CT Gets Reality Like A Punch In The Face

Apparently the people in Hartford have suddenly realized that the tax base is going away.

http://www.marketwatch.com/story/connecticut-the-wealthiest-us-state-may-be-tapped-out-on-taxing-the-rich-2017-05-19

They should get out more.  I mean seriously, how many dead towns, empty factories and “for lease” signs need to be out there before you realize just how bad things are?

http://manhattancontrarian.com/blog/2017/5/3/connecticut-discovers-the-laffer-curve-the-hard-way

I’m tempted to go out and shoot a bunch of pictures of dying CT, but it’s too easy and all too depressing.  Thirty years or more of consistently progressive policies, public employee pressures and just wasteful spending have made their mark.  All the time, as entire industries up and disappeared, the people in charge never seemed to understand why.  There were all the excuses and promises.  It’s been, “that industry was old and obsolete,” “we can attract corporate HQ’s to tend to the state’s needs,” “we’ll get the financial and hedge funds from high tax NY,” or any of a number of “ooh shiny” things that masked the real problems.  Apparently now the people in Hartford have run out of suckers. We citizens are left with, the bill, the empty factories and all too frequently, no jobs or prospects.

The fact was that the coalition of wealthy Fairfield County types, government employees and Bridgeport welfare leaches that make up the  winning voting coalition cannot sustain themselves if the tax base goes away and that tax base has been doing exactly that for a very long time now. When the state lost a Yale & Towne lock co., A Casco products, A Hubbell, what new businesses and industries replaced them?     For that matter what new businesses of any kind have set up shop in CT in the last twenty years.  If there’s been an industry other than satellite offices for megacorps, the big banks and hedge funds, somehow it’s escaped and since I’ve spent far too long in this market looking for high tech employment that means that that industry doesn’t exist.

Unfortunately for Malloy and state legislators they are between a rock and a hard place. It won’t take much for some of those millionaires  to pull up stakes and bail.  For which I can’t blame them too much.  After all, almost none of them have actual businesses other than trading on the street to keep them here.  That’s the problem with chasing shiny rather than creating a fertile ground for new business.  Shiny goes away real fast.  And you get left with the pit.

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5 comments

  1. Sam L. · May 22

    Progressives are unable (and/or unwilling) to see the future they are bringing about

    Like

  2. penneyvanderbilt · May 23

    Reblogged this on PenneyVanderbilt and commented:
    So true. General Electric was to be the savior of Fairfield County. Now it has moved to Boston. Should have just stayed in Schenectady.

    Like

  3. Will · May 25

    Back in DotCom days, CA hit those residents that had an income of $1m/yr, with a 10% yearly surcharge. 1/3rd of the 15k in this rank up and bailed on the state. The state claimed they broke even. Bull. They didn’t bother to even estimate how many businesses left with them, let alone the loss of money spent locally or within the state, nor how many jobs this cost.
    Short memories in politics. They just passed a 3% addition in Nov. They attempted the same thing about 2010, or succeeded. Not sure which.

    Like

    • jccarlton · May 25

      That seems to always be the case. The pols never seem to understand anything beyond getting the next vote.

      Like

  4. Dale Snyder · May 31

    It seems they accidentally stumbled into the “Curley effect” and don’t like it!
    http://www.discoverthenetworks.org/viewSubCategory.asp?id=1891

    Like

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