Quinnipiac has the latest poll numbers on Democratic Connecticut Gov. Dannel Malloy’s job approval—and they’re not good. In fact, they’re at historic lows. Just 24 percent of residents give Malloy two thumbs up on the job he’s doing for the state, while most think that the direction of the state is heading in the wrong direction (Via Free Beacon):
The low approval rating is rooted in the state’s economy, which voters say is still headed in the wrong direction. Eighty percent of voters polled rated the economy as either “not so good” or “poor.”
“Voters feel Connecticut’s economy is going down the drain and they are sending Gov. Dannel Malloy’s approval ratings right down the same drain,” said Quinippiac’s Douglas Schwartz. “Even Democrats disapprove of the way he is doing his job.”
“You know people are hurting financially when 60 percent of voters say they would find it difficult to pay an unexpected bill of $1,000 immediately,” Schwartz said. “Voters are sending a clear message: Connecticut’s economy needs fixing.”
And speaking of the economy, it really wasn’t the best time for the state, or the Malloy administration, when in January, General Electric decided to move its global headquarters to Massachusetts, which has a better tax climate for the business (via Reuters):
General Electric Co said on Wednesday it will move its global headquarters to Boston, tapping the city's technology talent and likely lowering its tax bill as the industrial conglomerate seeks to lift profit and emphasize digital capabilities.
The maker of aircraft engines, locomotives, power turbines and household appliances will move to temporary quarters by next summer, and permanently settle about 800 workers in the Seaport district by 2018, GE said.
"We want to be at the center of an ecosystem that shares our aspirations" as a leader in digital-industrial activities, GE Chief Executive Jeffrey Immelt said in a statement.
"Greater Boston is home to 55 colleges and universities. Massachusetts spends more on research and development than any other region in the world, and Boston attracts a diverse, technologically-fluent workforce focused on solving challenges for the world," he added. "We are excited to bring our headquarters to this dynamic and creative city."
GE said the move would have no material financial impact, with costs offset by state and city incentives and the sale of its current headquarters offices in Fairfield, Connecticut, and its offices at 30 Rockefeller Plaza in New York City.
Massachusetts will provide up to $120 million in grants and other incentives and the city will provide property tax savings of up to $25 million.
Connecticut's corporate income tax rate is nominally 7.5 percent, but GE likely pays an effective rate of 9 percent due to surcharges on growth income, versus 8 percent in Massachusetts, said Jared Walczak, a policy analyst at the Tax Foundation, a nonpartisan think tank.
GE's decision caps a search that intensified last summer as Connecticut lawmakers passed a budget that increased taxes by $1.2 billion over two years, drawing protests from some of the state's biggest corporations.
At the time, Gov. Malloy responded to the news by saying, "We win some, we lose some. Luckily, we've won more than we lost, but this hurts."
Fox Business ran down who would be impacted by this move:
So who will really suffer? It will be the small businesses in Fairfield and its surrounding communities.
These will be the real estate brokers, pizza shop owners and mechanics. They will be the firms that provided landscaping, maintenance, cleaning, day care, delivery, transportation and other services to the corporate facilities. They will be the local stores and restaurants where GE employees shop and eat. They will be the charitable and community organizations that received local support from the company as well as participation on their boards from GE employees. Some believe that there are as many as 65,000 others employed by Connecticut businesses who will be affected. These will be the people and businesses that will suffer.
So, there appears to be some buyer’s remorse regarding Malloy, who was re-elected in a close race back in 2014. Certainly some Nutmeggers are probably wishing Thomas C. Foley, Malloy’s Republican opponent, had won. In neighboring Massachusetts, their residents sure feel like they picked the right man to lead their state, with Charlie Baker, a Republican, being the most popular governor in the country.
General Electric plans to complete the move by 2018.