[Mr_250]

This is making me absolutely sick to my stomach. Another $6.5m loan/grants handed out to a company with a horrible reputation ( from accounts I've read). Why is the governor just giving money out. Please stop this corporate welfare! This company is owned by a company traded in the stock exchange! They don't need to money. How about giving a brunch of that money to the mom and pop stores in ct that are hurting.

State loans Danbury firm $6.5M to stay in Connecticut - NewsTimes

If this guy wins the election, I am moving because this state is circling the drain.

[bobtn]

Originally Posted by Mr_250

This is making me absolutely sick to my stomach. Another $6.5m loan/grants handed out to a company with a horrible reputation ( from accounts I've read). Why is the governor just giving money out. Please stop this corporate welfare! This company is owned by a company traded in the stock exchange! They don't need to money. How about giving a brunch of that money to the mom and pop stores in ct that are hurting.

State loans Danbury firm $6.5M to stay in Connecticut - NewsTimes

If this guy wins the election, I am moving because this state is circling the drain.

.
(Boughton) "Obviously, we have to get away from a system where we have to pay companies to stay," Boughton said. "If we weren't ranked as one of the last states to do business in, we wouldn't have to give out big checks every time a company is thinking of moving. Our business and tax climate should become a natural for businesses."


He is correct. What is going on (UBS, UTC, Cannondale, Cartus) is called greenmail. That is when existing corps require money to terminate their plans to exit. This is valuable money being used, as the funding should be used to lure business from OTHER states, as well as to lure NEW business startups.

[Mr_250]

Some more employment data from CT. Check out the website below it has some very interesting graphics and statistics.

Snapshot - YOY CT shows a positive of 9,400 jobs.

Labor Market Information - State of Connecticut Labor Situation

[Cuffler]

Those stats are all a smoke screen. They're held up as if we're doing well here when we are not.

Back in the mid 1970s, CT was ranked internationally as the 20th largest manufacturer and exporter in the entire world. We were larger than most small countries. There were so many industries that were manufacturing and actually making things here that the list would be a foot long at this pitch. Whole industries like the bearings, brass, clock, hardware, tools, aircraft, even space suits were made here. In East Hartford along there were 40,000.......that's right 40,000 people working at Pratt & Whitney. They had their own fleet of blue busses that would travel to the surrounding communities to pick up and drop off employees to keep the number of cars into Hartford down to a manageable level.

All of that..........literally all of that business is gone. P&W now only has a little more than 8000 people working between Hartford and Middletown and they're going to move the remaining manufacturing South replacing it with white-collar engineering for the time being. Most of the manufacturing has traveled South or off shore. This state has seen fit to drive away with impossible environmental demands and high taxes what sustained it for all those decades. Remember when there were a handful of good paying machine shops in every community? All gone today.

So, these CT administrations can tout jobs all they want. In reality we've replaced good paying, hi-skilled jobs with those that require someone to change dirty sheets in a hotel, man the counter at a fastfood joint or wait on tables at the dumb casinos. We've hitched our wagon to that type of disposable income and have chased away the solid manufacturing growth that builds an economy. The Casino is like the frosting on a cake. It won't last forever and it's already begun to wane so these politicians are voting to keep the Keno instead of getting rid of it just to squeeze a few more gambling dollars out of those who can't afford to play. Other states have already seen them dry up and close. IT won't be long before we begin to hear those rumblings and then what will we do?

Yep. What a wonderful state of affairs. We should all be proud!

Rome

[Mr_250]

Originally Posted by Cuffler

Those stats are all a smoke screen. They're held up as if we're doing well here when we are not.

Back in the mid 1970s, CT was ranked internationally as the 20th largest manufacturer and exporter in the entire world. We were larger than most small countries. There were so many industries that were manufacturing and actually making things here that the list would be a foot long at this pitch. Whole industries like the bearings, brass, clock, hardware, tools, aircraft, even space suits were made here. In East Hartford along there were 40,000.......that's right 40,000 people working at Pratt & Whitney. They had their own fleet of blue busses that would travel to the surrounding communities to pick up and drop off employees to keep the number of cars into Hartford down to a manageable level.

All of that..........literally all of that business is gone. P&W now only has a little more than 8000 people working between Hartford and Middletown and they're going to move the remaining manufacturing South replacing it with white-collar engineering for the time being. Most of the manufacturing has traveled South or off shore. This state has seen fit to drive away with impossible environmental demands and high taxes what sustained it for all those decades. Remember when there were a handful of good paying machine shops in every community? All gone today.

