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Tuesday, October 11, 2016
Connecticut Down: Don Pesci - Red Notes from a Blue State
Don hits it outa da pawk!
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
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.
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.
recovered only 81% of the 119,100 seasonally adjusted total
non-farm jobs lost in the state during the national recession that ended in