· College Scholars Program:$180 million for In Demand Scholars
· Housing Trust Fund for In-Demand Careers
· Elimination of the property tax on manufacturing equipment
· Economic SWAT Teams

Hartford– Democratic gubernatorial candidate John DeStefano Friday unveiled a detailed plan to use the state surplus to spur job growth in Connecticut. Speaking at the Legislative Office Building, DeStefano outlined his plan to use part the state’s projected $500 million budget surplus which is estimated to rise to $700 million.

“Our economy is changing rapidly but our political leadership has refused to respond,” said DeStefano, the New Haven Mayor. “Connecticut can’t afford another year of being at the bottom of the list in job growth. We need to act quickly and decisively to solve the problems that result in workforce shortages that make it impossible for us to grow our economy.”

“With four sets of layoffs over fourteen days, the need for immediate and decisive action is clear. With layoffs in Groton, Waterbury, New Haven, and Hartford, every corner of our state has felt the impact of State inaction.”

The Components of Phase I of DeStefano’s Job Plans are:

College Scholars Program:$180 million for In Demand Scholars

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“Governor Rell’s own state labor department says that Connecticut schools aren’t producing enough graduates in bioscience, computer science, engineering, physical science and nursing to fill the jobs available today and college tuition is skyrocketing, pricing our students out of the education that our economy needs them to get. My plan is to provide $180 million for In-Demand Scholars, totaling $145 million over 4 years in a science scholars program and $35 million over 4 years in a nursing degree program,” DeStefano declared.

 

Housing Trust Fund for In-Demand Careers

DeStefano also outlined a plan for a Housing Trust Fund for In-Demand Careers as a means of enabling home ownership for entry-level and young professionals in high growth industries. Fifty million dollars would be set aside in the trust fund; the yearly interest would be given as down payments, up to $20,000, for first-time homebuyers employed in bioscience, computer science, engineering, physical science and nursing.

Elimination of the property tax on manufacturing equipment

The mayor also called for the elimination of the property tax on manufacturing equipment.

“Connecticut has lost more than 107,000 manufacturing jobs over the past 15 years. We are among the only states in the nation to levy this tax. The plan proposed by Senate President Pro Tem Don Williams and the Senate Democrats is a great start.”

Economic SWAT Teams

Lastly, DeStefano called for the creation of Economic SWAT Teams. This $5 million program would replace Governor Rell’s ineffective Economic Response Teams and act aggressively as a layoff aversion team composed of members of the public and private sector, deployed on site before layoffs and plant closings occur to immediately reintergrate workers into the economy by matching their skill to job vacancies and placing others in intensive retraining programs.

The team will also focus on economic diversification and will find new and dramatic uses for workers’ job skills. Such uses could include product development or evolving technologies.

The total cost of Mayor DeStefano’s Jobs Creation Plan is $375 million. In addition DeStefano said money would be put into a Rainy Day Fund. Included in the plans cost is a set aside for the greatly under-funded Teachers Retirement fund, a $5.2 billion unfunded liability to meet our obligation to Connecticut’s teachers.