So, these CT administrations can tout jobs all they want. In reality we've replaced good paying, hi-skilled jobs with those that require someone to change dirty sheets in a hotel, man the counter at a fastfood joint or wait on tables at the dumb casinos. We've hitched our wagon to that type of disposable income and have chased away the solid manufacturing growth that builds an economy. The Casino is like the frosting on a cake. It won't last forever and it's already begun to wane so these politicians are voting to keep the Keno instead of getting rid of it just to squeeze a few more gambling dollars out of those who can't afford to play. Other states have already seen them dry up and close. IT won't be long before we begin to hear those rumblings and then what will we do?

Yep. What a wonderful state of affairs. We should all be proud!

Rome

I really like what you stated above. It shows just how desperate CT is to claim any sort of economic gain. Other States would have seen 4,900 as a slow month. We cheer that we gained 4,900 "dishwashers" and ignore that fact that 800 well paying financial jobs were lost. Some new manufacturing plants in Alabama and even other places down south are looking for 2,500 people AT A SINGLE PLANT!! These might not be the highest paying jobs, but they are jobs which require some sort of skill.

Another thing wrong with the current situation is what you stated above KENO, which is aimed at the lower income people. It is a gimmick to make money from "suckers."

Also, that $55 check we all might get is going to everyone no matter if you pay taxes or not. I will take my check and drive over to Rhode Island and use it there. I don't want the State of CT getting any of it back.

[Stratford, Ct. Resident]

Originally Posted by Mr_250

Also, that $55 check we all might get is going to everyone no matter if you pay taxes or not. I will take my check and drive over to Rhode Island and use it there. I don't want the State of CT getting any of it back.

I guess you're going to have to walk to Rhode Island. If you drive there, CT will get gas tax money from you.

[bobtn]

Originally Posted by Mr_250

I really like what you stated above. It shows just how desperate CT is to claim any sort of economic gain. Other States would have seen 4,900 as a slow month. We cheer that we gained 4,900 "dishwashers" and ignore that fact that 800 well paying financial jobs were lost. Some new manufacturing plants in Alabama and even other places down south are looking for 2,500 people AT A SINGLE PLANT!! These might not be the highest paying jobs, but they are jobs which require some sort of skill.

Another thing wrong with the current situation is what you stated above KENO, which is aimed at the lower income people. It is a gimmick to make money from "suckers."

Also, that $55 check we all might get is going to everyone no matter if you pay taxes or not. I will take my check and drive over to Rhode Island and use it there. I don't want the State of CT getting any of it back.

The worst stunt if I recall correctly was thought up by Rell. Don't think she did it, but she talked of factoring Keno revenue out BEFORE it began. Why not fund the government via payday loans, Jodie? Oops, she might have liked that idea!

[Mr_250]

Don't cash that check yet. Early indications of tax receipts (which is a basis for the health of our State) is coming in over 10% LOWER than expected ($108m shortfall). This is just a projection, but the April 15th filing date was over a week ago so they have a pretty good idea.

See: if this holds true, CT will have a DEFICIT of $1B for 2015-2016 year! Watch our taxes skyrocket!

Early tax returns diminish hopes for big CT budget surpluses | The CT Mirror

[Mr_250]

Originally Posted by bobtn

The worst stunt if I recall correctly was thought up by Rell. Don't think she did it, but she talked of factoring Keno revenue out BEFORE it began. Why not fund the government via payday loans, Jodie? Oops, she might have liked that idea!

Thinking you are going to "make" money from gambling is a terrible idea. If they said, "hey, we'll implement keno, but that money will not be factored into budgets. Instead any profit we make we reinvest it in roads, schools, technology or lowering taxes." That might be ok. It's like extra icing on the cake. Gambling is a terrible way to raise funds. It preys on the lower income people. Just ask the 10 people in line to buy lotto tickets in Frog Hollow section today while I was getting my coffee. The money they make is not guaranteed either i.e. casinos have been losing revenue YOY for the past 5 years or so.

Unfortunately this State is broke so we resort to this.

[bobtn]

Originally Posted by Mr_250

Thinking you are going to "make" money from gambling is a terrible idea. If they said, "hey, we'll implement keno, but that money will not be factored into budgets. Instead any profit we make we reinvest it in roads, schools, technology or lowering taxes." That might be ok. It's like extra icing on the cake. Gambling is a terrible way to raise funds. It preys on the lower income people. Just ask the 10 people in line to buy lotto tickets in Frog Hollow section today while I was getting my coffee. The money they make is not guaranteed either i.e. casinos have been losing revenue YOY for the past 5 years or so.

Unfortunately this State is broke so we resort to this.

Factoring is simple selling A/R for cash upfront (most likely 90-95 cents per $1 A/R). It isn't dangerous IF you actually have A/R. Rell was talking selling A/R of the FUTURE for cash, and Keno was not legal yet. Enron Accounting would have felt at home with her idiotic idea.