The $365 million deficit this year and the $1 billion shortfall for next year, can be better understood after looking at these simple PowerPoint slides from the Office of Policy and Management. The first one pretty much tells the story:
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3 Responses to The Budget Problem, In A Few Charts
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Current projections require the state to raise taxes 5% a year for the next 3 years just to level fund programs. If the feds cut 100 billion form state apporproations that wiuld cost CT at least $1.5 billion
Fiscal cliff II: The Mediciad expansion will not be funded at 90% by the Federal Government. That will not survive the 2016 election. It will return to the usual 50% cositng CT another 1.5 billion a year or to simply regress and drop coverage for the needy to finance the State worker pension and health care timebomb.
Dear Richard, “current projections require the state” to start acting responsibly and start living within their means. The problem is the government not the the need for taxes. Some other “responsible” nut made the comment public education is underfunded. Must be another dopey Democrat. Someone should tell Obama the BS campaign is over and go do some work for a change.
While we are at it, and this is offered free of charge, the so called state health insurance exchange would be better served if states got together and collaborated on this effort rather than requiring each to re-invent the wheel on their own.
Unfortunately, the democratically control legislature along with a few governors refused to properly fund the pension and healthcare accounts the past 20 years or so, clearly not the fault of employees.
Aid to towns is a simple shell game with money coming in from residents and them returned to residents. That should be a no brainer to fix – stop handing out municiple grants for a while (except for education). Next, cut the discretionary spending accounts, other expenses, of all state government entities by a healthy percentage. Then move on to employees: throttle run away salaries in higher education and offer a retirement incentive. Institute a “hard” hiring freeze.
That’s a whole bunch of $$ right there.
HST