[RunD1987]

Originally Posted by JayCT

This was in today's Hartford Courant. Very appropriate for this discussion on training and trades. Jay

Desperate For Workers, Connecticut Manufacturers Gain New Training School - Hartford Courant

At what cost and how flexible? Who would want to pay $10 Grand if that holds true a year at a Community College and will it be flexible for full time workers.

That is he biggest issues facing this State.

Large discrepancy of Wage Classes
High Rental and Property Cost
High cost of Higher Education
Limited Higher Education Programs
High Taxes
Winter (Ha)
Failing Infrastructure
High Property Tax
High Cost of Goods
Lack of new affordable properties
Limited 24/7 Public Transportation (Not many big hub Cities in the State)

Think if Hartford or New Haven were more developed, beefed up by College's, newer inexpensive properties, and more abundant with job's could see need for 24/7 transportation in those Cities.

[LeviDunn]

CT made front page of Drudge today.

[BobNJ1960]

Originally Posted by LeviDunn

CT made front page of Drudge today.

I fully agree, and thank you for posting that honest assessment of Ct.

[JayCT]

Originally Posted by LeviDunn

CT made front page of Drudge today.

I read this in today’s Courant. The author is a well respected economist here but I did note he served on an advisory commission under Jody Rell. Rell closed the gap in her budgets by borrowing money. She also did nothing to solve the pension problem so you do wonder what good this commission did. Jay

[MrGompers]

Originally Posted by JayCT

I read this in today’s Courant. The author is a well respected economist here but I did note he served on an advisory commission under Jody Rell. Rell closed the gap in her budgets by borrowing money. She also did nothing to solve the pension problem so you do wonder what good this commission did. Jay

There are a number of issues with this article. The biggest being when a person or organization says such and such policy created, resulted, or enforced a certain outcome. Conversely, what policy would that person or organization take that would fix those outcomes or what policy would they have taken that would have produced different results.

As already noted the author advised Gov Rell who is a Republican. If he had the ear of a high ranking Republican why didn't he push for those policies ? Why didn't the Republican party push for those policies?

"Data from Moody's shows that each Connecticut resident owes $10,300 in unfunded state pension liabilities — one of the highest rates in the U.S. — because of decades of fiscal irresponsibility and bad decisions."

He makes no distinction between benefits that employees are already vested in, and benefits that employees have yet to vest in. He doesn't list the the bad decisions that have led to this (in his opinion) and if it's been going on for decades - as he says - it should be easy to list those bad decisions.

"We're the only New England state not to achieve full job recovery after the recession."

He must not read the CT Post since they just published an article saying that CT has recovered all job losses since the recession of 2008. Although that article did say CT has not recovered all Govt positions lost since 2008. CT has recovered about 85% of those lost Govt positions. Does he want to hire more Govt workers ?

"The Laffer Curve shows the relationship between tax rates, tax revenue and taxable income. It explains the common-sense notion that punitive tax rates may not generate much additional revenue if people choose to leave."

There is nothing common sense about the Laffer Curve and any time some one references it or the person who created it, they lose every debate every time. Its amazing Laffer is still getting press and people are still following him around as some type of economic savant. He's not a savant unless you put idiot in front of savant. We only have to ask Kansas how following the Laffer curve turned out.

[GeoffD]

Originally Posted by MrGompers

"Data from Moody's shows that each Connecticut resident owes $10,300 in unfunded state pension liabilities — one of the highest rates in the U.S. — because of decades of fiscal irresponsibility and bad decisions."

It depends on who is counting it, when they counted it, and how it's counted. With the most recent kicking of the problem under the carpet, it's probably a heck of a lot worst than that.
Connecticut pension system worst in the nation, according to new study | Yankee Institute for Public Policy

Connecticut has the most underfunded pension system in the nation, amassing more than $127.7 billion in liabilities, according to an annual study by the American Legislative Exchange Council.

The debt from the public pensions amounts to $35,721 per person in Connecticut, the second highest per capita debt in the nation behind Alaska.

https://www.alec.org/app/uploads/201...AL_DEC_WEB.pdf

Connecticut ranks last with a dismal 19.7 percent funding ratio
, down 3.1 percentage points from last year
. Connecticut is one of four states to set retiree benefits through collective bargaining and is unique in that the legislature does not have to consent to contracts for them to go into effect.
viii
A total of 124 contracts have been passed without a vote in either chamber in the legislature.
ix
Under these rules, politicians can abstain from making politically difficult decisions needed to protect taxpayers from future pension fund bailouts and retirees from the consequences of a future pension default. Such decisions could anger current public sector union membership, placing personal political careers at risk. In late 2016, Gov. Dan Malloy came to an agreement with the state employees union to extend the amortization period of the official unfunded liability to 2046. In other words, the state will delay paying down these liabilities.
x
Because the fund will have relatively fewer assets generating investment income over the next two decades as a result of this delay, a combination of higher taxes, reduced state services, and pension benefits cuts becomes more likely in future years. In addition, Connecticut continues to use an assumed rate of return in excess of 8 percent to estimate unfunded liabilitiesmore than 5.8 percentage points higher than the risk-free rate of return. Such baseless optimism threatens the state’s fiscal solvency.

