Orange Blooded [3556]
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High-tax Connecticut facing new budget mess
[4]
Jun 28, 2017, 6:31 PM
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http://www.foxnews.com/politics/2017/06/28/high-tax-connecticut-facing-new-budget-mess.html
Illinois isn't the only state dealing with financial headaches these days. Connecticut, too, is facing big budget problems as major corporations flee the state's high taxes and its fiscal future gets murkier by the day.
While Illinois is facing the possibility its credit rating hitting "junk" status, Connecticut has the distinction of the third-worst ratings in the country -- behind Illinois and New Jersey.
Much of the financial troubles are tied to the state’s pension system, which two-term Democratic Gov. Dannel Malloy’s office is seeking to address with a new plan to save the state $24 billion in “coming years.”
The state has been losing corporations crucial to its economy. Just last month, Aetna Inc. announced negotiations with several other states to move its corporate headquarters. Aetna, the health insurer which has been based out of the state’s capital, Hartford, since 1853, is reportedly exploring a move to Boston or New York.
Hartford has been struggling with a financial quagmire of its own, even meeting last month to discuss the option of filing bankruptcy, which the mayor said would be a “death knell” for the city.
But Aetna is not the first major corporation to explore exiting -- General Electric left its headquarters in Fairfield, Conn., last year after more than 40 years.
“They (GE executives) said Connecticut continues to tax at rates that make it unaffordable for businesses, people to stay here and didn’t see what Connecticut looked like seven or eight years from now,” he said. “... That’s the same analysis I’ve heard from a number of businesses as to why they’re leaving. The progressive agenda this governor put forth is now coming home to roost.”
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CU Medallion [72544]
TigerPulse: 100%
Posts: 38022
Joined: 6/24/09
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These fiscal problems are the result of greedy unions and
[2]
Jun 28, 2017, 6:42 PM
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The idiot politicians who got fleeced by the union negotiators. Worst case scenario of kicking the can down the road...
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CU Medallion [70798]
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Re: High-tax Connecticut facing new budget mess
[1]
Jun 28, 2017, 8:02 PM
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They need to become a sanctuary state. A few million more illegals should fix their financial woes. No wait, that didn't help.
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Orange Blooded [4351]
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Re: High-tax Connecticut facing new budget mess
[1]
Jun 28, 2017, 8:21 PM
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Funding state pensions is a big deal for many states. SC included.
Federal bailouts on the way....
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All-In [43624]
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110%er [7445]
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Re: How's supply-side Kansas doing?
[1]
Jun 28, 2017, 11:00 PM
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Wasnt on Fox News; must be fake
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Orange Blooded [2158]
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All-In [28430]
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Good article, not one reference to Laffer curve solutions***
[2]
Jun 29, 2017, 9:36 AM
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