No Connecticut Budget on October 21

My usual blog on a Saturday is to remind Connecticut Taxpayers that there is still no budget and there is still massive short and long term unfunded liabilities and debt.  Along with above market salaries, benefits and pensions for both state management and union workers.  Thus today, Saturday October 21, I will state the same there is still no budget and there is still massive short and long term unfunded liabilities and debt.  Along with above market salaries, benefits and pensions for both state management and union workers.
There was a budget proposal that was worked on and is being ready for a vote this coming week.  Governor Malloy has been shut out of these negotiations as both sides are tired of his fits of rage when dealing with his economically illogical proposals on his four ridiculous budgets that he has presented.  The new budget raises the cigarette tax and eliminates the local property tax on motor vehicles which will shift this tax burden to cities and towns.  It increases the amount that state teachers contribute to their pensions from 6% to 7%.  Currently according to the Office of Fiscal Analysis Connecticut has one of the highest average teacher pensions in the country at $59,000 per year for those who retired in 2016.  In 2017 it will increase more.  State teachers do not pay into Social Security but pay 6% of their incomes into their pension fund.  The pension fund unfunded liability is expected to increase dramatically over the next ten years.  The amount the state contributes to this fund will grow from $1 billion dollars a year to $6 billion dollars a year in the near future.  Connecticut also offers a state income tax break on those state teachers pensions of 50% beginning in 2017 up from the current 25% if these teachers continue to live in Connecticut.   Connecticut Taxpayers who have private sector pensions receive no state income tax exemption for their pensions.  For those individuals who work in the private sector and who pay into Social Security their tax is 6.2% on their incomes.  As an example, an individual who works in the private sector and averages $80,000 a year in income will when retiring at age 67 will only receive an average social security payment of $22,000 to $27,000 a year depending on gross life time earnings.  This figure is much less than Connecticut teachers retirement benefits.  The fiscal imbalance is enormous for Connecticut Taxpayers who work in the private sector.  If we look at other state pensions for both management and union workers the amount they receive in their pensions are well above average as compared to other states.  Some state workers do not even contribute to their pensions.  Some state pensions will add overtime and mileage reimbursements to their pensions.
This budget proposal also address binding arbitration cases for towns and cities by allowing more than just the last offers from both sides to have to be accepted in these cases.  This leaves more room for negotiations and less costly proposals to be available for cities and towns.  The budget naturally will bail out the city of Hartford to help avoid their inevitable bankruptcy.
There is a lot to like and dislike about this budget proposal.  Connecticut Taxpayers can see the incredible power the state employee unions have over how the state is allowed to spend their monies.  Connecticut Taxpayers can also see how above market salaries, benefits and pensions for both state management and union workers will eventually be the only area that the state will be spending its money on and will probably lead to our own states bankruptcy. 
How did Connecticut end up in this fiscal mess?  In my economic opinion it has been pay to play, give unions and all of the other special interest groups what they want paid for by Connecticut Taxpayers.  Make sure votes both legally and illegally are then delivered to the Connecticut Democrat Party to keep them in power.  Push any economic solutions to resolve the impending economic crisis to future unborn generations.
What a mess.
It is time to take back Connecticut.