- 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.