Showing posts with label Connecticut Office of the State Comptroller. Show all posts
Showing posts with label Connecticut Office of the State Comptroller. Show all posts

Saturday, February 08, 2025

Pay Up, Shut Up, And I Feed Off Of Your Tax Money. The Connecticut Democrat Gold Standard Of Governance And Accountability

This past week, the world stage was treated to the inane and frenetic babblings of Chris Murphy as he railed on about all things evil concerning President Donald J. Trump. For the world, Chris is the junior Democrat U.S. Senator from Connecticut. However, for the right-thinking and taxpaying people of Connecticut Chris is a manic jerk, being a child of privilege who never had to hold gainful and profit-making employment in his entire life. This is because his father’s law firm (Shipman and Goodwin) has a hand representing about every anti-homeowner, anti-parent and anti-taxpayer body in the state. Its nice work if you can get it, however Chris failed at this work and found his way into the lowest common denominator of employment, which is the political system.

Murphy has the policy and conceptual understanding of a flea. As he rails about “Trump favoring Billionaires and screwing the little guy” he does not tell you that he voted AGAINST a 20% tax deduction for small business people in 2017. He will also call Elon Musk an “illegal agent against government” not acknowledging that government hires contractors all of the time. Murphy’s conceptual tax and policy knowledge is summed up perfectly by the analysis of my friend and colleague Tony De Angelo, who often says “that Murphy knows as much about tax and fiscal policy, as I might, about building the Neutron Bomb.”

But you must give credit where credit is due. The Connecticut Demo-commie universe (unlike the State GOP) has a bench. It cultivates acolytes. It develops other similar personalities to Murphy that are high on glibness and empty headedness, bereft on governance, and short on substance. It then buys media to hammer to an unsuspecting public how wonderful these people are, and what great public servants they can be.

And the leading horse in this race for bigger and better things is the current Connecticut State Comptroller, Sean Scanlon.

By way of information, Sean Scanlon is a career politician whose salary is paid for by Connecticut Taxpayers. Like others in the horse race, he will seek higher office in the future in a jump ball with the other career Democrat politicians. He will be mentioned as a future Governor, U.S. Representative and or US Senator. He is currently the State Comptroller, however whenever we read about his fiscal acumen it is either a disaster such as the handling of his own office, (https://ctnewsjunkie.com/2025/01/08/auditors-comptrollers-office-lacked-internal-controls-for-insurance-payouts/) or an impending disaster such as the “refinancing” of the state short-term debt which, (while cheered by equally ignorant Republicans) displayed the fiscal sense of delaying debt that anyone making the minimum payment on a credit card knows is a horrific disaster to come.  By way of education and training, Scanlon shows no bona-fides in economics/accounting and finance with a degree in Political Science from Boston University, and his work for Chris Murphy in a variety of positions while being a Connecticut State Representative for eight years and miraculously becoming the Executive Director of Tweed-New Haven Airport for a short and very unpopular stint.  How all of this becomes functional for a Comptroller position that pays $206,062 plus benefits is beyond me and many others considering Scanlon is managing a $26 Billion dollar state budget. His job mission is "To provide accounting and financial services, to administer employee and retiree benefits, to develop accounting policy and exercise accounting oversight, and to prepare financial reports for state, federal and municipal governments and the public." (https://osc.ct.gov/about/). Thus, anyone in Connecticut, no matter their education or work experience can be a State Comptroller with Scanlon as an example, provided, they join the Democrat food chain and be manufactured according to the Chris Murphy Gold Standard of Failure.

