[PamelaIamela]

Originally Posted by Speegleagle

The reason these type of “ solutions” are proposed is that the elected leaders do not have any answer for the existing problem. A problem many times they have contributed to.

So now they come up with a new gimmick to make it appear like they have a solution. The same thing occurred when 7 million more Americans were put on Medicaid, so it could be disguised as a solution for lack of health insurance. This is just following the same ideology we have seen in the past.

[7 Wishes]

Originally Posted by PamelaIamela

I call mega-BS on that!

Do you have any idea how the 'official' CPI and it's mutant variants are actually calculated?
They are outdated and do not reflect REAL living costs.
They consistently generate artificially LOW figures to support miniscule increases in government inflation-adjustments like SS, IRMAA tiers, income tax brackets... etc., which keeps government costs DOWN and the GDP artificially UP.
So it looks much more benign than it really is, at least for the folks I know!

But if you only live on white bread, American cheese and cheap beer, and work in the underground or gig economy I guess it will make little difference to your quality of life.

Oh this kind of thing.....


OK I am not the expert on it but I know math and think about what 10% annual inflation would mean in 18 years. I gave two examples, I did estimation in my head so they are not 100% correct but they are close. The prices from 18 years ago to now do not reflect 10% annual inflation. Not even close.....

[PamelaIamela]

At 8% money doubles every nine years... and will quadruple in 18 years.
So $2750 is the imputed value of $11k in 18 years at 8% inflation/yr.

Check out the Chapwood Index @ Chapwood Index - The Real Cost of Living Increase Index Vs Consumer Price Index - Founded by Ed Butowsky

Then, for more fun, read about the CPI and how it is calculated... especially the heuristics element.
In addition, everyone has their own personal COL with their own CPI, so much depends on individual life choices.

My point was not to niggle over the details but to say that 11K in eighteen years will most certainly be worth far less than it is today.
How much will depend on inflation going forward, but with the unprecedented money creation of the past few years, and with no slowing of the roll, I'd say it's likely to erode a massive amount of that bonds value at maturity, effectively trivializing the impact that such a small amount will have on someone's life.

So if the pols want to REALLY make a splash, why don't they simply give $3200 to every kid on Medicaid the money NOW?
Or maybe they prefer to kick this nothing burger onto the next generation of Connecticans?

[wma152]

Just more giveaway in the name of helping the underserved community. Another stupid giveaway.

Underserved? Is that one of the new phrases they invented to further their agenda?

Last time I checked a large portion of the state budget goes to welfare and poor people in these
so call underserved community.

[MrGompers]

Originally Posted by wma152

Just more giveaway in the name of helping the underserved community. Another stupid giveaway.

Underserved? Is that one of the new phrases they invented to further their agenda?

Last time I checked a large portion of the state budget goes to welfare and poor people in these
so call underserved community.

"Welfare" is funded by the Fed Govt. States only set up the qualification parameters. However, states are responsible for a portion of Medicaid for its residents. CT pays one of the highest rates because of the states high income.

[kidyankee764]

Originally Posted by MrGompers

States only set up the qualification parameters.

And that’s where the problem lies.

[RoundTableKnight]

So I wonder if this will attract low income families from surrounding NY, NJ and MA as well as many newcomers from PR.

[mdovell]

Any public benefit program generally is one or two things.

A public provided service or product or a voucher

Example:

Public school vs charter school
Public housing vs section 8
Government food (remember the cheese?) vs EBT

Now actually cash in hand that's a interesting theory like UBI
https://en.wikipedia.org/wiki/Universal_basic_income

Some of the arguments are a tough love approach. Basically in lieu of programs you simply give cash or some form of credit. Once it's gone it's gone so make it work. This forces people to budget at least on an annual basis.

Let's say UBI is 20K a year. Ok so someone buys a car and then...it's gone. Poof. Paid cash and it's gone. Let's say they get a an apartment. Ok so then factor in expenses for one person

1200*12 is $14,400 rent
50*12 is $600 electricity
50 * 52 is $2,600 food
20*52 is $1,040 gasoline or public transit
40*12 $480 cell phone
40*12 $480 internet

There you go some basic needs at about 20K a year.

I don't know if $3,200 is going to be enough to actually attract people to come in. Keep in mind again this is a bond, not cash. The estimate is that by the time the kid is 18 that this is going to be worth $11,000

https://ctmirror.org/2021/06/09/ct-t...-into-poverty/

So if people go to CT thinking they'll have $11,000 when they show up that's not really happening. It's been a long time since bonds have been in portfolios. My family cashed out ones from the 70s long ago and low interest rates make this pretty hard to justify today.

To note Alaska has the oil dividend which generally has been handing out easily $600+ for decades. But everything cost more up there. No one brags about getting it
https://en.wikipedia.org/wiki/Alaska_Permanent_Fund

https://www.vox.com/future-perfect/2...l-basic-income

[Stepfordct]

The problem with approving this is ........how long before just one more program. Then another and so on and so on.
Know the State is all impressed with itself that we have filled up our rainy day fund.
But again it came from you and me, via federal taxes. The Feds gave all the states our own money, and they think they are all geniuses!

Kids today can go to community college for free in CT. That as of last year I believe.

[RoundTableKnight]

Is community college free for all in CT or are there certain income limits?