Posted on 08/31/2012 3:29:35 PM PDT by matt04
New data shows Connecticut's economy was damaged more severely than most economists originally thought in the last recession, according to a provocative new report released Wednesday by the University of Connecticut's economic think-tank.
The latest analysis from the Connecticut Center for Economic Analysis warned the state "has an even steeper hill to climb" and could see little or no net job growth over the next 18 months, a grim prospect as Gov. Dannel P. Malloy looks ahead to a re-election campaign in 2014.
And the study suggested that the state technically might still be in a recession.
The center also hit again on one of its favorite themes, urging the Malloy administration to mobilize unused research and development and other related business tax credits to underwrite major capital projects to grow jobs.
"The new understanding of the depths from which we are recovering re-enforces ... the absolute necessity for Connecticut to pursue aggressive policies and sustained investments to accelerate recovery and job creation," the report states.
It added that there are fewer jobs in Connecticut now than in 1988, calling it "a generation without job creation."
The report hinges on new data from the National Bureau of Economic Analysis, which provides information on Connecticut's real gross domestic product, or the value of goods and services produced by its businesses, adjusted for inflation. A recession generally is described as two consecutive quarters of declining GDP.
Many economists say the last economic downturn, which became known as the Great Recession, began nationally in December 2007 and ended by July 2009. In Connecticut, which tends to both enter and leave economic downswings later than the national average, the recession generally is charted between March 2008 and the first few months of 2010.
(Excerpt) Read more at ctmirror.org ...
Unexpectedly...
That's the key point. Inflation.
GDP cannot grow if the money supply remains the same. Nothing wrong with that -- GDP is a stupid economic indicator. What matters is the amount of goods and services sold and the amount of capital investment.
The little joke on all of us is that the CPI doesn't account for all the inflation. They let us live in the illusion that the economy's growing.
It often isn't; there's just more dollars floating around to make things look good.
Gee...it couldn’t be the 2 billion tax increase to pay off his union thugs depressing the economy?
As a Cter, I count the days to retirement and my move to SC where nice people live.
CT needs to be punished for electing Dodd many times over.
But we’re getting a 1/2 billion dollar busway between New Britain and Hartford! At $912 a inch! With federal dollars!
“They let us live in the illusion that the economy’s growing.”
I can’t believe anyone here in the northeast believes the economy is growing; it is no accident that 3 years ago Repubs won statewide races in MA & NJ (one year after The Sultan carried both). The jobs we lost that didn’t go overseas went to low-tax, low-cost states; they won’t be coming back anytime soon. The socialist fall-back, the government sector, has been slashed in these states as well; very few people are better off than four years ago..
I read a story (can’t remember where) a guy was looking around Hedgefundville in Connecticut and couldn’t find a new Bugatti anywhere.....times are tough.
Thankfully Chris Christie stopped the construction of a third tunnel between NJ and NYC; there was no need for it (as many fewer people are commuting into NYC anyway), and that became clear when the (pro-union) proponents argues it should be built so people could “see a Broadway show” (no kidding).
Due to the age of the northeastern states, much of the infrastructure needs work; as they bleed taxpaying, productive populations there is less need to fix them. Send the bill to the illegal aliens and multi-generational unassimilated welfare recipients inheriting these states...
I was in Danbury two weeks ago, for the first time in years. I was shocked by how many long established businesses were now just hollow shells - broken windows, missing doors, the whole bit. Sad way to return to my old hometown.
The western part of CT is actually the most prosperous area in the state and has the lowest unemployment in the region.
I don't recognize the Danbury you describe. Perhaps you were mistaken and were actually driving through seedier sections of East Bridgeport?
FReegards!
No, I haven’t been to E.Bridgeport in decades. One of the pillars of our church used to sell quite a few cars at Robert Buick, off Exit 8, now vacant. The old Pontiac dealer (Ingrao, in my day), just down the road, by McDonald’s was vacant and trashed. Over on North Main, there were a few tattered buildings as well, that were formerly offices for doctors, lawyers, accountants, etc. The side streets had a few horror stories, and there are a few places (residential) on Balmforth Av. that needed a bulldozer and wrecking crew. On the other hand, Bethel, Brookfield, New Fairfield, and Newtown were still quite nice, I agree with your statement on Western CT, but Danbury was a disappointment. Thanks for your reply !