Recently Scanlon in true Democrat Party form, condemned President Trump in his overhaul of the Federal government especially when it comes to aid. He stated on January 28, 2025; “President Trump’s reckless decision to abruptly freeze federal grants and loans will have immediate and disastrous consequences for Connecticut. As Comptroller, it’s my job to track what we get from Washington D.C. and how we spend it. In fiscal year 2024, more than $14.3 billion passed from the federal government through our state agencies directly to Connecticut residents, nonprofits, schools, and much, much more. While the exact list of impacted programs remains unclear, what is clear is this: any pause, however brief, of any federal funding will hurt people in Connecticut.” (https://osc.ct.gov/articles/comptroller-sean-scanlon-condemns-trump-administrations-reckless-suspension-of-federal-funding/). If I understand his quote correctly, this statement means that $14.3 billion dollars is either is a part of the state budget and/or is in addition to beggarly Connecticut's $22.1 billion dollar budget for 2024. Presuming Scanlon is fiscally coherent, I believe he should clarify his economically illogical and confusing remarks. Does he even have an idea as to where the money goes? He has apparently become an expert in accounting and finance. But a person with little to no experience in finance is bound to be confused in his stated remarks.

But one thing that the Democrat machine is quite good at is building personal financial dynasties at taxpayer expense. Scanlon is married to Meghan Scanlon, who has degrees in English and Political Science from the University of Connecticut and is the President and Chief Executive Officer of the “Connecticut Coalition Against Domestic Violence” which has 18 (Eighteen-count 'em) member domestic violence organizations that provide services to victims. “Connecticut Coalition Against Domestic Violence” is a "non-profit". The coalition serves around 40,000 individuals across the state. It receives federal and state aid along with donations. From the last public audit of 2023, Meghan Scanlon’s compensation was $126,676 plus other compensation. (https://projects.propublica.org/nonprofits/organizations/60985675). Further, there is a massive amount of money spent in Connecticut on domestic violence victims and issues. For 2024 according to opencheckbook.ct.gov,  the sum was $27.63 Million dollars in a wide array of grants. It seems alarming to me that this much money is being spent with apparently poor results since it seems that this type of violence is growing in the state.  Is there an issue in the state with actually enforcing the domestic violence laws currently on statute?  Are domestic violence criminals not being prosecuted? Obviously, I am not trying to make light of domestic violence however after throwing millions upon millions of dollars at it what is the net result? More domestic violence? Anyone with the least bit of reason knows that the continued high spending towards a situation that does not improve is a reinforcement of failure. Apparently, reason is a concept foreign to the Democrat-driven political system of Connecticut.

But the ostensible debacle above lends itself to questions of other failures taking place at Connecticut nonprofits. Cause IQ tells us the following: "There are 24,541 organizations in Connecticut. Combined, these Connecticut nonprofits employ 358,650 people, earn more than $57 billion in revenue each year, and have assets of $195 billion." (https://www.causeiq.com/directory/connecticut-state) In scanning the records,  I have always wondered why state-connected "non profit"Administrative salaries so high?   Why are salaries so high especially with many "non profits" having non-paid boards who help in these organizations? Why are the state-connected non-profit salaries so high when they hire highly paid accounting and legal firms with a strong connection to state government? When someone is appointed by a "non-profit" there seems to always be a glowing press release of the person and their qualifications that usually lead to the connection of a politician. But again, why are the salaries so high? And are the actual results of these "non profits" truly helping the people who need the help? Washington and Hartford spend billions of dollars in social welfare programs with ostensibly little to no result as many of those to whom fiduciary or oversight responsibility is granted are making out quite well. Why is this the case?


Saturday, November 23, 2024

We’re Number 50! - The Democrat Victory Of Making Connecticut The Most Financially Troubled State In The Union

There seems to be no limit to the gutters that Connecticut continually falls into. Rampant corruption. Condoned (if not coddled) illegal immigration. Free tuition and healthcare for these same illegals. State senators destroy public property without a demand for prosecution from either political party. Other legislators drive drunk, flip cars and/or abuse substances, even while making laws. However, if that is not wretched enough for you, there is worse news for Connecticut Taxpayers. The State of Connecticut is pretty much broke. Yes, you read that correctly. Broke. Tapped out. Busted. On the Breadline.

Again, I repeat: The State of Connecticut is pretty much broke.

