[Wilton2ParkAve]

Originally Posted by nep321

ESPN Announces 300 Layoffs, 200 In Connecticut As It Struggles With Industry Shifts - Hartford Courant

Due to industry challenges, ESPN will be laying off 300 employees nationwide, 200 of which will be from the Bristol, CT location.

200 is minuscule. I think you fail to grasp the meaning of mass. Job market is tough around here though, I'd suggest staying in Ohio. Ride the Ohio rapid growth coattails!

[STEVEN 1]

What you need to be nowadays is technical trade or medical, engineering, or math related careers. Nobody needs 500,000 dollar a year sportscasters. Media jobs especially newspaper writers have declined.

The NFL has its own network, MASN or Mid Atlantic Sports Network covers Orioles and Nationals, NASCAR and NHL is on NBC Sports, Fox and CBS also covers NFL and NCAA sports. The SEC and ACC also have networks. CBS Sports Network airs Army football games, I've watched them right here from Va.

ESPN just like Mtv forgot what made them great, they got too big, too greedy, and now its too late.

[nep321]

Originally Posted by Wilton2ParkAve

200 is minuscule. I think you fail to grasp the meaning of mass. Job market is tough around here though, I'd suggest staying in Ohio. Ride the Ohio rapid growth coattails!

200 is minuscule, but still....it offsets another company that may have hired 200 people.

[Sigequinox]

Originally Posted by mlassoff

I certainly agree Connecticut can be difficult on the middle class-- However if you're having 8-10K taken out of your check in state tax you're making about $175K. Are you talking about total tax burden-- because vast majority of that has nothing to do with Connecticut...

You sure about that? I'm about 95% positive we paid around 8k in state taxes last year with around 120k income.

175K is right about my magic number for what I think my household income would need to be to live the life I want in CT (speaking purely financially). Coincidentally, that's about where cost of living calculators put the equivalent of 120k in Nashville based on COL.

Unfortunately, my plans have changed a bit, and we may not end up in Nashville. Houston, Atlanta, Durham (NC), Rochester (MN) and Nasvhille are now all potential relocation destinations as I will be continuing on toward a PhD after next year. One thing is for certain though, there is no effing chance I can afford to live in CT on a phd stipend (which is considerably less than I make at my current job)--especially since I will also be producing little babies around the same time.

[RunD1987]

Well if you make over $100K in CT I think your taxed at a 6% rate. Add in federal income tax rate your taxed at 25% if your the head of the household. It would be 28% if filing separately. So your taxed on average at a 30% rate. Think I am taxed at a 20% rate making about $28,000 a year. Actually they take out less than I thought since only working part time now (Close to $6,000 a year.)

Did the Mill Rates go down in July because I swear Waterbury was up in the high 70's and now down close to 50 which is awesome.

[JayCT]

Originally Posted by Mr_250

revised...

How's is that "First -Five" Program working? As part of the deal ESPN had to spend $xxx on a new building and hire 200 people (to reach 4,000pp) a number they reached in 2014. Fast Forward 1 year. They had 4,200p on payroll Wednesday, laid off 200 and still get the tax credits because they "hired" 200 people by the end of 2014 and have 4,000 people employed. Does it seem like some crazy joke?

Again, while I think these corporate welfare programs are a sham, this move is not related to the economy in Connecticut.

Actually if you read the article, ESPN added a lot more jobs than was required under its First Five agreement with the state. I was surprised at the number they employ in Bristol. As this shows job creation is not something that companies "announce". They have no choice about layoffs though since state law requires them to notify the Department of Labor. A 200 person reduction out of the thousands they employ here is not a lot. Not good but still not a lot. Jay

[Mr_250]

Originally Posted by JayCT

Actually if you read the article, ESPN added a lot more jobs than was required under its First Five agreement with the state. I was surprised at the number they employ in Bristol. As this shows job creation is not something that companies "announce". They have no choice about layoffs though since state law requires them to notify the Department of Labor. A 200 person reduction out of the thousands they employ here is not a lot (almost 5% of Connecticut based employees were let go). Not good but still not a lot. Jay

Here is the announcement from the Gov's office in August 2011. Gov. Malloy Announces ESPN is Third -First Five- Project - Connecticut's Official State Website

At that time they had a baseline of 3,800 people in Connecticut. So, as of yesterday they created 400 jobs in 4 years to bring their total to 4,200 in Bristol. By letting go of 200 people they are still able to keep all their incentives because they met that requirement. Under they program they were expected to create 800 jobs which they were able to manage half of before getting rid of half of those.

So, by keeping their number to 4,000jobs they are able to keep the large incentive package they received.

Since 2011 they received
$17.5m (loan) for construction of new building
$300k in grants for 200 jobs
$6m in sales use exemptions

Total of $23.8m in loans and grants to create 200 jobs ($119,000/job). Was it worth it?

Again, ESPN is not directly related to CT economy. It's a changing industry.

[ctguy87]

After this round of layoffs, the amount of new jobs isn't even 200. When the deal was announced in 2011, ESPN had 3,872 employees in CT. They will now have approximately 4,000. (Source below)

ESPN Becomes Gov. Malloy's Third 'First Five' Company - tribunedigital-thecourant

The first five idea has not been overly successful. CT can't even do corporate welfare well. The most recent article I've found (before the ESPN announcement) shows that 1,941 jobs were created at a total cost of $214.6 million dollars - over $110K per job. Some First Five recipients were enticed to STAY in CT - not relocate TO CT from another state. Keep in mind the number should be 2,400 - each is obligated to create 200 jobs, minimum.

Malloy's First Five lives Republican American

[GoHuskies]

Originally Posted by Mr_250

Again, ESPN is not directly related to CT economy. It's a changing industry.

I know two producers both of whom bought houses in Connecticut and both buy cars in Connecticut. They contribute to the state & towns via taxes.

How the heck is that not value added to the state by having both of these jobs here vs another state?

[Mr_250]

Originally Posted by GoHuskies

I know two producers both of whom bought houses in Connecticut and both buy cars in Connecticut. They contribute to the state & towns via taxes.

How the heck is that not value added to the state by having both of these jobs here vs another state?

Of course it adds value to have these jobs here.

I was saying that the reason for the lay offs were not caused by CT policies. It's not like because CT implemented X that ESPN layed people off. These came from Corporate which CT really has no control over.

I do not want these jobs to leave since I live in a town that hold a lot of ESPN workers.