Category Archives: Economy

Q Poll Gives Malloy Top Marks for Storm Management, Weaker Ratings on Economy, Jobs

by Categorized: Economy, Education, Gambling, Gov. Dannel Malloy, Keno, Quinnipiac University Poll, State budget, taxes, Uncategorized Date:

Good on snowstorms, not so good on budgets, the economy and jobs.

That\’s one finding of a new Quinnipiac University poll released Tuesday on Gov. Dannel P. Malloy\’s handling of various issues facing the state.

First, the good news for the Democratic governor: 86 percent of voters, including 84 percent of Republicans, approve of the way Malloy is handling this winter\’s snowstorms.

But, according to the poll, Malloy gets weaker grades on economic and budgetary matters. Fifty three percent said they disapprove of the way Malloy is handling the budget, and 63 percent disapprove of the way he is handling taxes.

Almost two-thirds of voters — roughly 60 percent — disapprove of the way Malloy is handling jobs and the economy; 33 percent approve.

Malloy\’s plan to use a portion f the state\’s budget surplus to give state taxpayers a $55 tax refund was branded as a \”political gimmick\” by 63 percent of respondents. Twenty three percent called it \”good public policy.\”

About a third of voters said Malloy\’s economic policies have hurt their personal financial situation while just 6 percent said they have helped — and 57 percent said they have made no difference.

On Malloy\’s education policy, respondents were split: 41 percent approve of his handling of education and 43 percent disapprove, according to the poll.

In an open-ended question, allowing for any answer, 36 percent of voters say the economy and jobs should be the priority for Malloy and the legislature while 14 percent said it should be taxes and 11 percent, education.

Asked to assess the state of Connecticut\’s economy, nearly 75 percent rated it as \”not so good\” or \”poor.\” Just 24 percent rated it \”good.\”

The poll also asked about keno, a bingo-like gambling product for bars and restaurants that state lawmakers approved last year and are poised to repeal this year. Sixty-five percent of respondents said they do not think the game should be permitted while 29 percent support it.




Another Ranking, Another Day At Bottom

by Categorized: 2014 Election, Economy, General Assembly Date:

Sarah Arnett of George Mason University has come up with a \”state fiscal condition index\” that measures a state\’s overall financial health. It isn\’t pretty. Connecticut\’s low ranking is due to decades of mismanagement and overspending.

\"Map-Table-9\"From George Mason:

Although the ranking is a snapshot in time, the states at the bottom are there due to years of poor financial management decisions, bad economic conditions, or a combination of the two. New Jersey and Connecticut face similar problems: tax revenues that have not kept up with expenditures, use of budget practices that only appeared to balance their annual budgets, and significant debt levels as a result of decades of using bonds without being able to pay for them (State Budget Crisis Task Force 2012). In addition, both states have underfunded their pension systems, resulting in billions in unfunded liabilities.

CT Near Top In Politico Ranking Of States

by Categorized: Economy, Gov. Dannel Malloy, Newtown Date:

Politico Magazine ranked the states and guess what, Nutmeg haters, Connecticut is a pretty good place to live.

It\’s highly subjective and prepared inside-the-Beltway, but here\’s what they did:

Politico Magazine rounded up 14 different state rankings from reputable sources like the Census Bureau, the Centers for Disease Control and Prevention, and the FBI, and on important factors such as high school graduation rates, per capita income, life expectancy and crime rate. Then we averaged out each state’s 14 rankings to come up with a master list—atop which sits none other than New Hampshire.


Liberal Arts Majors: Hold On, You Might Succeed

by Categorized: Economy, Education Date:

\"englishA report released Wednesday morning suggests that the much-maligned liberal arts degree may not be so out-dated after all. Researchers Debra Humphreys and Patrick Kelly looked at lifetime earnings and the career paths of liberal arts majors. Using U.S. Census Bureau data, they examined the \”earnings trajectories and career pathways\” of liberal arts majors compared to those majoring in science, mathematics, engineering and \”professional and preprofessional\” fields like business and education.

