ROCKY HILL, Conn. (WTNH) -- A recent Forbes article highlighted Connecticut's fall from fiscal grace. Today, some top economists are gathering to talk about some possible 'fixes'.
"We rank last or near the bottom on virtually every major statistic with regard to our financial status, and with regard to our economic outlook," said David Walker.
Former U.S. Comptroller General David Walker says Connecticut started losing its economic swagger in the early 90's, and that the deed of the state's leadership has deviated from the word of its Constitution.
"We don't have balanced budgets, we're not complying with the state spending cap," said Walker, "when you do retroactive tax increases that's not good, when you over-regulate that's discouraging business to come."
A big part of the problem, the former Comptroller General says, is not too many cooks spoiling the economic broth for Connecticut, just that too many of those cooks are coming from the same side of the kitchen.
"History shows that one-party government, no matter what that party is, over an extended period of time, is not good with regard to controlling spending, keeping tax levels competitive," Walker said.
He and others on hand for a summit hosted by the Connecticut Business and Industry Association Friday say a solution is possible with right actions.
"One of the things that we hear constantly from businesses is, they don't feel that policy makers in Connecticut are friendly toward business," said Peter Gioia, CT Business & Industry Association.
More than 40 percent of companies say they plan to hire in a state where unemployment exceeds 8 percent.
"These same companies are having difficulty finding the right labor for the job," said Thomas DeVitto, BlumShapiro. "Fifty-six percent said that they in fact can't find people to fill the jobs that they actually have available."
So, can Connecticut regain its monetary mojo?
"Most people in Connecticut have no idea how serious our financial condition problems are, and how low we rank on a number of key competitive factors," Walker said. "We need to wake people up."
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