By Rachel Khanna
Grumbling about Connecticut’s economy is as ingrained in certain circles as complaining about the weather. But in the last few years, something remarkable has happened. Our state is having an economic revival which rating agencies and employers are noticing.
Our jobless rate has fallen sharply, and six months of economic growth has exceeded the national average. Interest in venture capital investments is increasing, and new business registrations are at a level not seen since 2006. A recent agreement with Lockheed-Martin and Connecticut will support the creation of an estimated 30,000 direct and indirect high-tech jobs over the next 20 years.
This fiscal year’s budget included an unprecedented $4.3 billion surplus. For the third year in a row, the State paid a cumulative $5.4 billion toward our future pension liabilities, debt payments which are estimated to save taxpayers $440 million annually starting in 2023. Our rainy-day fund now stands at an extraordinary $3.3 billion. Should an economic downturn or emergency arise, we can rely on these funds instead of borrowing or raising taxes. All four credit agencies have upgraded us to A+/AA ratings, which will result in millions of dollars in interest savings on future debt.
Improvement in our fiscal position is the result of the hard work and financial prudence of our state legislators and Governor Lamont. And they took additional steps this spring to help mitigate the impact of inflation, a global and national issue, on Connecticut families. Our Governor and Democratic legislators—with the support of one Republican—passed a budget that provides over $600 million in tax cuts, the largest in Connecticut history. This cut comes after no tax increases for the last three years. As your representative, I commit to no tax increase, balanced budgets and will work across the aisle to make this a bi-partisan effort.
Connecticut’s strong financial position opens the door to considering reducing or eliminating certain taxes such as the estate tax and the gift tax. These taxes provide little revenue and are often cited as reasons for leaving the state.
While good management has put us on the right fiscal trajectory, economic challenges remain. One of our biggest obstacles is our worker shortage. Economists have suggested that even if unemployment fell to zero, the state would still have over 34,000 unfilled jobs.
We must find ways to attract and keep skilled workers. I have signed onto the Connecticut Business and Industry Association’s Transform Connecticut Policy Pledge which identifies ways to address our state’s worker shortage through smart policies that enlist employers, state leaders and our colleges and trade schools in ensuring we have and retain the highly skilled and educated workforce Connecticut employers need.
As your representative, my first priority will always be the concerns and needs of my constituents. Our district pays a substantial percentage of the total State income taxes, and gets little in return. The state budget and the CT State Bond Commission are the sources of numerous municipal funding opportunities, and securing them requires leadership and cooperation. For example, it was only through the intervention and advocacy of Representative Steve Meskers from neighboring district 150, that led to the award of $500,000 for the Round Hill Firehouse in our district.
While I applaud the Connecticut towns that received state grants for their community, I am saddened that we in Greenwich do not have the unified support of our delegation in fighting for our fair share of state funds. If elected, you can be sure that I will have a seat at the table and I will use my voice to advocate for badly needed funding for our district.
I am a twenty year resident of Connecticut who has raised four daughters in both our public and private schools. I have devoted many hours to serving our community through two terms on the Representative Town Meeting, the PTA board of Parkway School, the Audubon Society and Kids in Crisis. I am an entrepreneur, a tri-athlete and a cookbook author. Between now and election day I will endeavor to meet as many of the residents of the 149th district as possible. I want to be the one fighting for you in Hartford.
