New Report: Connecticut Faces “Grim” Fiscal Future As A Result of Failed Democrat Policies

A direct result of Failed Governor Dan Malloy and his Democrat Enablers' disastrous leadership, fiscal struggles in Connecticut are the new norm. While gubernatorial candidates like Luke Bronin, Dita Bhargava, and Dan Drew continue to double-down on Malloy's failures, a new report from the University of New Haven's Economic Performance Laboratory claims that the 'outlook for Connecticut is grim' with high chances for another employment slowdown in 2018, while the national economy 'breaks all kinds of records.'

The Economic Performance Laboratory put the chances of an employment slowdown in Connecticut at 40% for next year, threatening to put Connecticut even further off track while it has still only recovered less than 70% of the jobs it lost during the Great Recession. The Laboratory cited 'labor-related, tax-related, and spending-related policy mistakes' under Malloy as causes for its worrisome projections. With grim forecasts showing Connecticut could be headed for another major employment slowdown or even a recession, the state remains desperate for new leadership.

Hartford Business Journal reports :

'…despite having adopted a new budget a month or so ago, the state is again running a deficit because sales and tax revenues are down over $200 million halfway into the budget year.

We conducted an assessment based on historical employment performance. This appraises the likelihood of a Connecticut employment downturn in the near future. Our model tells us that over the next year we have around a 40 percent chance of hitting a slowdown. By contrast, a likelihood of national recession, using the same methodology, is close to 11 percent towards the end of 2018.

How likely are we to slow down while the U.S. breaks all kinds of records? The chances are high. Connecticut's downturns and recessions are not always synchronized with those of the nation. In fact, over the last 27 years we have not been synchronized with the nation approximately 11% of the time (38 of 334 months). We were down for 25 months when the national economy was humming along happily and we have done better than the national economy 13 months when the US economy was sputtering.

Yes, on balance, the near-term outlook for Connecticut is grim. Why are we in this situation?…Within Connecticut, there have been a number of labor-related, tax-related, and spending-related policy mistakes that in our view have contributed significantly to the situation. An overly generous but currently unsustainable social safety net, inflexible and generous labor contracts, and a non-competitive political landscape have all contributed to policy decisions that enhance inefficient institutional persistence and business and entrepreneurial uncertainty.'