Details, details, details
It”™s a large initiative, physically speaking, some 542 pages in size.
It contains all the current failings of the state ”“ poor transportation, high taxes, high cost of living and housing, overburdened electric grid ”“ as well as the positive ”“ highly educated work force, availability of venture capital, IPOs, international employers and varied cultural and tourism offerings.
It”™s called the Economic Strategic Plan, which Alexander Soule reports on in a front-page story this week.
The plan, created by the Department of Economic and Community Development, offers suggestions to fix the problems.
As far as it being a “strategic plan,” we think that might be a stretch.
In cheerleading the plan, Gov. M. Jodi Rell kept it and its goals simple: “jobs, jobs, jobs.”
Essentially that”™s what it all comes down to ”“ job creation and job retention.
Â
Right now the state is losing businesses and young people to more tax-friendly and cost-of-living-friendly climes down South.
Â
To stanch the hemorrhaging, Rell said the state needed a detailed plan.
“The plan outlines the smart, targeted investments we need to make in housing, our transportation system and work-force development. It spells out the commitments needed from government leaders in both the executive and legislative branches to work together to eliminate roadblocks to growth and build on a climate for success. And it makes clear that these steps must be taken with the principle of responsible growth foremost in mind ”“ preserving the charm and character of our state for our children and for generations to come.”
As far as it being detailed, again we think that”™s a stretch.
What the plan basically does is collect all previous plans to fix the state”™s economy and lay it out over 500-plus pages.
Some of the so-called fixes aren”™t even new.
To help retain young people, one recommendation calls for the creation of a $100 million public-private student loan partnership that would forgive loans in most-needed occupations such as science and engineering. It is also dependent on the length of a student”™s career spent in the state after graduation.
An “Engineering Connecticut” loan reimbursement grant program was created about four years ago to assist engineering students who after graduation choose to work in the state.
Â
Other loan reimbursement programs are also available in other industries in the state.
Â
Another pro-business initiative is creating an Angel Investor Tax Credit that would give tax breaks to anyone who invests in qualified startups such as biotechnology and green technology.
Such a bill was kicked around the General Assembly earlier this year, but failed to materialize as a law.
One recommendation that might be difficult to overcome is developing and propagating regionalism. Getting municipalities to be less myopic when it comes to attracting business is no easy task, especially since lawmakers themselves tend to be shortsighted and protective of their own turf.
One of the stumbling blocks to all of these initiatives is the General Assembly. Partisan politics will need to be set aside in order for the state to move forward.
Another major stumbling block is the lack of details in this plan.
With the governor”™s call for more public input, perhaps the residents of this state can themselves request real details about the state”™s future.