Issue Position: Economy

Issue Position

A Bold Vision For Connecticut

Like many things in life, the economy ebbs and flows. We move from prosperity to recession and back to prosperity. It's been like this in Connecticut for many generations. In the past we'd sort of wait out these recessions, knowing that the good times would eventually return.

All that changed after the Great Recession of 2008. The expected rebound out of that recession has been agonizingly slow. What worked in the past no longer works today and if we are to return to prosperity, we need to think proactively instead of reactively, which is what we had been doing in past years.
The Three Pillars of Economic Growth

Prosperity doesn't happen in a vacuum. Good paying jobs don't happen in a vacuum. Economies don't expand in a vacuum. All are the result of carefully considering the needs of business.

In my conversations with Fortune 500 CEOs, I'm told there are three must-haves every business leader looks for. If we want to attract more business to Connecticut, here's what we need to focus on.
The First Pillar -- A Well-Educated Workforce

We're in good shape here. The American Human Developmental Index ranks Connecticut #1 in education. Other studies show Connecticut in the top 5 among the 50 states for youth education, K-12 public education, public pre-K education, ACT scores, reading scores, adults with college degrees, employees with advanced degrees, scientists with advanced degrees. All of this is the result of how the state is now being run.

We're not resting on our laurels. We're working to eliminate the disparity between urban and suburban schools in test scores, graduation rates and the skills students need to excel in this new global economy.

In the realm of higher education United Technologies has invested $1 million in a Materials Engineering Center for Excellence, located at the UConn campus in Storrs. This and other initiatives from the State are designed to enhance Connecticut's ability to attract and nurture a new jobs climate for the 21st century.
The Second Pillar -- Reliable Transportation Systems

The ability to move people and goods safely and quickly across the state or across town is crucial to our economic development. A great example is the Walk Bridge over the Norwalk River, which is 120-years-old.

Every time it fails to function properly, a ripple effect is felt up and down the Northeast Corridor, costing businesses and commuters over $100 million dollars. The good news is we finally have the funding in place to begin replacing it.

More good news: Our acquisition of M8 railcars is now complete, replacing a worn out fleet that dates back to the 1970s. And new lanes and access ramps have been added to I-95 between Exits 14 and 15 relieving some of the congestion and safety hazards in that area.

We now have in place a 30-year program for modernizing and integrating our entire transportation system, from trains and train stations to buses to highways, and even bike and walking paths. It's a plan developed with Millennials and the next generations in mind.
The Third Pillar -- Affordable Housing

Here's an issue that's been completely ignored for the past 30 years. And yet it's a major concern of businesses contemplating a move to Connecticut because without it, they can't attract the talent they need. So we're finally investing in initiatives across the state to convert abandoned and unused property into affordable housing. Again, this is about providing for the needs of Millennials and beyond.

Why Has All This Taken So Long?

Let me be blunt. Previous administrations had either ignored our future needs or they passed legislation to address those needs, but failed to provide funding to make them happen. So on the surface it looked like they were doing a good job of serving the people of Connecticut, but in reality it was what might be described as a shell game.

We can no longer afford to kick the can down the road and if we could and did, it would simply be unconscionable. So for the sake of our children and grandchildren, we've chosen to bite the bullet and fix this mess.

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