Saturday, January 27, 2018

Connecticut's Only Concern:Salaries, Benefits, Pensions and Debt

For those who are actually able to decipher Connecticut's state budget and short and long term debt issues one may want to put a for sale sign in front of their house immediately and move.  For those of us who choose to fight both parties and remain to take back Connecticut this year one must comprehend the economic Armageddon that may take place if spending is not brought under control.  Currently Connecticut has between $60 and $80 billion dollars in short and long term debt along  with unfunded liabilities.  For every $1 of tax money raised .35 cents of it goes to salaries, benefits, pension and debt.  That means .65 cents is allowed to be spent for actual operations of the state.  Thus one may see more clearly the economic mess the state is in since 1/3 of the state budget is spent only on salaries, benefits, pensions and debt.  To further the economic short fall in the future state pensions have accelerated at massive pace.  According to a recent report and article issued by the Hartford Courant and the Yankee Institute there are now over 1400 former state employees who receive pensions of over $100,000 a year in 2016 as compared to just 110 former state employees eight years ago.  Connecticut state employee pensions can include overtime worked along with car and travel expenses to boost up this amount.  The IRS defines the highest pension that can be received is $215,000.  This does not matter to former UConn business professor John F. Viega who gets over $300,000 a year in his pension.  His pension violates IRS law but nothing is done about it.  This is not allowed in the private sector where most employees must be enrolled in a 401K type pension along with their meager amount of Social Security they receive.  The private sector pension benefits are minimal compared to the generous Connecticut Taxpayer funded benefits that have helped enrich Connecticut's political ruling class for years now. 
Connecticut candidates for Governor especially on the Democrat side have avoided the subject of every $1 of tax money raised .35 cents of it goes to salaries, benefits, pension and debt.  They choose to look for new ways to raise taxes the most common Utopian one being car and truck tolls everywhere in the state.  Connecticut already has one the highest tax rates in the country with little to show for it so I guess the economic logic is raise them even more than they are now.  Don't bother to reign in the every $1 of tax money raised .35 cents of it goes to salaries, benefits, pension and debt.  That might impact Connecticut's political ruling class and their dictatorial rule in our state economy. 
Connecticut has a complete economic disconnect in its state government.  While many of Connecticut's middle class struggle to survive and while many of Connecticut's super rich move out of state to low tax states like Florida and the Carolina's, Connecticut's political rulers just keep making excuses to raise taxes more to nurture the economic quagmire that continues unabated. 
Something has to give.  There needs to be a complete overhaul of Connecticut's union and non union salary, benefits and pension system and structure.  Connecticut can not survive in the long run spending the amount it does on union and non union salaries, benefits and pensions.  It can not keep borrowing to survive.  No amount of new or higher taxes can raised to offset this excess of spending.  Connecticut will cease to exist as we know it if spending is not brought under control.  And no amount of failed Connecticut Democrat Party Liberalism can save them this election year.

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