How has this happened, do you ask? Easy. It has been the usual “what, me worry?” posture in the land of Nutmeg for any semblance of fiscal governance. The election that took place a few weeks ago rewarded the fiscally illiterate Connecticut Democrat Party even more power for their inept fiscal mismanagement of the state. But how can this be possible in light of easy to find public sources? A recent “2024 Financial State of the States Report” (“report”) issued by the Daniels College of Business at the University of Denver, ranked Connecticut at the complete bottom of their report at #50 out of 50 states giving the state a "F" for their finances based on 2023 results. The report which I urge all to read can be found at https://www.truthinaccounting.org/library/doclib/Financial-State-of-the-States-2024.pdf.
To make a dire situation even worse, Connecticut is ranked at the bottom of all "Sinkhole" states. This reference to a “Sinkhole" means that all state taxpayers will owe a certain dollar amount to pay off the state's debt. The state does not have enough revenue and assets to pay its bills. For Connecticut it is a mere $44,300 each person (p.17 report). I have written for many years the issues of Connecticut's short- and long-term debt along with its unfunded liabilities at being $100 to $150 billion dollars, an astronomical amount for the state as small as Connecticut, only for me to be continually derided by many feel-good politicians. However, to show how deluded these politicians are, the report clearly breaks out the following grave issues concerning Connecticut: Unfunded Pension Benefits: $38,010,340,000. Unfunded Retiree Health Care Benefits: $17,091,549,000 (p.51 report). The mind-numbing figure of $64,897,085,000 is the actual debt that the state reports from its fiscal report, however over the years several budget items were taken off budget and as such are not counted towards this figure (p.51 report). That to me is called creative (if not fraudulent) accounting. It also may be noted that the "Government Finance Officers Association (“GFOA”), the standard for states to publish their annual reports is 180 days after the end of the fiscal year." (p.28 report) Connecticut took 271 days to file their report thus disregarding the GFOA guidelines that they are supposed to adhere to by law. But hey, it's Connecticut, where rules and laws do not matter anymore, if at all).

Unfortunately, the lack of fiscal acuity on the part of the Republican party has not provided any moments of consideration or pause over time thus making a bad situation even worse. As just one example, in this past election I heard no candidate on either side discussing the grievous state debt or this report. And this fiscally negligent attitude has gone on for years. For example, in 2023, Democrat State Comptroller (and fiscal genius) Sean Scanlon magically “saved millions of dollars” by re-amortizing the unfunded liability of the municipal pension fund from 17 to 25 years as both political parties cheered. But what did Mr. Scanlon do? He simply increased the amount of debt by deferring payment on the same, showing no conceptual understanding of present-value finance and the concept that a dollar will never be worth any more than it is today in the future. For, how does one save money when your debt is the same but now will take an additional eight years to pay off as it continues to accrue interest? Isn't the debt financed by interest paid? Or has that mysteriously been eliminated? How is this simply thoughtless move any different than continually making the minimum payment on your credit card and believing your debt will be paid off faster? But perhaps I am wrong, and Mr. Scanlon has the right idea! That said, why don’t we go about re-amortizing all of Connecticut's debt into 100-year notes? That way generation upon generation of Connecticut Taxpayers get to live their lives as indentured servants to the Connecticut Democrat Party and their fiscal inefficiencies and maladroitness. This idea might work so well that the Connecticut Democrat Party could then reinvent a modern-day system of serfdom and or a new form of economic slavery to the state's master political ruling elite by the issuing of these 100-year debt bonds. This new financial plan would work well with the party that wants unchecked illegal immigration, state-run media, controls on social media and free speech, redundant and functionally useless bureaucracies, and the encouragement of party “leaders” that harass and shame ordinary citizens while the opposing party never cries out for the censure or removal of these evil individuals. This is life as we know it in the nearly broke, vision-less, and morally bankrupt State of Connecticut.

