From The Connecticut Mirror: “Gov. Dannel P. Malloy summed up the meaning of his new budget proposal Wednesday in one word: jobs.
But while the new governor once again declared that Connecticut is “open for business,” reactions were mixed as to whether his initiatives would enhance or hinder the state’s already sluggish economy.” To see the full article click here!
From Buffalo News: ”First Niagara Financial Group will lay off 219 people in Connecticut following its pending purchase of a New Havenbased bank, according to a notice filed by the bank with state regulators there.
The Buffalo-based bank disclosed in a WARN Act filing Monday that 126 employees will lose their jobs in New Haven and 93 in Manchester after it completes its acquisition of NewAlliance Bancshares.” To see the full article click here!
The harsh reality of the current fiscal crisis in Connecticut requires tough and courageous decisions and leadership.
Governor Malloy exhibited courage and leadership in his budget address today. The Governor is exactly right; state government needs to focus on jobs.
Spending cuts and revenue increases are hard to swallow for all of us. But, the Governor has drafted a plan that calls for a “shared sacrifice.” All sectors are going to be affected. But, given the current economic reality, this sacrifice is necessary.
The signals are clear from the governor. He is committed to a pro jobs agenda. Now the legislature needs to follow suit and adopt the governor’s plan.
-Paul Moran, Executive Director of Jobs of New England Now
From the Connecticut Post: “Gov. Dannel P Malloy will ask the state’s 46,000 employees to give up $2 billion in salary and union concessions — including worker-suggested savings such as changes to work rules — over the two-year budget that starts July 1.
The salary and union concessions are part of a larger package to balance a $3.2 billion budget deficit. Malloy announced Monday that he will seek an increase on income, sales and other taxes. He is also expected to announce spending cuts, but has yet to reveal details on what could be slashed. The exact details of Malloy’s proposed labor concessions, including salary and benefits changes, will be announced in the coming days and weeks, according to spokesperson Colleen Flanagan.” To see the full article click here!
From The Connecticut Mirror: “Gov. Dannel P. Malloy intends to propose one of the largest tax increases in state history Wednesday, seeking $1.5 billion in new annual revenue from income tax hikes on the wealthy and middle classes, and new sales taxes on clothing and other long-exempt products and services.
In a plan outlined Monday to The Mirror by his senior staff, Malloy also would extend the corporate tax surcharge for another two years and restrict tax credits for the motion picture industry, while modestly increasing incentives for research and development.” To see the full article click here!
From the Hartford Courant: “Aetna’s CEO said adding an employee in Connecticut is almost as expensive as adding one in New York City.
Aetna’s Mark Bertolini spoke candidly about the state’s business environment, among other subjects, Friday morning to hundreds of people at a Middlesex County Chamber of Commerce breakfast.
Aetna insures people in 160 countries around the world, Bertolini said, and has offices in Indonesia, Beijing, Shanghai, Abu Dhabi — and was even working to open offices in Egypt until massive political upheaval there.
In short, the Hartford-based health insurer could add workers anywhere around the globe as it grows its health-technology business. Forty percent of Aetna employees today work from home full-time.
“We’ve done the analysis, and, quite frankly, Connecticut falls very, very low on the list as an environment to locate employees . . . in large part because of the tax structure, the cost of living, which is now approaching, all in, the cost of locating an employee in New York City,” he said.” To see the full article click here!
From the Hartford Courant: “Connecticut lawmakers began reviewing ideas Thursday to repay $500 million the state borrowed from the federal government to help pay unemployment benefits for jobless workers.” To see the full article click here!
From the Boston Herald: “More than $7 billion in federal stimulus funds have flowed into Massachusetts over the past two years, money that has helped plug gaping holes in state and municipal budgets and created tens of thousands of temporary jobs, state officials said Tuesday.
But while the stimulus appears to have mitigated the recession for state and local governments, the realization is sinking in that the money is running out and budgets being prepared for the fiscal year starting in July will need to be balanced with little or no extra padding from Washington.” To see the full article click here!
From New England Cable News: “The chief financial officer of United Technologies Corp. says doing business outside Connecticut, where the industrial conglomerate is based, has helped keep down costs.” To see the full article click here!
Many took notice when, in a recent op-ed column in the Wall Street Journal, President Obama called for an overhaul of federal regulations to “make our economy stronger and more competitive.”
Citing the twin goals of public protection and economic progress, including “the promotion of a vibrant free market,” Mr. Obama said he has signed an executive order directing federal agencies to ensure that their regulations strike the right balance. The agencies are also directed to undertake a “government-wide review of the rules already on the books to remove outdated regulations that stifle job creation and make our economy less competitive.””
The nation has, “from time to time, embraced common sense rules of the road that strengthen our country without unduly interfering with the pursuit of progress and the growth of our economy.”
But, the President admitted, more needs to be done. Regulators needs to be vigilant to ensure that balance is continually struck, guarding against “absurd and unnecessary paperwork requirements that waste time and money” and “excessive, inconsistent and redundant regulation,” especially toward small business
“Agencies have been directed “to do more to account for—and reduce—the burdens regulations may place on small businesses. Small firms drive growth and create most new jobs in this country. We need to make sure nothing stands in their way,” Mr. Obama wrote.
We at Jobs for New England Now applaud the President’s statement and look forward to the fruits of his directive.
We are optimistic that Mr. Obama’s words will lead to a renewed emphasis on eliminating those regulations and other obstacles that restrict job creation and growth throughout the nation, especially New England. The logical next step is for our region’s governors, legislators and policymakers to embrace the same action plan: eliminate the unnecessary and burdensome regulations that inhibit growth and progress and sometimes even drive businesses out of New England. Such an approach will help us recover from the economic downturn faster, create jobs and bring about a new era of prosperity in throughout the region.
Enter your e-mail address to receive notifications when there are new posts.
