Connecticut has bestowed more than $500 million on businesses in loans and tax credits over the last decade to create and retain jobs, but many of the deals have not produced the promised jobs, and penalties assessed by the state when goals are missed are usually small.
[D]espite the huge money spent on economic development, the number of jobs in Connecticut has actually declined since 2000. According to statistics published by the state Department of Labor, Connecticut had 1,673,134 full-time jobs in 2000. By 2010, the number of jobs dipped to 1,566,050, a decrease of 107,084. At the same time, total government jobs, whether state, local or federal, grew by nearly 28,000.
Sure, Connecticut could just cut corporate and income taxes and attract businesses that way, but then there’s no ability to reward political allies, and where’s the fun in that?