Category 8. Connecticut

A Contrarian Bet

In the beautiful valley by the lower reaches of the Connecticut River, the rich are a diminished tribe. Too many are passing away or moving to the sunbelt; their numbers are not being replenished by locally generated wealth or fresh influxes from New York or Boston. More people are leaving the area than are coming – and evidence suggests that this trend is much more pronounced at the top end of the income spectrum than elsewhere.

High-end real estate prices reflect these changes: immaculate, million-dollar-plus homes on stunning properties can now be bought for half their former values. Many cost less than what it would cost to replace the existing buildings, with the land thrown in for free – never a good sign.

Sure, somebody will eventually buy these homes, and one man’s loss is anothe...

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Rich State, Poor State

Many people consider Connecticut to be one of the richest American states; if you google “wealthiest states by income” it comes up in the top three. Lots of wealthy – or, to be more precise about what’s being measured – high-income people live in Connecticut. Well, fewer every day, but I’ll get back to that.

The state itself, as distinguished from the people who live there, is broke. Really broke. It ranks last among the states in fiscal solvency (http://mercatus.org/statefiscalrankings); its debts – on and off balance sheet – dwarf reasonable estimates of its ability to pay them.

Ah, you might think (especially if you are a Democrat or a member of a public employee union) – the state will just have to squeeze more taxes out of its wealthy residents to meet its future needs...

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The Big Walk

The posts below describe The Big Walk – from Grand Central Terminal to Old Lyme, CT – in sequential order.

These posts differ slightly from the ones I wrote each day after walking for six or seven hours. I have cleaned up the typos, added a few interesting details, and cut a bit here and there to make the original posts fit more smoothly into one continuous narrative.

Day One (7/26/14)

TBW2

Walid, yours truly and Vinny

Vinny, Walid and I had a great day today. We walked from Grand Central Terminal to my home in southern Westchester County – roughly 18 miles by the circuitous route that we followed through midtown, Harlem, the neighborhoods of northwestern Manhattan and the central and northeastern sections of the Bronx.

Everything worked...

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Two Americas?

It was a beautiful day today, so I went for a long bicycle ride with three friends. We covered sixty one miles of the Connecticut countryside east of New Haven.

Nearly every pedal stroke took us past scenes of real, if understated, beauty. Spring is in full bloom, of course, and its colors are hardly understated, but the homes, farms and small towns that we rode past spoke of a quiet prosperity.

It struck me, though, that not too many miles to our west was New Haven, much of which presents a starkly different aspect. In that city’s poorer neighborhoods, you would think you were in a different country. I expect to walk through some of those neighborhoods on The Big Walk, which I hope will take place next month.

That there are two Americas is one of our President’s favorite themes...

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