Monday, April 11, 2011
Connecticut’s Economic Report Card, F-
Connecticut’s CPAs have singled out for attention a number of pressing issues:
• State spending has increased by 227 percent since 1980 from $4,400 per household to $10,000 per household.
• The number of state employees expecting pension and after retirement benefits is a stunning 205,000. “About 185,000 Connecticut taxpayers account for more than 60 percent of the state’s income tax revenues. This second group can leave Connecticut, and many probably will if their tax burden increases dramatically.” These proportions strongly suggest that if Connecticut has a revenue rather than a spending problem, as so many union leaders now negotiating pay and benefit packages with the administration of Gov. Dannel Malloy persistently urge, Connecticut is not likely to increase revenue from already besieged taxpayers.
• The CSCPA reminds us that “Connecticut’s fiscal problems are structural. Budget deficits aside, we spend more that we take in, we have legal obligations that will further escalate spending, and Connecticut’s aging population will pressure the budget still more. At the same time, we need to fund essential services. The state has made unfunded post-employment benefit promises to its employees that will soon prove extremely difficult if not impossible to keep.”
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