Saturday, June 20, 2020

Connecticut's Massive Financial Crisis

Connecticut is entering a massive fiscal crisis.  Tax revenues have been reported (not by anyone in the Connecticut Media however) being down by 33% due to the lock down and closures ordered by Ned Lamont.  The same Ned Lamont whose wife's hedge fund seem to be profiting during the Covid-19 crisis with various state vendors they have invested in such as Thermo Fisher Scientific and Sema-4 to name a few.  I estimate since one can not gather any public information from this Administration during this crisis that a 33% tax revenue downturn will probably equate to a roughly $3 billion dollar budget deficit for the ending Fiscal Year 2019-2020.  Plus another possible $6 to $8 billion dollars in lost revenues for the new Fiscal Year 2020-2021.  That would be roughly 30% to 40% of the state budget value based on a $20 billion dollar state budget.  Does this administration really think that magically every business they forced to close on March 17th will somehow reopen with the same amount of revenues and pay the same amount of taxes paid starting in July?  How much revenue will be lost on the local level as property taxes are no longer paid?  20% to 40%?  More?  Why has there not been any cuts whatsoever in state spending with this enormous drop in tax revenues?  Does Lamont and company feel that the Cares Act (an Act we still do not how much Connecticut will be getting in either Fiscal Year) will magically erase this deficit?   Why wasn't the monies already given to the state by the Cares Act earmarked for this downfall in revenue?  Where has this money gone?  Will it magically erase Connecticut's $145 billion dollars in short and long term debt along with its unfunded liabilities for the future?  What is the plan for this fiscal issue?  Or does the $145 billion dollars in short and long term debt along with its unfunded liabilities for the future become meaningless to the Lamont administration so long as they can continue to profit from the Covid-19 crisis through no bid state contracts and not having to pay Connecticut taxes since Ann Lamont's hedge fund is registered in the Cayman Islands thus avoiding the high taxes of the state? 
The actions through ridiculous executive orders and never ending debt that this administration is dumping on Connecticut Taxpayers and its future generations is staggering and defies logic as to why no actions are being taken immediately.
We do know however that the Lamont administration is not concerned in the least about the Boston Consulting Group obtaining the personal information of Connecticut taxpayers from tracing in their secret contract with state.  Why hasn't one elected official question this part of the contract?  Why are they comfortable in what amounts to being the legal theft of Connecticut Taxpayers information?  Connecticut Taxpayers get no answers as usual with the Lamont administration. 
Now the Democrats want a special session to be called this summer to create social justice reforms.  What about a special session to respond to Connecticut's fiscal crisis?   I wonder who has been running the state of Connecticut for the past 40 plus years?  The Connecticut Democrat Party.  A party radically different than the party of the 1970's.  In the largest cities of the state like New Haven, Bridgeport and Hartford when wasn't the Democrat Party in power.  What have they had to show for it?  A constant economic decline?  Lawlessness?  Corruption?  The same social and economic problems only getting worse year in and year out?  What are the Democrat leaders of these cities offering?  The current Mayor of Bridgeport who supposedly paid back the city for his previous crimes?   What are their solutions?  None.
Connecticut has a massive financial crisis.  And the only thing being talked about is being politically correct by the same Democrat Party that has virtually destroyed Connecticut year in and year out for years now through their omnipotent political power.  The same political power that has destroyed Connecticut.  Ned Lamont, his company and political party need to go now: resign or be impeached from top to bottom.  Enough is enough of this charade called elected government.



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