If you”™re looking for early results in some key races, here”™s one: A new state competitiveness report ranks Connecticut a middle-of-the-road 28th in the U.S. The rankings by the Beacon Hill Institute (BHI) are based on a wide range of economic indicators, from fiscal policy to technology.
We scored impressive marks on many of the BHI”™s measures ”“ such as for technology, exports, security and human resources, which includes our performance on health care. But other rankings were off the mark and dragged down the state”™s overall score.
Not surprisingly, the state ranked third worst in the U.S. for “government and fiscal policy.” We face billions in budget deficits in the next two fiscal years and state lawmakers continue to avoid making the kinds of decisions that are needed to restore fiscal responsibility.
Making our economy work again depends on businesses feeling certain about and confident in Connecticut as a place to invest. But our fiscal irresponsibility is doing just the opposite ”“ witness Connecticut”™s very poor ranking of 44th in the nation for business incubation, according to BHI. That”™s not nearly good enough but it honestly reflects the insecurity of entrepreneurs and businesses in Connecticut.
On Tuesday, we vote for candidates we hope will lead us through these challenges and into a new era of economic growth. Any excitement over the hoopla of political campaigns will come to an end as soon as we learn the winners and losers.
What our elected officials face, beyond the immediate state budget deficits, is a long-term crisis of nearly unimaginable proportions ”“ $60 billion in obligations we must meet. That”™s a bill of $67,000 for each family of four in Connecticut.
There”™s no more room to hide, fiscally. All of the one-time “found money” has been used. Taxpayers demand a more affordable and more effective state government.
The new competitiveness rankings remind us how important our vote is on Election Day. Who we vote for should be the result of a carefully considered decision about which candidates we believe have the knowledge, experience and strength of character to deal with Connecticut”™s immense fiscal crises.
Take some time to review the candidates. What do they propose to do, specifically, to solve our budget problems? How will they create jobs? Are they backing any proposals that would actually hurt job growth?
Also check again: How many times have they promised to “fight for new investments” ”“ meaning, of course, new state spending? What”™s their actual track record for fiscal control?
At CBIA”™s Election 2010 website you can read a lengthy Q&A with gubernatorial candidates Tom Foley and Dan Malloy. They answer questions about issues that are important to Connecticut businesses, including fiscal responsibility.
There you can also see how more than 115 legislative candidates answered a survey on several similar economic-impact questions.
Connecticut needs a change in policy direction. The question is who will provide it.
Be sure to vote on Tuesday, Nov. 2. Polls open at 6 a.m. and close at 8 p.m. Then get ready for the hard work.
For election results and analysis, visit cbia.com/election.
Joseph F. Brennan is senior vice president of public policy at the Connecticut Business & Industry Association. He can be reached at Joe.Brennan@cbia.com.
