News, Business, Politics
Wednesday, December 19, 2012
Report: Cuts Alone Will Push State Into Recession
By Keith M. Phaneuf
www.ctmirror.orgBalancing the next state budget exclusively with spending cuts could be the final straw that breaks Connecticut’s economic back, pushing it back into recession, the University of Connecticut’s economic think-tank warned today.
The Connecticut Center for Economic Analysis also said that such a move could trigger as many as 25,000 annual job losses between the public and private sectors combined.
“The Connecticut economy is in trouble—deep trouble,” center economists wrote in a report titled, “Averting the Doldrums: Will Connecticut Avoid Recession?”
“If people see the state is not going to sustain key initiatives, then the private sector is going to respond,” Prof. Fred Carstensen, the center’s director, said. “People need to understand that there is a profound connection.”
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