The most recent State budget figures show a projected budget deficit in the current fiscal year of $365 million and that like an iceberg is only the small amount you see on the surface. The real problem lurks below the surface or in this case in the next fiscal year forecast.
If you thought the weather forecast in Connecticut was bad when Storm Sandy was on our doorstep wait until you hear the fiscal forecast. For taxpayers with health problems such as high blood pressure or issues of stress, it is recommended that you sit down and take a few deep breaths before reading the next paragraph.
According to press reports Connecticut Democratic Governor Dannel P. Malloy said Thursday that the state now faces a potential deficit in the next year of 1.2 BILLION DOLLARS. Now the next cry you will hear from our esteemed members of the General Assembly will be nobody saw this coming and oh what a big surprise. Hogwash!
Make work projects of little value including the Busway between New Britain and Harford or the local guiderail project on Route 275 are symptoms of a greater disease, that of overspending. Combine the addiction to spending with the lack of political will to stand up for the taxpayers over the special interest of union labor and you have the fiscal iceberg our ship of State is about to hit.
Connecticut was once considered to be the richest State in the union and a leader in innovations and skilled manufacturing. Now we have willingly accepted and voted for economic policies that have turned our vibrant cities into memories of the glory days when their economies were strong. Our cities have seen their economic engines flee to the suburbs and once vibrant neighborhoods now are dwellings of dependency.
Today Connecticut has the largest burden of debt per capita of any State in our country. Today the economic engines of the past are closing up or moving on. Pratt Whitney in East Hartford is only a fraction of what it once was. This week we hear once again reports of Pratt’s expansion in Florida.
Our ship of State is heading into perilous waters with economic icebergs on the horizon. Our Governor, Dannel Malloy is looking less and less like a capable Governor and more like the Captain of the Titanic. He has given us the largest tax increase in State history and now it appears he has overspent his budget in excess of a billion dollars.
Liberal Democratic financial leadership has destroyed our cities and we have now expanded their leadership to weaken our entire State. The fiscal smoke and mirrors, dog and pony budget shows must stop. It is time for the common sense sanity of our founding fathers to return. It is time to limit spending, constrained to what we need and not what we want or what we can borrow.
(For more on Connecticut’s labor issue: http://wp.me/pPLAn-nl)