Unfortunately, the bad news keeps coming and this time, it’s something we all know. When it comes to our overall finances and personal income, we know they’re sorta… lacking. We just didn’t know by how much until now.
Yankee Institute says that when it comes to personal income growth, Connecticut is the state with the overall worst score. Based on speed alone, all 49 states left Connecticut standing at the start line. And we haven’t moved since.
Actually, we took several steps backwards. Overall personal income growth fell by .6 percent this year. If you need a point of reference for how bad that is: the national growth average is 1.3 percent. 1.6 percent if you base it on the year-by-year average since 2007.
And, of course we know the major culprits as to why that is.
Connecticut lost its biggest employers and, on top of that, increased taxes accordingly. Pair that with the state continually ranking the least friendliest to small businesses, it’s no wonder why we have such a personal income problem.
A meager 36 percent of small businesses claim they either expanded or remained steady in the past year while the rest said they shrank.
Sacred Heart University found that some of Connecticut’s wealthier residents reported that they struggle to maintain their lifestyle. Also, roughly a third of residents feel their quality of life declined in the past year.
Lastly, Connecticut is full steam ahead toward another recession. So, there’s that, too.
Overall, you can find our economy in the gutter. It’s lollygagging in the sewers with Stephen King’s It at this point.
According to the Pew Research Center, the state only added a meager 2,000 jobs since January. Who wants to bet a majority of them are part time or seasonal hires?
So, there you have it. A good reason why people continually move out of the state is not only because of our economy. It’s because our personal income growth doesn’t exist. In fact, it continually becomes worse while our overall cost of living skyrockets.
Basically, the system is broken and our lawmakers believe we’re the ones who can fix it. Unfortunately, we can only do so much with the moths and chipped buttons in our wallets.
And, who wants to bet that’ll only increase our exodus? By that, I mean an exodus of both businesses and taxpaying residents.
What can Connecticut do to save itself? If you said “increase taxes,” you’re part of the problem.