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Posted inCT Viewpoints

More millionaires than ever in an ever poorer state

“The US economy is creating new millionaires at an astonishing rate… more than five times the growth rate of the population” and Connecticut is at the forefront of this trend.  Since 2004 the number of state tax filiers reporting annual income over one million has grown by over 3,000 and we have more billionaires than ever. Encouraging as this may seem, all the new wealth has not reversed a decade of economic contraction. Higher paying manufacturing jobs have been outsourced, replaced by jobs paying much less and this exchange has taken its toll. Connecticut has a smaller economy today than it did in 2004.