Hartford Business Journal

20 Hartford Business Journal • November 7, 2016 www.HartfordBusiness.com OPINION & COMMENTARY EDITORIAL Don't let ugly election season keep you from the polls S ome voters may be apt to stay home this election season, turned off by the ugli- ness of the presidential race and the two deeply flawed candidates running for the country's highest office. That, of course, would be a mistake. As with any presidential election, voters have a chance to shape the United States' future. In Connecticut, voters also have a chance to choose which direction the Nutmeg State will follow. Although Connecticut's highest office isn't up for grabs, political power in the state legislature is, with all 187 seats on the ballot. The Hartford Business Journal has traditionally not endorsed candidates, and we will continue to stick to our knitting this year, but voters, particularly members of the business community, have a lot at stake, and must play an active role supporting pro- growth candidates. With Connecticut once again facing billion-dollar deficits in the years ahead, the threat of higher taxes will loom like a rain cloud over voters' heads as they head to the polls Nov. 8. In recent months, candi- dates have rarely talked about the need to raise taxes, but those sentiments will likely shift when the legislative session begins in January and election-season is in the rearview mirror. Democrats have controlled state government for the last six years, own- ing the governor's mansion and both houses of the General Assembly. During that time, the state has faced extremely difficult financial pressures, which has led to two of the largest tax increases in state history and a slow economic recovery from the Great Recession. The challenges the state faces are many, both in the short and long term. They include: an aging population and difficulty in retaining and recruiting younger workers; one of the largest unfunded pension liabilities in the country; dete- riorating infrastructure and clogged interstates; poverty-stricken and cash-strapped cities; high energy prices; and escalating healthcare costs, among many others. Myriad factors have played into Connecticut's woes in recent years and we aren't assigning blame to one person or party, but we do believe one-party rule over a pro- longed period isn't the most healthy thing for a democracy. Indeed, it can limit the marketplace of ideas and the need for compromise. Democrats currently hold a 21-15 majority in the Senate and a 87-64 majority in the House. Going into the election, Democrats hold the advantage in the blue state of Con- necticut. To the extent Donald Trump turns off members of his own party, that edge will only widen. Regardless of your political leanings, we urge you to vote. Business owners and executives have as much on the line as anyone, particularly as legislators prepare to make decisions on major policy issues that will shape the state's future for years to come. n OTHER VOICES National Green Bank smart use of gov't investment By Bryan Garcia T he use of taxpayer money to incentivize investment by the private sector is rarely a sure thing, but a proposal recently intro- duced in Congress has the potential to provide just such a spark to a growing U.S. industry while substantially improving our environ- ment. This plan has solid results behind it based on test cases in Connecticut and sev- eral other states. The proposal would set aside $50 billion to establish a national Green Bank. The money would be used to leverage private investment in green energy and energy-efficiency projects. From a fiscal per- spective, the evidence produced by state green bank programs suggests this segment of the economy reacts favorably when government funds are used to boost new projects at the start. In Connecticut, our five-year-old Green Bank has leveraged $148 million of rate- payer dollars to stim- ulate $755 million in private investment in clean-energy and e ner g y- ef f ic ie nc y projects completed by businesses and residential homeown- ers. We estimate this spending has helped create up to 3,000 jobs in that same period of time. Other local green banks in New York, Maryland, California, New Jer- sey and Rhode Island are achieving posi- tive results. The green bank model is a clear case of the states serving as laboratories for good public policy that can be adopted on a larger scale by the federal government to fund a nationwide movement. Energy independence has been a goal of our federal government for nearly 50 years and recent growing concerns about climate change make green energy a similar national priority. It has been estimated that our planet will need to spend as much as $90 trillion over the next 15 years to stave off the worst antici- pated effects of climate change. That repre- sents about $800 per person, per year for 15 years. Through the work of the Connecticut Green Bank, state residents have achieved the equivalent of $100 per year in spending toward climate change mitigation, as compared with the $10 per person state residents were contrib- uting five years ago when the program began. The economics behind certain forms of clean energy are still cost prohibitive for many businesses and homeowners. The use of public dollars to provide for innovative financing models can make these projects economically viable for larger numbers of people with great cost efficiency. Through one financing program, Connecticut has achieved $9 of private investment for every $1 invested by government. With limited public funds available to pay for priorities like education, health care, trans- portation and defense, taxpayers demand that we use government resources wisely. The green bank model does just that and there is every reason to believe, based on our experience in Connecticut, that a federal expansion of these programs would have positive effects nationwide in terms of environmen- tal protection and the creation of a new industry in which the United States could take a leading role. It is an economic and environmental priority for the next administration and the new Congress to take advantage of this moment in history to create a national green bank. n Bryan Garcia is president and CEO of the Connecticut Green Bank. HARTFORDBUSINESS.COM POLL Would you buy a home in Connecticut in today's market? ● Yes ● No To vote, go online to HartfordBusiness.com. Last week's poll results: Has Obamacare been a success or failure? 7.8% Success 61.7% Failure 30.4% Mix of both Bryan Garcia ▶ ▶ The green bank model is a clear case of the states serving as laboratories for good public policy that can be adopted on a larger scale by the federal government to fund a nationwide movement. Send Us Your Letters The Hartford Business Journal welcomes letters to the editor and guest commentaries for our opinion pages. Electronic submissions are preferred and welcome at: editor@ HartfordBusiness.com. Or you may fax submissions to Editor, Hartford Business Journal, at (860) 570-2493. ▶ ▶ With Connecticut once again facing billion- dollar deficits in the years ahead, the threat of higher taxes will loom like a rain cloud over voters' heads as they head to the polls Nov. 8.

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