Robert Buick/Pontiac was closed as a consequence of the Obama "Government Motors" union pension fund bail out. Most GM dealerships are located up off Federal Road along the main along strip with all the other car dealers. Big, fairly new Volvo delaership there at the West bound Exit 8 entrance opposite Robert on the Eastbound side.
The old Pontiac dealer (Ingrao, in my day), just down the road, by McDonald’s was vacant and trashed.
The other dealer you refer to, situated across from the newly re-furbished Berkshire Shopping Plaza, was a Chrysler Dealership ("Action Motors") which closed out around 2008, re-opened as a Saab dealership, which closed and is now in the process of renovation. I wouldn't call it "trashed" necessarily.
Over on North Main, there were a few tattered buildings as well, that were formerly offices for doctors, lawyers, accountants, etc. The side streets had a few horror stories, and there are a few places (residential) on Balmforth Av. that needed a bulldozer and wrecking crew.
You likely passed through the substantially upgraded Western Connecticut State U campus as you continued on West Street toward N. Main, and Balmforth which abuts WestConn. There are a few houses back there that are in the process of condemnation and restoration as is typical for buildings which remain from the late 19th and early 20th century.
WestConn has bought up land around there for new dorms, so what you saw may not have been so much a sign of blight but a urban gentrification refashioning itself in a way where the land beneath the building becomes more valuable than the building itself -- and the building is slated to go.
The longtime serving (R) mayor of Danbury has actually led vitalization pretty well in this regard. Perhaps you got over to the Danbury Fair Mall too?
Since you were in the vicinity of Danbury Hospital perhaps you noticed the many new additions and significant construction that is underway there?
On the other hand, Bethel, Brookfield, New Fairfield, and Newtown were still quite nice, I agree with your statement on Western CT, but Danbury was a disappointment. Thanks for your reply !
I'm from Redding, CT.
Agree with you about Bethel (downtown significantly re-vitalized), New Fairfield (Rt 8/202 looks like it's straight out of shopping meccas that surround places like Fairfax, VA, Cincinnati, OH, and Atlanta, GA) Brookfield (again Federal Road sees a new BJ's Warehouse going up 1/2 mile down the road from Costco - and they are expanding by 1/2 again + adding gas islands), and Newtown (typical New England town center and a center flag pole on Rt 25 and another shopping mecca in Newtown south of there has been around >25 years).
Still disagree with your perspective about Danbury. Should stop by more often! :-)
FReegards!
Thanks again for your reply. I used to work behind Robert Buick (Grolier’s, back then), it was sad to see it vacant.
I noticed how nice the shopping center looked, but did you see all the broken windows across the street?
I attended WestConn, I was referring to the area near the corner of Main + Down St., and the surrounding area.
A classmate’s Dad used to own the gas station on that corner. As far as Balmforth goes (I used to deliver The News Times on that block), they need to do as you say, muy pronto.
I voted for Mayor B.’s Dad, and dated his sister, I am familiar with Mark’s accomplishments.
When I worked at Grolier, I also dated a Joel Barlow Alum, so I know (beautiful) Redding, as well. Passed the Rt.25 flagpole on this last visit, happy to see it still there.
My favorite bumper sticker, before I left town was “Don’t Mall The Fair” ;)
My airfare was $525,plus car rental, maybe when we get a new President, the economy will improve enough so that won’t
be such an obstacle, for a future visit.
I have fond memories of Danbury, and wish for it to prosper, in the future. I did like the area near Two Steps, BTW. We used to hang out at The Polish Club, and the old Zadoc’s, that block is a lot more appealing, these days. When I was a Cub Scout, we went on a tour of the old Fire Dept. HQ, located where Two Steps is now. They did a nice job with that building.
All the best to you !
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.