[Mr_250]

In the news today (regarding layoffs).

Citizens Bank laying off 125 workers in Bridgeport. RBS which announced Thursday it is reducing operations in Stamford is the parent company of Citizens Bank. This trend is not good.

Citizens Bank Plans 125 Layoffs In Bridgeport, Conn. - Courant.com

Hartford HealthCare is eliminating 350 positions. One of the reasons cited is the fact that less people are enrolled in private insurance and more are enrolled in medicare/medicaid which pay less so their core business is not profitable.

Hartford HealthCare Eliminating 350 Jobs - Courant.com

Not a big layoff but still significant is that Rensseller's Polytech Hartford campus is laying off about 11 people. Reason cited is not enough participaction at campus. Other economic factors apply, but 11 people are without a job.

Rensselaer's Hartford Campus Pares Employees - Courant.com

[BPt111]

Slowing job growth seen in Ct. this year and '15

Slowing job growth seen in Conn. this year and '15 - Connecticut Post

[BPt111]

I predict People United Banks is next for layoffs from a rumor.

[the fish]

we're just slow to get out of the recession, not a big deal

[bobtn]

Originally Posted by Mr_250

In the news today (regarding layoffs).

Citizens Bank laying off 125 workers in Bridgeport. RBS which announced Thursday it is reducing operations in Stamford is the parent company of Citizens Bank. This trend is not good.

Citizens Bank Plans 125 Layoffs In Bridgeport, Conn. - Courant.com

Hartford HealthCare is eliminating 350 positions. One of the reasons cited is the fact that less people are enrolled in private insurance and more are enrolled in medicare/medicaid which pay less so their core business is not profitable.

Hartford HealthCare Eliminating 350 Jobs - Courant.com

Not a big layoff but still significant is that Rensseller's Polytech Hartford campus is laying off about 11 people. Reason cited is not enough participaction at campus. Other economic factors apply, but 11 people are without a job.

Rensselaer's Hartford Campus Pares Employees - Courant.com

Horrible economic day. Hopefully, the long-term projections are incorrect.

[ctwhitechin]

Originally Posted by nep321

People are completely stupid when it comes to the COL in CT vs. FL debate. It's not really better financially to live in FL compared to CT. If anything, it's marginal at best. Here's why...

(1) CT has higher property and income taxes, and a motor vehicle tax, but ALL of these items can be deducted on your federal return, which drives down your federal income tax liability by thousands of dollars. So, for example, let's say that Person A lives in FL, has an income of $50,000 in wages and pays property taxes of $2,000 per year and of course, zero state income tax. Person A would be able to deduct $2,000 on his federal return. Assuming a 20% federal income tax rate, Person A gets his federal income tax liability reduced by $400. Now, let's say that Person B lives in CT, has an income of $75,000 and pays property taxes of $6,000 per year, motor vehicle tax of $300 and also pays $3,750 in state income taxes for the year. Person B would be able to deduct a whopping $10,050 on his federal return. Assuming a 20% federal income tax rate, Person B gets his federal income tax liability reduced by a whopping $2,010, and will therefore get a much bigger tax refund than Person A. Not to mention, Person A likely paid higher sales tax on the purchase of goods throughout the year, since FL has a higher sales tax rate AND county layered sales tax in addition. In short, the appeal of no state income tax and lower property taxes is significantly diminished when it comes time to file your federal income tax return.

(2) Homeowners and auto insurance is significantly higher in FL than CT.

(3) Many areas of FL have toll roads. CT has no tolls whatsoever.

(4) Lifetime earnings are higher in CT because upward mobility is more likely in CT, in addition to much higher pay in general. The economy of FL is very service based and won't really provide grand opportunities. Therefore, the person in CT could save more money toward their 401k retirement account and DEFER taxes until retirement. The growth potential over the long term is MUCH higher than a 401k account for a person living and working in FL. However, I will point out that once retired, FL is clearly financially better.

(5) Property values are generally more at risk in FL and more susceptible to fluctuations than in CT. Property values in CT are relatively stable and safe.

(6) There are no county taxes in CT and no county governments and related fees

For the reasons stated above, I just don't see how the financial situation in FL is significantly better than in CT.

We just relocated from Ct to FL in April. We are in manatee county. A few errors on your assumptions that I can give you numbers for. 1) car insurance for us anyway, is a little cheaper here, for an 04 pick up truck and a 2010 SUV. 2) we are having a home built, since it is built with new codes in regards to max winds etc, insurance is only about $900 a year, cheaper than CT. 3) our taxes in CT were over 6k for a smallish townhouse, here they are about $2500 for a 2000 sq foot home, and that is before we apply for homestead. 4) toll roads are not as prevalent as you think...I drive on one for work over the sunshine skyway bridge, only $1.25 each way, guarantee that bridge would be $10 each way if it was in ny. Roads like I-75 and I-95 are toll free here, I don't need to go on the turnpike to get anywhere I need to go.

[Mr_250]

Originally Posted by bobtn

Horrible economic day. Hopefully, the long-term projections are incorrect.

Terrible day for CT (financial wise). The thing I wonder is that on this forum in the past couple weeks there has been a lot of people moving to FFC. It would be very interesting to know the field they work in. I suspect banking or investment of some type.

I hope so as well. CT is becoming way to "social class" divide for my liking. As someone pointed out CT has a median income of ~66,000. What I would be interested in is too see the breakdown. CT does have some extremely wealthy people which I think offsets that number. I would like to see a place where the average is $50k (some people make $40k some make $60k) rather than a place where the average is $100k (some people make $5m and some make $25k) which I feel CT falls into. If FFC county (was not part of CT maybe the median income would be slightly different. Yes, I know Hartford area, but in all honesty Avon and New Cannan are NOT on the same level.

[Wilton2ParkAve]

Originally Posted by Mr_250

Terrible day for CT (financial wise). The thing I wonder is that on this forum in the past couple weeks there has been a lot of people moving to FFC. It would be very interesting to know the field they work in. I suspect banking or investment of some type.

I hope so as well. CT is becoming way to "social class" divide for my liking. As someone pointed out CT has a median income of ~66,000. What I would be interested in is too see the breakdown. CT does have some extremely wealthy people which I think offsets that number. I would like to see a place where the average is $50k (some people make $40k some make $60k) rather than a place where the average is $100k (some people make $5m and some make $25k) which I feel CT falls into. If FFC county (was not part of CT maybe the median income would be slightly different. Yes, I know Hartford area, but in all honesty Avon and New Cannan are NOT on the same level.

Do you want to go w/ the USSR model? Or Cuba?

[Mr_250]

Originally Posted by Wilton2ParkAve

Do you want to go w/ the USSR model? Or Cuba?

Neither, I love the United States. I'm all for capitalism and if you have the ability to make $50m a year go for it. Instead of sitting here in an office I could be busting my butt to start a business. I am not doing the latter and that is my choice, but the fact that I have the ABILITY to do so is great. I was just pondering the idea that using median income (as a whole) is maybe not the most effective way to judge. Maybe it is, IDK, but it was merely a thought. It was just a thought about outliers that's all.

But I would like to see CT begin to get out of this slump. Not sure when it will happen. The "recession" has been over for 5 years just wondering when we could see stories of companies adding 500 jobs in Hartford rather than 200 that they tax payers had to pay $300M for.

[the fish]

Originally Posted by Wilton2ParkAve

Do you want to go w/ the USSR model? Or Cuba?

to some extent we already have that model

if you are a friend of the politician you get special treatment...