The news is that eventually, liberal arts majors do OK.

Here are a couple of findings that may provide reassurance to the parents of English majors graduating this year, at least compared to students who go into business and education:

– At peak earnings ages (56-60 years) workers who majored as undergraduates in the humanities or social sciences earn annually on average about $2000 more than those who majored as undergraduates in professional or pre-professional fields. These data include all college graduates working full-time, including those with only a baccalaureate degree and those with both a baccalaureate and graduate or professional degree.

– The unemployment rate for recent liberal arts graduates is 5.2 percent.  The unemployment rate for mature workers with liberal arts degrees (41-50) is 3.5 percent—just .04 percent higher than the rates for those with a professional or preprofessional degree.

Millionaire List: Where The Rich People Are

by Categorized: 2014 Election, Economy Date:

As a percentage of the population, many of them are still in Connecticut (and thankfully, paying the taxes that are bailing out our financial mess). And despite what some folks like to tell us, there were more millionaires in Connecticut in 2013 over 2012.

This is from a report prepared by Phoenix Marketing International, which uses data from the Federal Reserve, Census Bureau and the Neilson Co. The United States added 52,948 millionaires in 2013 and Connecticut added 1,519.

Here are the numbers for 2013:

\"millionaireAnd here are the numbers for 2012:


Courtney: Deal Brings Defense Money

by Categorized: 2014 Election, Economy, Joe Courtney Date:

The $1.1 trillion federal budget deal is good news for the submarine industry, substantially boosting funding for the Virginia Class Submarine Program and restoring the two-subs-per-year schedule for Electric Boat in Groton. The agreement ends an effort to eliminate a submarine from the yearly construction schedule.

The budget includes $6.5 billion for the Virginia Class Submarine program — $1.2 billion more than the original budget request. It also funds $1.1 billion in research and development for the Ohio Replacement Program and $59 million Virginia Payload Module program.

“The spending bill passed today in the House is a major victory for Connecticut’s defense industry and our economy as a whole,” Courtney said in a statement Wednesday evening. “The full commitment to submarine production and development is a strong indicator of the critical role of our nation’s undersea fleet in America’s national security strategy and a reflection of the hard work done each and every day by the men and women of Electric Boat. In a tough budget climate, and with most defense programs experiencing cuts to meet reduced budget resources, the 22% increase in funding for Virginia Class submarines is a tremendous win.\’\’


Malloy Struggling On Back9

by Categorized: 2014 Election, Economy, Gov. Dannel Malloy, Republicans Date:

From Jon Lender\’s column Sunday, more news about the Back9, the state-funded golf channel that\’s now being sued by a former employee:

\"back9\"A former vice president at Back9Network — a fledgling Hartford-based cable golf network that\’s received more than $5 million in state grants and loans — claims in a lawsuit that Back9 stiffed him for $80,000 he spent while a consultant for the company, then dropped him despite assurances he\’d be hired full-time.

The lawsuit by Steve Shaw, a communications consultant and former newsman at WTNH, Channel 8, comes at a time when Back9 has yet to begin broadcasting any programming via cable or satellite despite a statement by its CEO last year that it expected to do so by Jan. 1.

Shaw\’s claims of broken assurances inside the yet-unproven company also are surfacing when the state Department of Economic and Community Development\’s taxpayer-funded aid to private businesses is coming under increasing scrutiny and criticism. The scrutiny follows a couple of prominent failures in economic-development efforts by the Malloy administration.

Read on.

Connecticut Stagnates, But We At Least We Aren\’t Maine

by Categorized: Economy Date:

\"greetingsU.S. Census Bureau estimates out this week show that Connecticut added 4,315 people over the last year, reaching a population of 3,596,080.

That means we trail Massachusetts — which added 47,522 residents — among New England states in population growth. It\’s dismal – but at least we aren\’t Maine, which lost 199 people last year.

The U.S. population edged up .72 percent to 316,128,839 for the one year period ending last July 1.