No other way to put it lightly. Our state’s economic recovery fell head first into the toilet and flushed itself. Basically, if you want to know how we compare to the other 49 states, don’t. It hurts my heart too much to think about.
Hartford Business scrounged up a report from the U.S. Bureau of Economic Analysis and, well, it wasn’t good. At all. So, if you want to keep that pleasant mood of yours perky, click away from the article now.
Okay, I warned you.
Since 2015, our economic recovery continued to slow. In fact, it grew the least in 2017.
Our growth depends on our gross domestic product, or GDP. And, CT, along with 2 other states, saw it shrink year after year.
Most recently, our economic growth only attained a .1 percent expansion in 2017. In 2016, that number was .3 percent.
However, in 2015, something went right and our economy managed to rally to a robust 1.1 percent growth.
Still, that number is eons away from the current leader of economic recovery in the nation. Washington continues to lead the pack, gaining 4.4 percent this year alone.
Also, our current recovery is further eclipsed by our nation’s overall growth, attaining 2.7 percent. So, yeah, our state really needs to sort itself.
The most aggravating thing out of all of this is the fact that despite our high taxes, somehow we still fall to the bottom of the pile. This year, we only beat Louisiana when it comes to economic recovery, and that’s almost hilarious at this point.
How can the once richest state in America, along with the most heavily taxed, struggle this much to get back on track? What are our lawmakers doing wrong? What’s going on with our spending?
Are our lawmakers even aware of how much money they collect from taxpayers every year? This shouldn’t be happening and, yet, here we are.
Why do you think our economy stopped growing? Do you think it’ll completely contract next year? What should be done to ensure that we don’t completely fall back into a recession?