Economic Indicators Still Lousy

  • Foreclosures are up, now the Courant is reporting that a shocking 1 in 17 (6%) mortgages are either overdue or in foreclosure. This is up from 1.5% in 2007. This number is higher (8%) nationally.
  • The unemployment rate is down slightly from 8% to 7.8%, though it’s still high. Nationally, unemployment is at 9.8%. Remember, however, that New England states tend to shed jobs more slowly, only to recover more slowly once the recession is over.
  • In fact, the slow pace of recovery nationally won’t be enough to spur job creation next year, says a UCONN analyst. We won’t see much recovery until 2011.
  • And yet, we don’t have much of a recovery plan from either the governor or legislative leaders, as this editorial points out.

This could end up being the major factor in the gubernatorial race next year. The 2006 race didn’t really have a defining issue (“How would you spend our massive budget surplus? Kittens for everyone? Streets paved with platinum?”), but 2010, if Connecticut is still lagging far behind the rest of the country economically, might.

If that’s the case, I’d suggest that Gov. Rell (should she run), is actually in some trouble. Crisis situations tend to produce anti-incumbent sentiment, and a case could be made the governor doesn’t seem to have a concrete recovery plan other than not raising taxes. Then again, Democrats have been pretty inept at drawing public attention to problems they have with the governor’s budget, so whether they’re actually capable of making that case is up in the air.

Meanwhile, the economy continues to be miserable in Connecticut.

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One response to “Economic Indicators Still Lousy

  1. Speaking of New England…While there is nothing funny about Kennedy’s illness it is funny to see this request…According to the WSJ.

    “He (Kennedy) orchestrated the 2004 succession law revision that now requires a special election, and for similarly partisan reasons. John Kerry, the other Senator from the state, was running for President in 2004, and Mr. Kennedy wanted the law changed so the Republican Governor at the time, Mitt Romney, could not name Mr. Kerry’s replacement. ‘Prodded by a personal appeal from Senator Edward M. Kennedy,’ reported the Boston Globe in 2004, ‘Democratic legislative leaders have agreed to take up a stalled bill creating a special election process to replace U.S. Senator John F. Kerry if he wins the presidency.’ Now that the state has a Democratic Governor, Mr. Kennedy wants to revert to gubernatorial appointments.”

    I guess we’ll see this law changed back the day a Dem becomes Governor…whenever that may be.

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