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April 2009 — Vol. 87, No. 3
Connecticut business day 2009
400 business leaders
rally at State Capitol
Message to legislators: Make the economy issue No. 1
Despite frigid temperatures and snow-encrusted roads, nearly 400 business leaders from every corner of the state converged on the Legislative Office Building at 7:30 a.m. on March 4. Their mission? To urge Connecticut lawmakers to make the economy issue No. 1 and allow employers to do what they do best: create jobs and drive economic growth.
Connecticut Business Day, hosted by CBIA and the Connecticut Association of Chamber of Commerce Executives, brought lawmakers and business leaders together to talk about the economy and how it is affecting their companies and employees.
“We hear from businesspeople on a daily basis that they are struggling to survive this recession and are being forced to make very difficult decisions in order to keep their businesses operating,” says John Rathgeber, CBIA president and CEO. “On March 4, business leaders from across the state personally delivered their messages to legislators and called on them to work together to improve our economic competitiveness and help them stay in business and keep people employed.”
In his opening remarks to a standing-room-only Business Day crowd, Rathgeber said that the state must work to close its budget gaps without putting Connecticut businesses and the state’s economic recovery at risk in the process.
“Connecticut is blessed with companies that can produce opportunity and jobs in our state,” Rathgeber noted. “The state must solve its budget problems but do it in the right way and ensure they don’t pass bills that would make our recovery lag behind other states’, as has happened in the past.”
Gov. Rell: jobs, jobs, and jobs
Gov. Rell began her remarks to the Business Day audience by saying that there are three priorities we need to focus on in Connecticut: “jobs, jobs, and jobs.” She acknowledged the many pressures that have made it difficult to do business in the state—not just economic pressures but also the burden of state taxes and regulations. That’s why, she said, if legislative proposals will have a negative impact on their companies, employers must talk to their legislators.
“If it is the kind of bill that would be the last straw, tell your legislators—and don’t wait for the public hearing,” she told business leaders. “Tell a legislator, ‘If you require this of me, I can’t do it.’ You need to let them know if legislation would cause you to move your business out of state.”
Touching on the state’s budget troubles, Gov. Rell noted, “People are worried. Families expect us at the state level to do what they’re doing—cut spending.
“We have now told all agencies that there is no more spending until the end of the fiscal year. Right now we are saving every single dime to get through this fiscal year. We’re going to get through it if we make the right decisions.”
Some cause for optimism
Surprisingly, Gov. Rell said that there was some good news to report: Job losses in the state have not been as bad as anticipated. She did note, however, that unemployment was high, which is a cost to business and the state.
Her upbeat tone continued as she pointed out that Connecticut has a strong foundation that has seen us through in the past and will see us through now. “We have the most highly skilled workforce in the nation,” she said.
Buckle up for the short term
Jason Bram, economist with the Federal Reserve Bank of New York, provided Business Day attendees with an overview of the current economic crisis by comparing it to past downturns. He noted that unlike some past slowdowns, this recession was not sector-specific but has affected the entire economy.
“2009 is almost certainly going to be tougher than 2008,” he warned. “We already know that all of the leading indicators are worse than they were in either of the last two recessions.”
You spoke, but will they listen?
Business Day included breakout sessions attended by legislators as well as employers. The sessions focused on several areas of legislative activity, including labor, taxes, and transportation. One session addressed proposals that could have a direct impact on small businesses (see Page 12).
Businesspeople talked about the sacrifices they and their employees have been making to stay in operation—from cuts in capital investments to wage reductions, workday furloughs, and layoffs. They said it’s time for state government to use taxpayers’ dollars more effectively and find ways to help employers, who will spur Connecticut’s economic recovery.
Employers urged legislators to reject any new taxes or laws that would further damage the economy and force more businesses to cut their workforce or—worst of all—close their doors.
Let’s hope lawmakers take that message to heart.
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