AFP-CT: State Tumbles in Economic Rankings Under Malloy
Hartford, Connecticut – Americans for Prosperity-Connecticut reacted to today’s release of a report finding that Connecticut ranks 43rd out of 50 in terms of economic outlook in 2013. AFP-CT faults the policies of Governor Malloy for the state’s poor performance and ranking.
“When Governor Malloy entered the Governor’s Mansion in 2011, the economic outlook rank was 35th. Connecticut has dropped 8 slots under Governor Malloy,” said JR Romano, director of Americans for Prosperity-Connecticut. “This is totally unacceptable. The Governor’s policies are clearly taking our state in the wrong direction. He and his allies in the legislature need to understand that higher taxes and more regulations are not going to put our state on a path to prosperity.”
Rich States, Poor States: ALEC-Laffer State Economic State Competitiveness Index examines the latest trends in state economic growth. The data ranks the 2013 economic outlook of states using 15 equally weighted policy variables, including various tax rates, regulatory burdens and labor policies.
In key measures, the report by the American Legislative Exchange Council ranked Connecticut as follows:
- Economic Performance: 46
- Economic Outlook: 43
- State GDP Cumulative Growth 2001-2011: 45
- Domestic Migration: 102,670 fled the state 2002-2011- Rank: 41
- Non-Farm Payroll Employment (2001-2011): Shrank 3.1% – Rank: 45
“These findings are abysmal and are further evidence that Governor Malloy’s economic policies are a failure. Connecticut families and businesses deserve better,” Romano continued. “This report shows that states with low tax rates and limited government regulations are most likely to have a better economic outlook than states with high income taxes and burdensome regulations. It is a simple message that our Governor and elected officials must come to understand.”
To download a copy of Rich States, Poor States and to see individual state data, visit www.alec.org/rsps.