To the Editor:
The following letter is addressed to Governor Malloy.
It doesn't take a Nostradamus or a PhD in economics to read the economic future of the State of Connecticut. Unfortunately, for many Hartford politicians, both Democrat and Republican, the future is the next election and not 10 years from now. So let me give you the facts. There are approximately six people under 65 years old for every person over 65 today. That number will drop to two people under the age of 65 in 10 years.
According to the Pew Research Center “household median net worth in the U.S. was $71,635 in 2009.” “Net worth varied from $3,662 for households headed by adults younger than 35 (the supporting group) to $170,494 for households headed by adults ages 65 and older (those being supported).
In the third quarter of 2014 the cost of living index for Connecticut was the second highest in the nation. The only state higher was Hawaii.
Lets connect the dots for those who are too blind to see. We live in one of the highest cost states in the union, the population is aging and Taxinneticut, once again, wants to raise taxes. Face it, this is a hostile state for the elderly. So what's a person to do if they are over 65. Money means mobility, so if you have a retirement nest egg you move, if not you stay. In the final analysis, the demographics will change over the next 10 years. Those with the higher net worth, $170,494 or more, will move to a tax friendly state and those most likely to need public assistance will stay behind. As a result, the cost of public assistance goes up, taxes go up to support higher spending and more people move out of the state.
There are some solutions. Make Connecticut a state where people want to spend their retirement (and dollars). Set between Boston and New York it could be a great place to retire and park old bones (myself included). Provide tax incentives for the retired to remain in Connecticut rather than provide incentives to abandon the state, spending their money elsewhere. This creates jobs and income as the older population, who control most of the wealth of the nation, spend their money on living in place. Yes, many of these jobs will be low paying jobs, but we need low paying jobs as well. Not everyone in the state can have an executive salary and live on the gold coast.
To the Editor: