Connecticut Commentary: Red Notes from a Blue State

A few Days ago, Greece collapsed under a load of debt regularly passed forward by spendthrift and cowardly politicians to future bill-payers. Now at the mercy of international loan sharks, the final comeuppance will not be pretty. Among all the states in the United States, Connecticut most closely resembles Greece at the tipping point. Consider: The state is groaning under a load of pension debt, about $44 billion, that hangs by a slender thread over its head like a Damoclean sword. Fearful – but not too fearful – of hiking taxes to absorb repeated spending shocks, Connecticut’s progressive government has resorted to other tricks of the budget trade to discharge its debt.