[hartford_renter]

I said again and again this would happen but no one listened to me. Democrats have raised taxes and increased spending over the last 8 years. Now businesses and the wealthy are leaving the state. Aetna is leaving, GM already left, Malloy gave 300 Million to United Technologies to stay, the pension costs are going up by 1/3 and we have a 5 Billion dollar deficit with no end in sight.

This is a thread to track the road to CT's eventual insolvency

Last month the state Office of Fiscal Analysis reduced its two-year revenue forecast by $1.46 billion. Since January the agency has downgraded income-tax revenue for 2017 and 2018 by $1.1 billion (6%). Sales- and corporate-tax revenue are projected to fall by $385 million (9%) and $67 million (7%), respectively, this year. Pension contributions, which have doubled since 2010, will increase by a third over the next two years. The result: a $5.1 billion deficit and three recent credit downgrades.

What will probably happen next: the state bonds will move to junk status.

The state treasurer has advocated “credit bonds” securitized by income-tax revenues to reduce the state’s borrowing costs. Investors beware: Puerto Rico tried something similar with its sales tax, and bondholders might not get back a penny. Maybe Democrats should follow Jerry Seinfeld’s advice to George Costanza and do the opposite of the instinct that has brought the state so low: Cut taxes.

https://www.wsj.com/articles/connect...nce-1496443958

YOU WERE WARNED!

[Lalalally]

Puerto Rico style bonds! And they already are on the road to bankruptcy. Actual WSJ article on this point today. So sad...

[Matrix2791]

Originally Posted by HumpDay

If he gets elected governor, they should officially call his administration "Looney Tunes".

That would be the last nail in the coffin for CT......... Can't see Looney being a pro-business governor considering the legislation that he has helped pass over the years. It would pretty much be a malloy third term.

[HumpDay]

Illinois is in worse shape than us but at least they have Chicago to back them up. We have NYC to back us up but 80% of the state is out of touch. We've talked about this before but according to federal law, states cannot go bankrupt.

[cttransplant85]

What's really scary is this is happening with an improving US economy, record high stock market and defense contract spending. What happens when we find ourselves on the wrong side of the business cycle again? This could go from bad to dire really quickly. Puerto Rico is a good example of what CT could look like in the near future. Massive population loss, capital flight, cuts services, crime. Especially as most of the other states are moving in the opposite direction, cutting taxes, cutting regulations, getting rid of the unions, attracting capital investment, fixing their infrastructure(because they can afford to do so).

[hartford_renter]

Originally Posted by HumpDay

Illinois is in worse shape than us but at least they have Chicago to back them up. We have NYC to back us up but 80% of the state is out of touch. We've talked about this before but according to federal law, states cannot go bankrupt.

The state cannot use chapter 9 bankruptcy laws to negotiate debt settlement.

CT will use different rules but the result will be the same, pensions will not get paid, bondholders will not get paid and the state goes bankrupt.

[Stylo]

This is spot on. Been echoing this for years.

Something is wrong with Connecticut.

[hartford_renter]

Originally Posted by Stylo

This is spot on. Been echoing this for years.

Something is wrong with Connecticut.

What points have you been echoing?

I didn't really get a lot of substance from the article, what was his point?

In my opinion these are the causes of CT's economic failure

• too much spending on social services & the poor due to Democratic ideology
• too much spending on public unions due to Democratic political links to unions
• too much taxes due to Democrats need for more spending on the poor and unions
• a progressive tax system that relies soley on the rich and income redistribution
• the rich realize that they are getting shafted & the resulting migration of businesses & productive citizens
• the result is lower tax revenues & more debt

Finally the end result is bankruptcy for the state of CT

YOUR WERE WARNED CONNECTICUT!!!

[MrGompers]

Originally Posted by hartford_renter

What points have you been echoing?

I didn't really get a lot of substance from the article, what was his point?

In my opinion these are the causes of CT's economic failure

• too much spending on social services & the poor due to Democratic ideology
• too much spending on public unions due to Democratic political links to unions
• too much taxes due to Democrats need for more spending on the poor and unions
• a progressive tax system that relies soley on the rich and income redistribution
• the rich realize that they are getting shafted & the resulting migration of businesses & productive citizens
• the result is lower tax revenues & more debt

Finally the end result is bankruptcy for the state of CT

YOUR WERE WARNED CONNECTICUT!!!

You moved out of CT a while ago right ? So why are you still here complaining ? You should be sitting back having a beer and watching CT implode. Then when there's no money left or people you can ride back in here on your high horse and say I TOLD YOU SO.

[beerisgood02]

https://pjmedia.com/trending/2017/06...hes-and-burns/