UConn economists sound the alarm, again, about something almost everyone knows about: we don’t have enough young people to survive.
Whether it’s merely an aging state that never had so many young folks to start with or that the youthful residents we have are a beating a path to Brooklyn and Brookline, we’ve got a crisis that isn’t being addressed, The Center For Economic Analysis concludes:
And because Connecticut has failed to create net new jobs for more than two decades, leaving it unable to retain many of its own young adults or toattract significant new population, it now confronts a rapidly aging population, with the age 65 and over cohort doubling, its working age population shrinking, and its dependency ratio (the ratio of the working age population to the those under 18 and over 64) soaring. If the state does not change its demographic trajectory, it faces a bleak future.
The economists recommend using tax credits to target industries that would hire young, educated workers:
If the $2.5 billion in tax credits currently sitting unused and unusable on balance sheets could be redeemedex post against the cost of major capital projects—effectively converting what is now a liability against state tax revenue into an investment fund— this approach would create nearly 10 million square feet of new advanced manufacturing, pharmaceutical, biomedical and other facilities, creating upwards of 100,000 net new jobs (including multiplier effects). Even more exciting, if the credits were transferable (sold to qualifying enterprises), firms like Genentech might acquire them to build a major facility to colocate with JAXX or at Yale’s West Campus. This aggressive initiative also creates a unique strategic opportunity for Connecticut—given the anemic national labor market and historically low labor force participation rates, the job opportunities it opens up in Connecticut would surely draw in those new workers and younger population the state must attract to secure its economic future.
Come to Connecticut, young fella!
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11 Responses to The Aging, Dying State of Connecticut
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The figures aren’t bleak enough. Carstein’s getting soft in his old age.
Romney’s budget cuts will hit states like CT hard. Factor in the Romney recession and the revised 2012 job growth figures and CT job growth will be anemic.
>> WETHERSFIELD, May 17, 2012 – Preliminary April employment estimates show Connecticut continues to experience reversal from strong winter job growth in April by declining 4,100 total nonfarm jobs. Over the year April 2011 to April 2012, the state is down 2,300 jobs.. <<
Except growing the younger population is not just about manufacturing space. It’s about having cool places like SoNo and West Hartford to live, but cheaper. It’s about not having to pay $15K a year in property taxes to send somebody else’s kids to school. It’s about not having to drive an hour to go 7 miles in rush-hour traffic.
The reason young people don’t want to live and work in Connecticut is the same reasons people are leaving.
It seems that that liberal BS policies are now being exposed to some daylight. Bitter cold winters, muggy summers, illegals all over the place…and high taxes. No wonder this state is swimming in red ink. Hell, the Courant’s own Susan Campbell has seen enough and is taking a buyout from the Courant. A liberal’s liberal taking a buyout…isn’t that rich. Too bad Suzie won’t be around this November to see Obama take it on the chin…like he did in 2010 during the midterm elections.
Site Selection magazine has the single best predictor of state economic vitality: The New and Expanding Facility Index. CT is among the pathetic 10. Apparently when a business is building they think of Bangor Maine, Taos New Mexico, Juneau Alaska, and Hartford CT as the last places in the world to build.
CT is an easy state to dismiss as part of due diligence. What CEO wants to OK a build in CT when all the industry consultants rank CT one of the worse places to build? CEOs are like lemmings in that respect.
http://www.siteselection.com/issues/2012/mar/regional-scoreboard.cfm
Liberal policies have lost their clout
Making economists sigh and pout
Who’s next to take a golden handshake
That’s a bet I’d like to make
Hope Susie enjoys her Courant buyout
I agree that Connecticut’s future is a bleak one. The tax structure is killing businesses in the state with many businesses fleeing to Florida, South Carolina, Texas and other places that do not punish a person for being successful and working hard as a young person, making yourself better and working hard in a career. The Connecticut State Income Tax became law in 1990 and was supposed to make Connecticut attractive according to the Connecticut Business Industry and Association which lobbied fot its passage. Speaker of the House Chris Donovan, and Rep. Chris Murphy are deciples of Obama and believe you can tax people into prosperty. That dog won’t hunt. A taxpayer voting for any of them is like a chicken voting for Colonel Sanders. Out state population of social program recipiants is replacing the workers who have left the state for more tax friendly states. The northeast will become a big tax drain on the rest of the country because of all the social programs offered in New England and the magnet for all those who take from us rather than assimilating into our culture and contributing to it.
The people elect and get the Government that they deserve, and thereby the State we all now live in.
The 10 poorest cities across the country have never had a Republican administration. Not that the tax and spend republicans are any better than the tax and spend democrats, but it is time to consider electing leaders who will attract businesses and opportunities, as opposed to politicians (Rep. Delauro comes to mind) who view us as children in need of being taken care of, at the expense of those who produce and take care of themselves. Between Title 19 and socialist policies, this State is heading for a disaster, while the career politicians and their pundits get richer. Let’s start “taking back” this nation by starting at home. Vote out those who would enslave us with “kindness” and elect leaders who will restore our trust by getting Government off the backs of free citizens, before it is too late.
Amen Brother Mario!
Im one of those young people that CT is claiming dont want to live and work in the state. Ill give a few examples why.
1) Rents are higher than almost every other state and with no justification for their high cost other than landlords feeling that thats what there entitled to. Prices are typically the whole mortgage for the building for a small dated apartment, no utilities included, no pets allowed, and no ammenties. Any affordable houses or apartment communities seem to be built and reserved for “active adults ages 55 and older” only. Why not build the same kind of communities for younger adults with the same affordability guidelines with ammenities so people will want to live there.
2) Taxes! CT has very high taxes. Esp local taxes. Look at our gas prices compared to MA and RI.
3) As the article mentions, CT is a bleak state. Nothing special about any of our public beaches. You can drive just a little further to Rhode Island, pay a few extra dollars for having out of state plates, and be at a much more enjoyable beach. Our state parks have over priced admission, Mystic Seaport and Aquarium are both over priced for what they offer. Look at our states license plates even. There the most boring license plates Ive ever seen. All other states have a nice background with a picture of something special in that state. CTs are just plain blue with “Connecticut, Constitution State, 3 numbers, a dot, and 3 letters, Sure theres fancier options if your willing or able to pay for them. Sure doesnt compel people to go to CT unless they have family or business here.
4) The states biggest achievement lately it seems, getting Sunday alcohol sales allowed. Out of all the problems in the state, their biggest concern seemed to be lack of alcohol availability. I think that one day a week that it couldnt be purchased at the grocery store or that the package store wasnt open should have been the least prioritized issue to deal with.
5) Also mentioned in another post. Traffic. Working in Hartford is a miserable ordeal in rush hour traffic. Takes almost an hour to go 5 miles esp where street parking is allowed. Unlike any other capitol city, what does Hartford have to attract anyone to it for excitement. Insurance companies and a bunch of bars. Not my idea of a good time or a drive worth taking with CTs gas prices.
These among others are the reasons young adults do not like CT and seek other options in other states with less taxes or better weather.
You know what the oldest part of CT is? Rick Green’s tired articles.
the growing older population may lead to assisted suicide becoming fashionable within a multiple generational spectrum.