Connecticut can’t print money like Washington, but it has many options to shield its economy from the coronavirus crisis.
After growing modestly over the past three years, the state’s economy is ready to shift into high gear in 2015, according to a report Wednesday from the University of Connecticut’s economic think tank. And while the director of the Connecticut Center for Economic Analysis says the 8.1 percent growth projected for 2015 probably is too good to be true, achieving even most of that would allow the state to far outstrip the national economy.
Connecticut’s low- and middle-income households could pay tens of millions of dollars less in federal taxes each year while state officials simultaneously gain access to a wealth of new economic data. But for that to happen, according to one of the state’s leading economists, Connecticut officials first take a fiscal leap of faith – and repeal arguably the state’s most popular tax break.
A deceptive stock market, weak job growth and federal sequestration combined to turn Gov. Dannel P. Malloy’s budgetary oasis into a mirage, according to several leading Connecticut economists.