Clearly, something’s wrong with Connecticut. Chalk it up to our stunning Governor or our abundant fiscal disaster, but our wages SUCK. And now we have proof thanks to our decrepit income levels.
Stamford Advocate reports that Fairfield County, astoundingly, leads the nation in income stagnation. For the richest part in CT, it just so happens to be the embarrassment of the nation. How can an area steeped in wealth churn out such horrific wages?
Fact: if you worked in the Stamford-Bridgeport area in 2010, you made more money then than people working there do now. Kind of a hard pill to swallow considering rent, mortgages, groceries, insurance, and gas all skyrocketed. So, it means CT residents suffer the most.
I mean, we do have the highest housing costs in the nation, too.
Overall, wages declined by 5.3 percent since 2010. Meaning, the average salary fell to $81,225. Sure, the study had to include the salaries of CEOs and financial moguls. Still, their numbers seem to decline every year.
To be fair, Connecticut’s anemic job market doesn’t seem to help this brewing trouble. The state continually sheds jobs year after year. And, whenever we hear about gains, they always tend to center around minimum wage and part time positions. Which is why more people in the state live paycheck to paycheck.
As for Stamf0rd-Bridgeport, the area added more lower-wage jobs in hospitality and entertainment than any other field.
So, that’s why their overall income growth tanked. The area failed at adding finance and corporate jobs to offset the negative trend.
So, remember when Business Insider called the area the “most unequal place in America?” Looks to me like balance is finally being restored.
Then again, according to the GoBankingRates study, “The top 1 percent in the state gobbled up a full 85.1 percent of all income growth.”
So, the state remains in limbo. Could we ascend to fiscal responsibility and lower taxes, or be damned to financial ruin? Either way, if income levels can serve as any indicator, it looks like we’re going down.
What’s your prediction?