To The Editor:
The anxiety about the economy and what the future holds is palpable in Connecticut and across the country. The response of state government to the present economic turmoil will go a long way to determining how well the Connecticut economy can withstand this global crisis and move into a strong, sustained recovery.
There will undoubtedly be those in our legislature who will want to use some of the excesses on Wall Street as an excuse to take punitive measures against Connecticut businesses with new taxes, mandates and regulations. We are already hearing some lawmakers say that the business community can no longer be trusted. But policymakers need to keep in mind that there are vast differences between the questionable activities of some New York investment firms and the day-to-day operations of businesses here in Connecticut.
The financial services industry is a big part of the Connecticut economy, particularly in lower Fairfield County. The global financial meltdown is having and will continue to have serious implications for our state. When they return to Hartford after the Nov. 4 election, legislators must act carefully and intelligently in any legislation that will affect our economy. That includes not only the state budget, but also any other measures that would raise business costs or make employers less competitive.
Our unemployment rate now exceeds the national rate, and it is a tenuous time for our economy. Legislators, regardless of their party or philosophical leanings, must make economic recovery and job creation their top priorities.
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Joseph F. Brennan Senior Vice President of Public Policy
Connecticut Business & Industry Association
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