It is now July 22, 2017 and there is no new Connecticut budget. There is a state union concessions package that allows for ten more years of high salaries, benefits and pensions until 2027. The unions agreed upon wage freezes for three years followed by two years of 3.5 percent raises plus step increases. They will also have to contribute 2 percent more toward their pensions, there are no changes to their pension benefits that can increase on a constant basis with cost of living adjustments. Basically all jobs and benefits are guaranteed for these unions no matter how bad Connecticut's economy becomes as there are no layoffs. The "savings" is just freezing wages for two years only to increase them in year three by the same amount they were going to get anyways this year.
Union leaders sent a letter out stating that this agreement was "the best and longest" in the country. Thus they should ratify it. Thus so much for any sacrifice on the part of the state unions. They also want higher taxes on the "wealthy" especially "hedge funds". This being implemented as law in the past has resulted in those same "wealthy" moving out of state and thus will not pay any more taxes in Connecticut. That means much lower tax revenues to help support the excesses of our state government.
What does this all mean? In my economic opinion more of the same. Connecticut still has a spending problem even with this supposed union concessions package that does little to address excessively high wages, benefits and pensions. We still over spend in both management and union salaries, benefits and pensions. We have a Speaker of the House who is employed by a state union and whose only concern seems to be protecting the state unions and Connecticut Taxpayers be damned. We have no vote on the Republican budget that would have addressed the serious economic issues we have in Connecticut.
The Connecticut Democrat Party again does not understand the magnitude of the economic crisis that the state faces. Its only concern is to nurture and protect its unions and political ruling class. It has failed miserably in this legislative session. The Connecticut Democrat Party is the cancer that has entrapped its hard working legal citizens into an economic morass of no escape.
Will this economic nightmare ever end for Connecticut Taxpayers? And when will the Connecticut Democrat Party be held liable for the economic damage and turmoil it has done for this state?
Still no budget. Why bother anyways?