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Connecticut’s economy is wonderful, a man says

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Somebody named Sean Goldrick has come in with a remarkable defense of Gov. Dannel Malloy’s management (or should we say mismanagement) of Connecticut’s economy.

In an op-ed in the Stamford Advocate he writes: “In the fall of 2010, just before Democratic governor-elect Dannel Malloy took office, Forbes reported that there were 11 billionaires living in the state of Connecticut. This spring, as Malloy began his seventh year in office, Forbes revealed that there are now 17 billionaires in the state, of whom an even dozen live in Greenwich.”

Let’s assume he’s correct with those statistics, and let’s see if we understand the argument he’s making. There were 11 billionaires living in Connecticut seven years ago.  There are 17 billionaires now.  Ergo, our state economy is doing fine. Is that it?

Never mind that Connecticut, unlike most other states, has still not recovered all the jobs lost in the Great Recession.

Never mind that more people are moving out of the state than are moving in.

Never mind that those moving out had substantially higher incomes and were delivering substantially more tax revenue to the state than those moving in. Which is one reason why our economically illiterate governor is always surprised when his tax hikes produce less revenue, not more.

Never mind that growth in the personal income of Connecticut residents over the past ten years averaged a pathetic 0.9 percent annually.  That puts us 48th among the states, in a tie with Mississippi.  Only slightly better than Illinois and Nevada.

We could go on, but ’nuff said.  Goldrick’s argument is almost laughable.  He’s essentially telling the hundreds of thousands of Connecticut residents who are having trouble finding jobs, who are struggling to pay ever-increasing taxes, or who are praying they can retire in their homes on fixed incomes as their property taxes keep rising:  Be happy, he says, we have five — count’em, five — more billionaires in Connecticut. And Greenwich has the most!

Good luck winning normal people over with that one.

What is more plausible is that Gov. Malloy had heard what Ronald Reagan was fond of saying about Democrat tax policies: “If it moves, tax it. If it keeps moving, regulate it. And if it stops moving, subsidize it”.

Looks like Malloy didn’t know it was a joke. He took it as good advice.

Bill Dunne

Norwalk

4 comments

Donald July 2, 2017 at 8:21 am

Let us not forget that Governor Malloy inherited this mess from the Republican felon Rowland and the Republican grandma Rell.

David July 3, 2017 at 10:01 am

Of course that’s a silly statistic. However, I seem to remember when Malloy was putting together a series of tax hikes in his first term that there were predictions of the richest fleeing our state for greener pastures. This has obviously turned out not to be true. No doubt at some stage in the future, a governor (or candidate for governor) will pass the poor cup for the billionaires, insist if we don’t lower their taxes they will flee the state. Maybe we can consider this one statistic when than day comes.

Bryan Meek July 3, 2017 at 10:22 am

@David. State GDP is flat/down under Malloy’s tenure. One of the few states in the union that can boast that. That’s real income, not inflation in equities commensurate with the tripling of the money supply and doubling of federal debt over the past 10 years that has exacerbated income inequality.

David July 4, 2017 at 10:04 am

I understand Bryan. I don’t disputed any of that. I was simply pointing out that rather than the wealthiest fleeing the state, as was then predicted, they stayed, and boosted their ranks!

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