Shock Treatment–GE Bailing On Connecticut For Boston

Statement from Governor Dan Malloy and Lieutenant Governor Nancy Wyman on General Electric’s departure.

Governor Malloy said, “Today’s decision is a clear signal that Connecticut must continue to adapt to a changing business climate. Businesses care about transportation infrastructure, and we will continue to make new investments to create a more modern transportation future. Businesses care about talent, and we will continue our investments in our higher education system in order to connect them to the needs of high-tech employers. Businesses care about state government fostering new areas of innovation, and we will continue to invest in high-tech startups, small businesses, and major employers like United Technologies. And businesses care about how states budget, and now is the time to continue our bipartisan efforts to reform our budget, find new ways to pay our pensions, and create a more sustainable and predictable state budget.

“Taken as a whole, there is no denying that Connecticut has had more good days than days like today. Of course we are disappointed, and we know that many in Connecticut share that frustration. While GE’s headquarters may be leaving, I have been assured that the company will continue to have many employees working here in Connecticut.  Equally important, GE will continue to work with and support many smaller businesses throughout our state.

“Over the past five years, Connecticut has partnered with 1,945 companies to create more than 19,900 new jobs and retain an additional 75,000 jobs. Now is the time to meet our challenges head on, work together, and find new innovative ways to meet them.”

Lt. Governor Nancy Wyman said, “Improving our business climate has been priority one for this administration–and we’ve seen solid progress in job creation, built hubs for innovation, and strengthened our partnerships with the business community. Together, we’ve put residents back to work, brought new businesses to the state, and supported Connecticut companies in a way we never have before.  Historic investments in housing, education, and transportation ensure that Connecticut is globally competitive place to work and live.”

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8 comments

  1. Message to leadership at all government levels: Get your short- and long-term financials in order. What do trends look like in your critical areas? If you don’t know the trends or are not tracking critical areas, aren’t you just plain guilty of neglect, or worse? If the taxpayer is the last person thought about when labor and management get together to discuss compensation patterns for employees then initially expect to see the elected blamed, but sooner or later there is a reaction to those whose results amount to feeding at the trough by taking advantage of the system. There is a breakdown. Where are we locally, with a BOE with a $4-5 Million deficit (including a repay to the City and the City admitting a $20 million deficit by June 2016) give or take? Don’t those numbers eliminate the last vestiges of a City Fund Balance?
    And when the recent market volatility creates such decreases that prove the overvaluation of many stock market prices, how will the Pension Plan A valuation look, Mayor Ganim, with $30 Million needed per year to pay incomes to people and another $30 Million from the Police and Fire budgets to repay the Pension Obligation Bond you urged upon the community in 2000? Where are the prophets when you need them? Time will tell.

  2. Well, Governor Malloy and the elected officials in Hartford have managed to tax a company and the jobs it represents right out of Connecticut. Keep taxing and eventually this will be a ghost state.

  3. *** CT highest taxes in the nation, no wonder they’re leaving plus many more to go! Also, inside news has it a certain bank that oversees Europeon and British financial interests has sold 40% of their American assets and are telling their clients because of some of the world-wide financial events like Russia and China’s recent slowing economy and the big drop in oil prices around the world, etc. is going to affect the stock market this 2016 in a big negative way. Therefore this foreign bank is advising its customers not to buy any more stock and to consider maybe selling what they have or trading them for smaller safer bonds or government-backed securities. *** JML check it out, homie! ***

  4. *** So basically 2016 seems to already show signs of a cataclysmic year with four possible Fed raises this year alone. When you get fast-rising Fed interest rates on one side along with existing continued rising debt on the other side, now add on falling oil prices, volatility in China, shrinking world trade and weak corporate loans and deflation, you have a global recession not unlike what America went through back in 2008! So it’s time to save, save, save; and if you are in the stock market it’s time to get more than one financial adviser opinion about not buying any more or selling some or everything, except high-quality bonds! Check out Credit Unions, higher interest paying and good customer service banks to save your money, government-backed bonds, and pay cash when able instead of plastic, etc. Protect yourself and your money because it may get worse before it gets any better, no? ***

  5. Unfortunately, GE’s decision is no real surprise and is not an isolated event. The current leadership in Hartford seems to be both out of touch and out of control. It’s time for Hartford to wake up and change course in order to create a better future before it’s too late.

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