© 2022 WSHU
NPR News & Classical Music
Play Live Radio
Next Up:
Available On Air Stations

Lamont says Connecticut is in good shape to handle economic slowdown

Ebong Udoma
Connecticut Governor Ned Lamont discusses the impact the Inflation Reduction Act will have on lowering costs for Medicare enrollees at the New Britain Senior Center on Friday Aug. 26, 2022

Connecticut Governor Ned Lamont said the state is in good financial shape to weather any possible economic slowdown caused by the interest rate increases predicted on Friday by Federal Reserve Chairman Jerome Powell.

Lamont said his administration has already planned for a slowdown of the economy, “which is why I have been very cautious to make sure that we have a rainy-day fund."

"We don’t have to increase anybody’s taxes or cut education if we do have a slowdown,” he added.

Lamont is also not worried about a loss of jobs, “You know why? I have a 100,000 jobs that I can’t fill right now,” Lamont said. “If we fill those jobs we’d have 0% unemployment. So the issue is, I've got to train people for the jobs that are out there."

Connecticut has more than $3.3 billion in its rainy-day fund — the highest in state history.

The fund was mandated by the legislature in response to the state’s slow recovery from the Great Recession.

As WSHU Public Radio’s award-winning senior political reporter, Ebong Udoma draws on his extensive tenure to delve deep into state politics during a major election year.