Taxpayers creating jobs in wealthy Wilton
Connecticut faces a $200 million budget deficit as Gov. Malloy winds down his term. But that hasn’t prevented the Governor from awarding ASML in Wilton – one of the States’ wealthiest towns – some $14 million plus $6 million in potential tax credits – to expand with another 500 jobs. That comes to about $30,000 per job.
Never mind that the State faces another $4 billion budget deficit beginning in 2019. Its economy remains unable to regain pre-2008 Recession employments despite a vigorous national economic recovery and housing boom. A stagnant State economy still reeling from the Governor’s two historic tax hikes in 2011 and 2015. And a well documented exodus of jobs, firms and residents (20,000 yearly).
Never mind our desperate shortfall in transportation funds and prospects of a whole string of new taxes to cover the newly emerging $200 million State deficit. Never mind that our severely depressed major cities are woefully short of funds to cover basic needs such as public school funding and essential social services.
Gov. Malloy has no problem subsidizing several hundred new jobs in one of the State’s wealthiest towns with State Democrats vigorously endorsing such “forward looking” tax subsidies. Connecticut already has a national reputation as the nation’s poster child for fiscal mismanagement on a scale rarely seen together with a truly stagnating economy.
Yet the Governor is concerned about creating jobs in a wealthy town.
Anyone worried about Connecticut ever rebounding from its long standing inability to control spending and curb its woefully bloated public union sector comprising some 40% of the State budget can only genuflect on this latest undignified handout. Of course Democrats in Wilton are overjoyed. But the rest of us ought truly be concerned about the depths of fiscal and economic mismanagement to which Connecticut continues to endure.
The Governor’s actions are further hallmark of a failing State.
Peter I Berman