Posted on 09/16/2008 3:58:35 AM PDT by TigerLikesRooster
Connecticut Holds Its Breath, Awaits Impact
By Ted Mann
Published on 9/16/2008 in Home »State »State News
Connecticut public officials trained wary eyes Monday on the developments on Wall Street, where the collapse of major financial sector companies could have seismic effects on the state budget.
The state's ability to pay for prized projects and programs is closely linked to its tax receipts on income and capital gains from the wealthiest of its taxpayers, particularly those who live in Fairfield County and work - either in Connecticut or across the state line - in the very industry that has taken a colossal hit in the past several days.
A decline in private fortunes for financial sector workers, lawmakers and Gov. M. Jodi Rell acknowledged Monday, could quickly become a public sector problem as the state prepares to craft a new biennial budget in January - a process in which many were already expecting to face deficits.
”As (former Federal Reserve Chairman Alan) Greenspan was speaking about yesterday, and what we see on news reports, these incidents are not only frankly cataclysmic in their own right,” said Rep. Kevin M. DelGobbo, R-Naugatuck, a longtime member of the legislature's Finance, Revenue and Bonding Committee who now sits on Appropriations, the budget-writing committee. “You've got thousands of Connecticut residents who probably are impacted by the announcements over the weekend. That's a human issue and it's also an economic issue.”
(Excerpt) Read more at theday.com ...
Ping!
OMG! People in Greenwich might have to sell one (or two) of their cars to make ends meet. Oh the humanity!
LLS
Man I frakkin' hate democrats. They never look ahead. They can only see as far as the next government check.
Rell is right to worry about the budget and start planning now but not those idiots called democrats.
Paging Chris Dodd...there’s a tar and feather overcoat waiting for you in Greenwich.
It will be much worse than that. The indoor heated polo field may have to be closed for the winter season while the Sappingfords are away. But the dears will bravely keep their chins up in front of the help, won’t they. Quite, yezzz. sniff.
Is that you Thurston?
New Haven, Hartford, Danbury as sanctuary cities...
New Cacaan, Fairfield, Greenwich going to pay more in personal income taxes, yet are losing population as far as rich people go...
Who is going to pay the welfare of the incoming illegal immigrants to the sanctuary cities? Especially when Bridgeport declares itself to be so? Stamford, too?
We need to build more jails now, we are going to need them in the next 10 years...
I’m lost in one of the wings of the house but I’m not sure which one.
Gee, maybe Ct’s huge public sector, government unions might have to experience lay offs. Maybe Ct governement will have to scale back its spending spree. Maybe Ct’s government will come to its and say enough!
Nahhhhh. They’ll just raise taxes on the rest of us.
Oops. After years of attacking the rich, we actually need them because they pay for everything for all of us.
It’s like all the DUers screaming in glee that the Lehman people lost their money, not realising that Lehman primarily donates to Democrats like Obama.
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