Wednesday, August 06, 2008
There’s Bad News and There’s Bad News.
The bad news is that in the three months ending in June, according to a report by Secretary of State Susan Bysiewicz, new businesss start ups dropped to an eight year low.
And the other bad news is that that 3,000 businesses closed in the second quarter of this year, also an eight year low.
Bysiewicz tried to put some lipstick on this economic pig when she said, “Businesses throughout the nation are struggling to cope with escalating energy prices, health care costs and the national credit crisis, and Connecticut's businesses are no exception.”
Economist for the Connecticut Business and Industry Association Peter Gioia said the state was in better shape than the nation and pointed to jobs added over the last couple of months, while the national economy has suffered seven continuous months of job losses.
A member of Governor Jodi Rell’s Council of Economic Advisors, Don Klepper-Smith, pointed a crooked finger at the national credit crunch, Given the tight credit, Klepper-Smith said, “it's not too surprising that business starts would be tapering off and that business failures would be on the rise. It's consistent with the picture we're seeing nationally and across Connecticut.”
Nice to know no one in the legislature or the governor’s office is responsible for the grand exodus.
Gioia remarked, “There are going to be some companies that are going to be struggling. I think it shows we don't want to do anything locally to damage the economy.”
Now, what would that be?