Thus in 2024, Connecticut is no more resolving its debt crisis than in years passed. Thus in 2024, no one wearing a political uniform seems to care. This new report issued reconfirms many of the same problems that the state has had for years. Excessive state spending coupled with excessive state debt, fueled by “feel-good” politics at every turn. Connecticut continues to rank as a top five taxed state in the country. It continues to have massive financial issues no matter how King Governor Ned Lamont the Unaccountable, his should-be-abolished Department of Economic Development, and his faux-prop economic spokespeople such as Sean Scanlon try to spin it. For Connecticut to survive it must address its out-of-control spending and unchecked fiscal corruption that offer little in either comfort or results other than to those directly involved. Connecticut has massive problems with criminals and crime is running rampant. Connecticut has massive problems with illegal drug use and trafficking. Connecticut still has massive problems with its public schools that are more interested in indoctrination rather than teaching life skills and functional knowledge. Connecticut still has massive problems due to a skewed political system that is ripe with corruption as seen with the never-ending voter fraud in Bridgeport. Connecticut fiscal economic incentives are nothing more than the throwing of bribes to the politically connected. Moreover, Connecticut still has massive problems that truly need to be addressed for the last time.
But not the least of sorrows is that albatross of never-ending debt hanging on the shoulders of innocent Connecticut Taxpayers who toil daily in a dysfunctional state economy while the Connecticut Democrat Party moves blindly ahead without even the least criticism of this debt. But the solutions are simple. Cut spending and cut taxes. Learn the spelling of the word "governance" But that concept is always ignored in the wasteland of debt, in the state known as Connecticut, which is the paradise of unchecked and enabled Democrat Party led economic gibberish leading to ultimate collapse.



Saturday, June 27, 2020

How Much Is The Covid-19 Test Costing Connecticut's Taxpayers?

There was more bad economic news for Connecticut Taxpayers this past week.  Connecticut Taxpayers are not able to find out how much Covid-19 tests being given are costing the state.  $50 million dollars of Connecticut Taxpayers monies is being spent on six different vendors Covid-19 tests.  The Office of the State Comptroller has redacted at least six public contracts at the request of vendors who state their prices for taxpayer-funded tests shouldn’t be publicly disclosed because that information is considered a "trade secret" not subject to public disclosure.   How this is possible is beyond economic logic and comprehension?  I am under the belief that if Connecticut Taxpayers monies are being publicly spent then that information becomes public knowledge?  We apparently have now a defacto Lamont ruled state government whereby no information is forthcoming to Connecticut Taxpayers unless it has been approved by Lamont and the Boston Consulting Group (due to their secret state consulting contract that was enacted by Lamont).  Obviously our democracy in Connecticut has been suspended due to the "crisis" powers of Ned Lamont and his political/business friends that now rule the state.
I wonder how many of these six vendors have had investments made by the Oak HC/FT hedge fund that Ned Lamont and family have a financial interest in?   Since we as Connecticut Taxpayers are paying for these tests do not we not have a right under our Connecticut State Constitution to know what is being spent?  Or are Connecticut's rules and laws conveniently forgotten about when it can benefit either the Lamont's or the Connecticut Democrat Party?  In this case it seems to be.
I take this loss of Connecticut Taxpayers freedom of information to know where our tax money is being spent along with a disregard of the loss of personal freedoms due to this "crisis"  to be a serious attack on the legal citizens of our state.  To me it is also against the laws that govern the state.
The real "crisis" in Connecticut today is not Covid-19.  It is the imploding financial crisis of an impending $4 to $6 billion dollar budget deficit for the coming Fiscal Year 2020-2021 along with massive state unemployment, a massive loss of businesses along with the $145 billion dollars in short and long term debt along with unfunded liabilities Connecticut has.  What is Ned Lamont and his political/business friends going to do about that?  Anything?  Is Boston Consulting Group working on it for another $2 million dollar Connecticut Taxpayer funded secret contract?  Are we going to be looking at the sky is the limit new and higher taxes for the remaining legal citizens and businesses of the state?  What are the solutions being offered by our elected officials?  Do we have elected officials any more in Connecticut or do we now live in a dictatorship?  I really wonder.
We are now almost thirty years into a state income tax that was going to solve all of Connecticut's economic problems.  We are now almost thirty years into a never ending economic depression and recession that has been inflicted upon us year in and year out by a Connecticut Democrat Party that has no concerns other than pure authoritarian rule over its people.  
Oh and by the way I still want to know how much we are paying for these Covid-19 tests?