‘We Need to Change Our Habits’ To Improve Economy, Malloy Says

Over the past 22 years, Connecticut has been one of only two states in the nation to see a continued net loss of jobs, Gov. Dannel P. Malloy said Thursday morning, and to effect change and improve the economy will require changing old spending habits and focusing on ways to grow business.

Malloy promised unwavering support to business owners, saying that to improve the economy in Connecticut and help grow jobs once again, it will take a concentrated effort that involves a combination of investing properly, providing education and making adjustments to reduce debt and lower energy costs.

“What I’ve tried to do in the period of time I’ve been governor is change our habits, and change in Connecticut is hard, as it is necessary,” Malloy said.

“We need to refocus on what’s important; education, putting our economic house in order, making timely investments in industries and small businesses that are most likely to grow in the future and driving down the cost of energy in the state so we are no longer the highest priced state for electric energy.”

The visit, hosted by the Southington Chamber of Commerce, gave members and town officials a chance to question Malloy on his plans to right the economic ship.

Local attorney Tony Sheffy, chairman of the chamber’s board of directors, said one of his dreams is to see the state invest more in STEM (Science, Technology, Engineering and Math) education and to build on efforts by area schools to improve education in preparing students for the future.

But first, Southington Economic Development Coordinator Louis Perillo III said, the state must work to reduce delays on business-oriented applications and enhance the support they provide small businesses.

Malloy said these are goals he also shares and said in the last 28-months, he has worked to improve the business climate through a combination of smart investing and in providing programs that encourage growth in industries including aerospace, engineering and digital media.

“We have been pumping millions of dollars into state, simply because we understand statistics; that most jobs in the United States are created by small companies and start-ups under the age of five,” Malloy said. “When I took office, we didn’t have a tool in the tool box that allowed us to do that.”

“When the downturn in economy hit, the companies most affected by the drying up of resources were small businesses that found it difficult to go to banks and lenders to get the capital necessary to drive their growth or even survive the downturn,” he said.

Malloy said he also understands the importance of getting the state’s fiscal house in order, noting that when he took office, the debt in Connecticut was already the highest per capita in the nation and represented 17 percent of the state’s expenditures.

He said the key to addressing the issue would not lie in simply cutting expenses and increasing taxes, but rather to properly fund obligations now rather than take on new debts. He said he believes his plan will reduce debt by $26 billion over a 20-year period.

Thursday’s breakfast proved not only to be a discussion about the economy, however, as Angelina Santa Maria asked Malloy to do more to not just address gun issues but rather take a deeper look at mental health issues, which are the true root of problems including one which led to the Sandy Hook shooting.

Malloy promised he would continue to work to improve support and take a harder look at ways to address the issue.

“I realize we need to be mindful of the cost, but it’s something that needs to be addressed,” Santa Maria said.

What is your take on the governor's plan? Is the state moving in the right direction or is more change - and different changes - needed? Tell us in the comments section below.

Make sure to like Cheshire Patch on Facebook and follow on Twitter for breaking news, daily updates and more!