Connecticut Down: Don Pesci - Red Notes from a Blue State

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Connecticut Down: The Spending Spiral And The Demise of Connecticut

“I am deeply concerned for the state’s fiscal condition, which I think we can agree is deteriorating” -- Jim Smith, Webster Bank chairman and CEO

Mr. Smith is not alone. For years, big spenders in Connecticut have been moving money from the private economy to state coffers, and the additional funds have only whet the appetite for spending among cowardly members of the General Assembly.

We now have a graphic that depicts Connecticut’s unsustainable budget growth.

 

The Weicker-Malloy-General Assembly tax increases knee-capped Connecticut’s economy. It took the state ten years to recover jobs lost during the recession that accompanied the Weicker income tax and, following Mr. Malloy’s crippling tax increases, Connecticut even now has not recovered jobs lost during the George W. Bush-Barack Obama recession. Mr. Obama has added nearly $10 trillion to Mr. Bush’s $10 trillion deficit, even as he inveighs against a free market from international platforms, implicitly approving the superior socialist economy of Venezuela, which has long since run out of other people’s money and whose long suffering people are now forced to cross borders to obtain necessities such as toilet paper.

Connecticut has recovered only 81% of the 119,100 seasonally adjusted total non-farm jobs lost in the state during the national recession that ended in June 2009. 

Read it all here.