Skip to main content

Posts

Showing posts with the label Moody's

Malloy, Odd Man Out

Just a gigolo, everywhere I go People know the part I'm playing Paid for every dance Selling each romance Every night some heart betraying There will come a day Youth will pass away Then what will they say about me When the end comes I know They'll say just a gigolo As life goes on without me Approaching the end of his second term as Connecticut Governor, Dannel Malloy has been bounced from the budget negotiating room. In some quiet corner of the Connecticut political barracks, Republicans must have been murmuring to each other, “How does it feel?”

This Is A Republic?

In the wake of a downgrade by Moody’s, Governor Dannel Malloy has deployed his recision authority to trim Connecticut’s budget. A few points ought to be made. These are recisions made by the governor unilaterally, which means that legislators who will be running for office soon will not be leaving any unsightly fingerprints on what may be temporary budget cuts. Temporary cuts – the funding can be restored any time – cannot solve permanent problems. The monies Governor Dannel Malloy will be wringing out of the Department of Children and Families, $28.4 million, and the Department of Mental Health and Addiction services, $14.5 million, are either necessary or unnecessary funds used to provide services for abused children and people afflicted with mental disorders. If the funds are unnecessary, the cuts should be made permanently by a legislature constitutionally charged with the authority to approve budgets. If the funds are necessary, they should be restored to the agencies. It ...

Connecticut’s Vanishing Surplus

The state of Connecticut should not be running surpluses. A surplus is the amount of money the state has overcharged its citizens to meet expenditures. Connecticut has run surpluses ever since former Governor Lowell Weicker engineered his income tax to pay for extravagant spending that has increased the state’s budget from $7.5 billion under former Governor William O’Neill, the last pre-income tax governor, to $20.4 billion under Governor Dannel Malloy. Successive surpluses have been tucked into budgets for the last 20 years, with predictable results; Connecticut’s chief engine of growth for the last 20 years has been municipal and state governments. Partially owing to surpluses and a perverse notion that the state of Connecticut never had a spending problem during these years of plenty – the operative assumption of pro-spending forces, iterated in scores of editorials and op-ed commentary, having been that the state could solve all its budget problems by increasing revenue -- the bo...