Blue State Fail: Drowning in debt, Connecticut faces budget crunch

Acebb

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• Aug 23, 2017

• #1

Isn't it funny how this happens when Democrats are in charge?

HARTFORD (Reuters) - Connecticut, home to hedge fund billionaires alongside cities mired in poverty, is racing against the clock to pass a budget or face further spending cuts to education and municipal aid across the state.

Nearly two months without a budget, Connecticut is getting crushed by a burdensome debt load that has squeezed spending and amplified legislative discord.

State lawmakers must agree on a biennial budget soon or else Governor Dannel Malloy's executive order to slash state aid to municipalities and eliminate school funding for some districts will go into effect in October. The state faces a $3.5 billion deficit over the next two years.

Among the wealthiest in the United States, Connecticut has been strained by already high taxes, outmigration, falling revenues and $50 billion of unfunded pension liabilities.

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All they need is a "targeted tax increase" and more "user fees" and this will be fixed right up!

 

JDeuce

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• Aug 23, 2017

• #2

I read recently that Connecticut is fast catching up with CA and NY as places people are abandoning.

The big winners are states like Nevada, Texas and Florida. All of them have state income tax rates of zero, compared to something like a combined 13% city and state taxes if you live in NYC or LA.

There HAS to be some kind of connection here. I just can't put my finger on it...

 

Willie99

Conservatives, Patriots & Huskies return to glory

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• Aug 23, 2017

• #3

Companies and workers moving out, welfare recepients moving in

Go figure

It's what keeps Democrats in power

 

Acebb

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• Aug 21, 2018

• #4

Here we go again:


[h=1]Edible Arrangements to Move Headquarters from Wallingford to Atlanta[/h]

 

PoundFoolish

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• Aug 21, 2018

• #5

allow me to put on my shocked face!

 

Willie99

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fuck you guys, enjoying my misery

 

rolltide

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• Aug 22, 2018

• #7

Texas is the No. 1 state people move trucks to, with states like Florida, South Carolina, Tennessee, North Carolina and Colorado rounding out the top 10. The states people are fleeing? New York, New Jersey, Massachusetts, Michigan, Pennsylvania, Illinois — and at the top, California.


These facts are not coincidences. In fact, in 2016 the Golden State lost almost 143,000 net residents to other states — that figure is an 11 percent increase from 2015. Between 2005 and 2015, Los Angeles and San Francisco alone lost 250,000 residents. The largest socioeconomic segment moving from California is the upper-middle class. The state is home to some of the most burdensome taxes and regulations in the nation. Meanwhile, its social engineering — from green energy to wealth redistribution — have made many working families poorer. As California begins its long decline, the influx outward is picking up in earnest.

[FONT=&quot]Eventually, city and state taxes, fees, and regulations become so burdensome that people and corporations jump ship. More people are [/FONT]currently fleeing New York[FONT=&quot] than any other metropolitan area in the nation. More than 1 million people have moved out of the New York City metro area since 2010 in search of greener pastures, which amounts to a negative net migration rate of 4.4 percent.

The recently passed tax bill, which repeals the state and local tax (SALT) deduction, will only speed up the exodus. Thanks to the bill’s passage, many New York taxpayers will save little or nothing despite a cut in the federal rate. The state’s highest earners — who have been footing an outsized share of the bill — will pay tens of thousands of dollars more in income taxes in 2018. In New York alone, loss of the SALT deduction will remove $72 billion a year in tax deductions and affect 3.4 million residents.


And make no mistake: What’s happening in the Big Apple is a microcosm of what’s happening in the nation’s blue states, cities and towns. New York, Los Angeles, Chicago — the places where power and capital have traditionally congregated — have become so over-regulated, so overpriced and mismanaged, and so morally bankrupt and soft on crime that people are leaving in droves. Of course, these high-tax cities are the same places hit hardest by the removal of the SALT deduction.
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