Posts
Connecticut is one of the richest, perhaps THE richest state in the union but apparently it is not going to stay that way for long. The majority of the wealth resides along the gold coast and comes from the financial world. The great insurance industry has produced many millionaires and in recent years lots of hedge fund people make their money in New York and commute to Connecticut to live. Unfortunately like other cities in the United States this wealth lives beside great pockets of poverty. Also like many cities in the Northeast the population is flowing West and South for better climate, lower taxes and cheaper real estate. And so it goes with Americans who can move great distances without a passport.
This article from the Atlantic gives you the full picture.
Here is the final paragraph.
In the biggest picture, Connecticut is a victim of two huge trends—first, the revitalization of America’s great rich cities and second, the long-term rise of hot, cheap suburbs. But Connecticut’s cities are not rich or great; its weather is not hot year-round; and its cost-of-living is not low. The state once benefited from the migration of corporations and their employees from grim and dangerous nearby metros, but now that wave is receding. To get rich, Connecticut offered a leafy haven where America’s titans of finance could move. To stay rich, it will have to build cities where middle-class Americans actually want to stay.
