Connecticut’s Governor and elected officials play: “It’s Alright, Ma (I’m Only Bleeding)”

During the last gubernatorial campaign, each side claimed that they had a deeper commitment to fiscal responsibility and government transparency. 

Now more than two and a half years later we are further away from both concepts than most people could have possibly conceived of.

In an announcement that will come as no surprise to Wait, What? readers, a report by the Fiscal Policy Center, which is part of Connecticut Voices for Children has determined that we should consider changing our state song from Yankee Doodle Dandy to Bob Dylan’s famous ballad, “It’s Alright, Ma (I’m Only Bleeding).”

The non-partisan Fiscal Policy Center concludes;

“By relying on borrowing and one-time fixes, we’re undermining the long-term stability of the budget and gambling with these investments in our children’s future.”

The reported on the state budget that was proposed by Governor Malloy and approved by the Connecticut General Assembly “warns that the ‘quick-fix’ budget solutions adopted in the budget will deepen the state’s long-term budget deficit and could ultimately endanger funding for child and family services.”

The report goes on to explain that the new budget uses borrowing, one-time revenues, and fund transfers to close budget deficits and cover operating expenses and reports that, “ By relying on these measures, rather than recurring revenues to close the state’s budget gap…state policymakers have opened up a larger revenue hole in future budget years.”

Key problems about Connecticut’s state budget that highlighted in the new report include:

  • The new state budget “relies on almost $600 million in borrowing, over $400 million in temporary fund transfers, and $500 million in one-time revenues to pay for operating expenses.  Because these funding sources will dry up at the end of the two-year budget, there is currently a projected state deficit of $712 million in Fiscal Year 2016 and comparable holes in 2017 to 2018.” 
  • “Reliance on debt and one-time revenues will further increase budget risks for the state if economic growth does not return quickly.  The state’s budget projections assume that robust economic growth will result in increased state tax revenues.  With a nearly empty Rainy Day reserve fund, if this growth does not emerge, Connecticut would have little choice but to turn immediately to deep cuts, steep tax increases, and more borrowing.” 
  • “The state government has transformed over $1 billion in debt it owed itself and its employees into debt it now owes to bondholders, resulting in less flexibility and control of the repayment of that debt.  While the state budget plan pays down funds owed to the state employee and teacher pension systems, it does so by borrowing money from private bondholders.  In addition, the state has borrowed money from the private market to meet stricter accounting requirements under the rules of Generally Accepted Accounting Principles (GAAP).”

You can find the full report, entitled “A Gambler’s Budget: the Fiscal Year 2014-15 State Budget,” at www.ctvoices.org.

  • buygoldandprosper

    Dan has been playing Three- card- Monte with the budget, the same way he did in Stamford. Everyone played along there and got raises when he left town as a reward.
    Now Dan’s shills are doing the same in Hartford.
    GAAP THIS, Dan Malloy!
    You may win re-election but you are revealed, daily, for the sleazy politician that you have become!

  • buygoldandprosper
    • JMC

      I just read this informative and definitive report myself, having accessed it through ctcapitolreport.com. I have brought it to the attention of my legislators. Anyone who cares for CT must read it.

      • buygoldandprosper

        It is almost as though Tom Foley wrote this!!
        Pretty much says it all about the state of the state.
        Jon Pelto, and others, saw it coming.
        An absolute must read, sickening though it maybe !

        • JMC

          And so now, Gold, you should draw a correct conclusion based on reliable evidence.

  • buygoldandprosper

    Yesterday Dan was in Newtown, dancing on the graves of the dead, and looking for headlines and microphones.

    Today we get more of this story:

    “NEWTOWN, Conn.—The number of people seeking permits to buy guns has surged in this town following the December massacre of schoolchildren by a local man, even as the parents of some victims had urged stricter weapons laws nationwide.
    Through July 24, more than 200 people in Newtown have received new local pistol permits, according to a review of local records, surpassing the 171 new permits issued for all of last year. Such permits are prerequisites for Connecticut permits that allow people to purchase and carry pistols as well as rifles or shotguns.
    The rise in Newtown comes in tandem with a general upswing in gun sales nationwide and in Connecticut, which passed tough firearm restrictions after Adam Lanza shot and killed 26 people, including 20 children, at Sandy Hook Elementary School on Dec. 14. It was the nation’s worst shooting of young children.”

    I find it weird that the affluent, isolated, community that wants to impose regulation on the rest of the state and nation is loading up on guns. What do they know that we don’t??? A little off-topic but fitting with this pay attention to what I say, not what I do administration.

    • buygoldandprosper

      Are they the GOOD GUYS, Dan? Because they make money?
      Does Dan Malloy want to open up talks with the hedge fund that owned Bushmaster again, now that the dust has cleared?
      Dan Malloy.
      Pimping the State of Connecticut and taking his cut.
      “Sturm Ruger & Co. (RGR) shares were on the rise Thursday after the gun maker said demand has remained intense for pistols and rifles, in part because of the threat that stricter legislation could still pose to the firearms industry.
      Following the close of trading Wednesday, the Southport, Conn.-based company reported sales of $179.5 million in the second quarter, a 50% increase from the same period a year ago when revenue totaled $119.6 million. The showing on the top line indicated stout product sales — Bloomberg data that go back to 1990 turned up no quarters in which sales were higher. Sturm Ruger earned $1.63 a share, up from 91 cents a year prior.”

  • Apartheid First

    Another roving school reformer resigns in disgrace–after leaving as schools chief in Indiana, Tony Bennett has resigned as Superintendent in Florida because of one instance (I say this because doubtless this is the tip of the iceberg) of changing grades to improve the rating of a charter school championed by a (republican) supporter and big-time donor: http://www.nbcnews.com/id/52640993/ns/local_news-indianapolis_in/
    One does not have to scratch the surface of Ed Reform very deeply before uncovering cheating, lying, no-bid contracts, fake credentials, union busting, rampant firing of respected professionals, and sundry acts that cause misery and chaos in the lives of children.
    Let’s hope Paul Vallas’s shameful past finally catches up with him, and Adamowski’s shenanigans in Hartford and Cincinnati.
    OMG–if Bridgeport is going to be looking for a new Superintendent, we had better hope that Bennett is not on the short list! (Pryor–another Reformer/Deformer in Chief) is probably on the phone with him right now! gulp.