At some point, the tax hikes to fund all those pensions and service the debt is going to crush the state. I figure nothing will be done over the next decade. I wouldn't want to own property in Connecticut when the crisis finally hits. It's going to be really ugly.

[GoHuskies]

Originally Posted by GeoffD

At some point, the tax hikes to fund all those pensions and service the debt is going to crush the state. I figure nothing will be done over the next decade. I wouldn't want to own property in Connecticut when the crisis finally hits. It's going to be really ugly.

Might be part of the reason why most highlighted residential growth in metro areas like Hartford or Stamford is rentals. People have a vague idea of what the writing on the wall means and prefer to be one lease termination away from fleeing the state.

[MrGompers]

Originally Posted by GeoffD

It depends on who is counting it, when they counted it, and how it's counted. With the most recent kicking of the problem under the carpet, it's probably a heck of a lot worst than that.
Connecticut pension system worst in the nation, according to new study | Yankee Institute for Public Policy
https://www.alec.org/app/uploads/201...AL_DEC_WEB.pdf


At some point, the tax hikes to fund all those pensions and service the debt is going to crush the state. I figure nothing will be done over the next decade. I wouldn't want to own property in Connecticut when the crisis finally hits. It's going to be really ugly.

That data and analysis is from ALEC. They are a "Libertarian" organization and have extreme biases. They are basically against anything and every thing that would help the average citizen. you can read about all their positions here

https://en.wikipedia.org/wiki/Americ...change_Council

Even if all the data is correct they are still not making a distinction between benefits that have already been earned and vested, and benefits that are yet to be earned and are unvested. Under the state retirement system a worker becomes vested when they have worked a minimum of 10 years. There's thousands of state workers with less than 10 years of service.

Also, writing that $129 billion dollars is owed may be true in the aggregate, but all of that money isn't due today, tomorrow, or even next year. The state only has to pay out what people are currently withdrawing. What's ironic is if the stock market goes up (like it is now under Trump) the amount the state owes goes down because these pension funds are heavily invested in the stock market.

The real tragedy of this situation is the state has lost the power of compounding because they failed to fund the pensions when the payments were due. That is unforgivable, but I would assume there aren't many math majors, actuaries, or even investment people in the legislature, so how would they have known ? Perhaps they need better advisors.

ALEC exists to help our legislators turn back the clock on our societies progress since the "New Deal" under the guise of helping the little guy. ALEC is only helping themselves and their donors while drinking martini's in private hotel ballrooms.

If you agree with any position ALEC takes I don't know what to tell you. IF there's more of you, we're really ________, but hopefully the younger people coming up behind us will be smarter and throw these fools over board along with all the voodoo economists, women haters, and privateers.

[MrGompers]

Originally Posted by JimG2

Friend of mine moved the price on his house $90,000 from original asking, still can't sell. He moved to Florida last June. Had enough. Middlebury.

In New Britain, you can buy an entire house for $90,000, and they aren't selling. I can look out of my home office window and see the for sale sign on a house. POD in the driveway. Never saw it come up on Zillow. Not sold as far as I know either. One at the other end of the street got bought by a contractor for a flip. I think they are still working on it. don't know the asking price. But the trend I've seen is a contractor buys the 900ft ranch, guts it, new roof, new HVAC, new electric, new kitchen, with granite counters, total rehab. Then it gets put on the market for $170k....month later, $150k, month later $140k, then you see in the real estate records that it sold for $129k..... must have seen it happen 5 times or more, in my neighborhood.

So, it amused me to see a big lot get cleared on Slater Road, one of the main roads in town. I know a bunch of you know the road. Then I see a foundation, and a raised ranch going up. $255k... Builder is planning 5, and only one at a time apparently. In New Britain, on a main road that sees constant traffic. I don't see it, but good luck to the builder. On finishes now I assume, the shell is complete. Can't wait to see how it gets graded. 5 is a tight squeeze for the lot...well, subdivision at this point. Young families with kids I don't think will be interested. For that money they can probably find a house in Berlin or Newington. Maybe an empty nester or childless couple might not mind.....Just a few doors from the Kingdom Hall, which is quiet all week, but they don't have enough parking and when they have services on the weekend, cars line the road on both sides.

IMO, New Britain and other cities including Hartford were much more viable when they still had private Catholic schools (especially high schools). I grew up in NB and about half of my childhood friends went to St Thomas Aquanis for high school. I also had some friends from Hartford that went to South Catholic. Both of these high schools closed down in the 90's.

Sacred Heart in NB also had a big Catholic private school K-8, don't know if they are still open though.

Its really unfortunate because NB, Hartford, Waterbury, etc have thousands upon thousands of reasonably priced starter homes that no one wants any more. Mainly due to the poor schools and taxes.

BTW, Slater Rd isn't really that busy. Far busier streets in NB.

[BobNJ1960]

Originally Posted by GeoffD

At some point, the tax hikes to fund all those pensions and service the debt is going to crush the state. I figure nothing will be done over the next decade. I wouldn't want to own property in Connecticut when the crisis finally hits. It's going to be really ugly.

correct