• The Destruction Of Connecticut, As Brought To You Via The Department Of Economic And Community Development

    December 16, 2023
    Hartford Capitol, Public Domain.

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    A question for the upcoming 2024 Connecticut state election that must be asked to elected officials and candidates is how much taxpayer money has been lost or written off by the economic sieve known as the Connecticut Department of Economic and Community Development (“DECD”)?  And the next question must be when will the DECD offenses of malfeasant behavior that have been noted since 2017 be addressed and corrected with proper reimbursements paid back to the state?  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.  

    In the past, I have written with regard to the failed state audits of this agency as performed by the Connecticut Auditors of Public Accounts. My colleague Tony De Angelo continually points out that these audits are fine work with no teeth as nothing here is ever legislatively acted upon. In this connection the DECD, being an agency that spent almost $2 billion dollars during 2011-2017, did not even have its first audit until 2017.  Why did it take that long?  Connecticut Taxpayers are still waiting for a response for that issue while during that same period job growth was the slowest in the nation and Connecticut was last or nearly last in most business and economic categories in the country.  Job growth was last or near last in the nation and Connecticut was last or nearly last in most business and economic categories in the country for the subsequent years 2018 to 2022 also.  This all was taking place while nearly $1 billion dollars is poured into the DECD yearly with these results.  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).

    As wretched as the above record is, please bear in mind that the last state audit of the DECD covered the period prior to the reign of His Royal Con-Man, King Ned Lamont, the Unaccountable. To that point, we still have no answers to Ned Lamont's family hedge fund (Oak HC/FT Partners) nor to their associated companies relating to the Covid-19 crisis include "Thermo Fisher Scientific", "Sema 4", " Core Infomatics", "Ocrulus", "Urjanet", "1life Healthcare", "Galileo Health", "Castlight Health", "Paladina Health", and "VillageMD" to name some, and we have no disclosure of how many Lamont cronies are sampling treats from the DECD candy box via means of loans and grants. But for Tony’s dogging the DECD, we would have never heard the real facts of the $15,000,000, 2% (two percent) “disappearing sweetheart” loan to Lamont-family connected Sema-4 with no collateral or guarantee of repayment, and these documented facts are contrary from what Sema4 has ever shared with corporate media. Further, we have never heard accountability for the $5 million dollars given to Lamont family-connected Digital Currency Group to (in theory) "move" 300 jobs to Stamford, CT?  Also, we never (ever) hear about the profit train that is forthcoming with the banning of gasoline cars for Lamont and family with their EV investments tied directly to the Saudi Public Investment Fund as major financial news sources such as the Wall Street Journal have repeatedly reported. Think about how much cash will be going to Oak HC/FT Partners from this “green energy” effort while Lamont continues to travel the state in his huge Beast vehicle with his state-paid attendants and flying with state paid fossil jet fuel while he demands we drive cars fueled by propellers. Sadly in the perspective of the Connecticut taxpaying vassals, the only "green energy" taking place is cash rapidly flowing into Lamont-related coffers.

    Further, one puzzles as to what actually takes place at the DECD and as to why seemingly there is no political will anywhere to clean house. The DECD has had three Commissioners over a two-year time limit thus indicated managerial and leadership crises. 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.

    In closing, let us conclude by having a real moment. Connecticut still has $150 billion dollars in short- and long-term debt and unfunded liabilities.  It is a bottom feeder state with high taxes, poor infrastructure, economically incoherent state union labor agreements, legislative Communist aspirations, high crime, theft and murders, rampant illegal drug trafficking and drug abuse, and a lack of any ethics or accountability from its Governor's office.  It is high time for a complete and full audit of the DECD from its inception and a full accounting of all of its bad deals and the true costs to Connecticut taxpayers, followed by fines, liens and prosecutions for perjury and larceny where warranted.  How much of Connecticut Taxpayers monies have been wasted since 2011?  What is the DECD really?  Connecticut’s government does not want you to know.  I guess 2024 will be another $1 billion dollars or more in Connecticut Taxpayers monies being spent for "economic development" while the state roils further in economic chaos.  And concurrently Ned Lamont's family hedge fund soars to new profitability.  

    Things seem to never change for the destruction of Connecticut via the DECD and by those benefiting from the destruction.  

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    Author

    Bob Swick

    I am an Adjunct Professor of Business and Economics and have taught for 41 years for several different colleges and universities. I have a Bachelors of Science in Journalism and a Masters of Science in Economics. I have written about economics and political issues in my blog "Swick Speak" since 2006.
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    Paul A

    We are just another democrat super majority that is headed for destruction. Connecticut leaders are part of the democrat socialist machine out to bankrupt our state with government pandering. The voters who elect these leaders are the last to see this until the government has decimated our state. California, Chicago, New York, etc…. Ned Lamont is playing adult follow the leader, destroying a state with a popular trend in America today. That’s the new political direction for power and control.

    Lori on Liberty

    Senator Heather Bond Somers CTGOP darling. Never hired the people she was supposed to hire, her loan was FORGIVEN, she then sold her business out of state and pocketed enough money to run for CT Senate and buy a house on the water in Noank with her doc hubby and supports the sexual mutilation of minor children. She was elected by Dems to run as a Republucan because RINOs and homosexuals now run the show. Heather is beloved by the transgender and homosexual men and serves them at their leisure.

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