I’ve got a confession to make.
We could have been looking at the $18 MILLION grant to Infosys in the wrong way.
Sure, the deal is a taxpayer funded way to export jobs in CT back to India. Everyone knows this is the case – it’s even in the global company’s Annual Report!
Wherever Infosys sets up shop, American jobs evaporate.
But after reading a report authored by a CT Economic professor, I found out this deal is just one in a larger collection that demonstrate how our state leaders are either completely inept at growing business in our state – or are simply downright corrupt.
In Prof. Bob Swick’s blog post, entitled “The Destruction of Connecticut, as Brought to You via the Department of Economic and Community Development,” readers find out how the state has doled out literally billions in grants and somehow the state is still ranked almost dead last in economic growth.
“This past budget featured over $823 million dollars spent for ‘economic development’ in the 49th worst economic state in the union, and it looks that Connecticut has nothing to show for almost $1 billion dollars being spent by the carefree, unaccountable, and politically connected Cracker Jack box known as the DECD. “
Prof. Bob Swick
Prof. Swick stops short of calling the agency’s actions criminal but he does advocate for a full audit of the DECD, which should include real consequences for its leadership’s “malfeasant” behavior.
This is not just a case of a stage agency falling short of their mandated mission. It’s a textbook example of how our inept and corrupt leadership have wasted millions of badly needed tax dollars and returned little or nothing to its constituents. And in the case of this Infosys grant, taxpayer dollars are literally being used to eliminate jobs in CT.
“There is no clear ascertainment to this day with the overstatement of the number of jobs created and/or retained along with the financial and economic impact of these same programs, further, there is scant due diligence of business borrowers, and in some cases there is no explanation for second loans granted even though the companies did not meet job creation requirements and/or were not making payments on their initial loans. What are the real goals of the DECD? To pay off Democrat Party politically connected businesses? To buy votes at taxpayer expense? To glad-hand and photo-op in the inner cities where money is only a temporary balm and false hope for these poor people that never fix the burn as politicians and panderers continue to lie right between their eyes? Truly, no one seems to know. (And worse, no one seems to care).”
Prof. Bob Swick
Prof. Swick also references the grants the state has bestowed on the Governor’s wife. Annie Lamont’s company SEMA4 received a total of $25.6 MILLION in “sweetheart” loans during his time in office. SEMA4 was also awarded exclusive no-bid contracts to perform Covid testing during the pandemic. As masked CT residents lined up to be tested, the company racked up millions more.
All of this drove up the companies stock price and made her a fortune. The Governor’s wife made $66 million when the company went public in July 2021! But even with all this state support, SEMA4’s headquarters was moved from their Stamford headquarters to Nashville!
When pressed about the move, Lamont threw up his hands and said its simply easier to do business in other states
You’ve got to seriously worry about the future of our state with people like this at the helm.
We have $150 BILLION in unfunded liabilites, the state is squandering billions in attracting new employers and he admits that CT isn’t the right state for even his own wife to run a business.
Why has it all come to this? Prof. Swick seem to know …
“Politicians and candidates of whatever party always seem to line up and support the people in charge. One can only conclude that the political will to throw money as a feelgood by a Connecticut official is far greater than the political will to exercise proper fiduciary responsibility by that same individual. But this type of glad-handing practice is standard operating procedure in Connecticut.”
Prof. Bob Swick
I have to sign off for today. I am disgusted.