Posted on 05/26/2017 4:05:01 PM PDT by Early2Rise
The administration of Gov. Dannel Malloy, a Democrat who has been in office since 2011, projects a budget deficit of more than $5 billion over the next two years, thanks to generous pension benefits and the burden of servicing its big debt, plus falling tax revenue due to the exodus of large employers and residents reaching retirement age.
Its budget woes, as well as concerns that they will be repeated year after year, helped lead General Electric in 2015 to consider moving its headquarters out of the state. Last year, it did exactly that.
The state’s population is falling: Its net domestic out-migration was nearly 30,000 from 2015 to 2016. In 2016, it lost slightly more than 8,000 people, leaving its population at 3.6 million. Indeed, recent national moving company surveys underscore the trend, showing more people leaving Connecticut than moving in. In 2016, the state also saw a population decline for the third consecutive year, according to Census Bureau estimates.
One of the companies, United Van Lines, reported that of all their Connecticut customers, 60 percent were leaving compared to 40 percent who were moving there. Only three other states had higher rates of people moving out – New York, New Jersey and Illinois. One out of five of those leaving said they were retiring.
Truth in Accounting, a nonprofit whose mission is to provide information about government finances, gave Connecticut a grade of "F" on its fiscal condition.
"Connecticut has $11.3 billion available assets to pay $74.9 billion worth of bills," its report on the state said. "Connecticut would need more than $20,000 from each of its taxpayers to pay all of its bills."
(Excerpt) Read more at foxnews.com ...
Democrats are termites. They undermine the foundation and eat you out of house and home
No prob. Just raise taxes on everything.
Democrats have ruined it. They take money from the productive ones and give it to slackers. So the producers leave and the parasites stream in.
Eat the rich...
“Connecticut would need more than $20,000 from each of its taxpayers to pay all of its bills.”
And that number rises on a weekly basis as the net outflow of taxpayers and employers continues and government spending increases.
Typical financial death spiral of Democrat administrations.
Kloward & Piven are smiling...
The Cato Institute gives Connecticut Governor Dannel P. Malloy an F grade for his economic policies that throttle investors and entrepreneurs. Malloy “creates a more hostile climate for business, but then tries to compensate for the damage with tax incentives.”
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