We Need More Rich People

 
A report in the Norwich Bulletin says Connecticut’s average unemployment rate rose to 9.1 percent last year from 8.3 percent in 2009, according to the New England Regional Office of U.S. Bureau of Labor Statistics.

Of the six New England states, Connecticut’s 2010 average trailed only Rhode Island, which showed a rate of 11.6 percent, the fourth highest jobless rate in the country.

Meanwhile, at a recent town hall meeting, the suggestion was made by a citizen to Governor Dannel P. Malloy that instead of seeking 2 billion dollars in concessions from employee unions, the state could take about half the net worth from a single Greenwich Hedge Fund manager and the deficit would be erased. When Governor Malloy pointed out that said manager would immediately move out of the state rather than surrender half of his net worth, the citizen replied, “I don’t care!”

I can’t help but wonder how long it will be before we see mobs wielding torches and pitchforks gathering at the gated driveways of the well-to-do and demanding that they “hand it over.”

AFL-CIO President John Olsen might be one of those at the forefront of the charge based on his recent comments about whom he thinks should be paying for the balancing of our budget.

"The top five percent, those making $412,000 and above, who received an extension of a tax cut, that was never paid for, that they were never really entitled to, that alone translated into $3.2 billion,"

There are young people in Connecticut right now with ideas and business plans that will result in very profitable ventures, ventures that will create jobs in the years to come and yes, handsome profits for the entrepreneurs themselves. If those young people look around and see that Connecticut eats it’s rich through confiscatory taxes, do you think they will launch their job-creating ventures here or will they go to states where the tax burdens are lower and the business climate more hospitable? I think they will leave and take their jobs with them.

Let me put it another way, If we chase out all the rich people only poor people will be left. Then what? We can all dress in our finest sack cloth and meet at the town square, eat gruel and sing hymns. But hey, we will all be equal at that point so I guess that’s something.

Shouldn’t the state be doing everything possible to encourage entrepreneurs to stay and launch their ideas here? And to entice more “rich” people to move here and bring their companies with them?

Connecticut needs jobs. Who creates jobs? People that want to make money create jobs. I know that’s not politically correct but it’s the truth.