metro area at 85th among American Metro areas unemployment levels.

      Of the 84 metro areas with lower unemployment than Boston, why don’t you regale us with the areas you believe have “Progressive” leadership and a subway system?

      And of the bottom 100, how many of those are “Progressive” run cities in “Progressive” run States? Looks like almost all of them to me. But, I’m sure that is just a coincidence.

      And other than Minnesota, how far down the list do you have to go before you get to a State with a Democrat/Progressive Governor? How about with a vast mass transit system or a subway?

      I know the answers, but I was just wondering what you thought.

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