What Exactly are the Connecticut “Fiscal Guardrails?”

For a number of years, Connecticut taxpayers have heard many statements out of the mouths of politicians and in media about “fiscal guardrails.” This buzz-phrase had its origins during the 2017 state budget negotiations and ever since has been trumpeted as a security system of sorts against fiscal recklessness and insanity in the State of Connecticut. However, since the onset of the 2024 Legislative session, this term has been used increasingly as a term equivalent to a gold standard of ensuring against fiscal ruin. To this end, I have felt it incumbent upon me to strip the concepts to bare metal and describe what the Connecticut “fiscal guardrails” really mean, and as to if the basis they have in actuality.
To understand what the guardrails are is amazing look at the creative “funny money" accounting of Connecticut's government going all the way back to 1991. Unbelievably a "spending cap" was enacted as part of the agreement to give Connecticut a State Income Tax in 1991. That "spending cap" was summarily ignored by careless feel-good legislators on both sides until said cap was rebranded as the "fiscal guardrails" in 2017 as the state was entangled in excessive spending, borrowing, bonding and ignoring all of its long term unfunded liabilities including (but not limited to) the bulbous state pensions paid to retired state employees and state legislators (with many checks sent to low/no tax states where these people now live). Therefore, rather than dealing with sharp fiscal controls, expense reduction, and eliminating the waste, fraud, abuse, and oppressive administrative state redundancy in Connecticut, these "fiscal guardrails" were instituted to accomplish a mere three restraints on spending, being, a spending cap of a base percentage tied to the inflation rate, a volatility cap that forces excess revenue from variable revenue sources to go first to the budget reserve and then to underfunded pensions, and a revenue cap that limits state spending in order to create the illusion of a surplus. Trying to understand these "fiscal guardrails" since 2017 is a colossal study of a vague theory never quite catching up with the reality of the fiscal wreckage and spending horror that unfortunately, is the Nutmeg State.
To make the weakened “fiscal guardrails” concept example even more clear, let us take a step back to reflect on basic fiscal realities. In 1991, the Connecticut State Budget was $7.7 billion dollars. In 2024 Connecticut is sporting a $26 billion dollar budget. That is a 335% increase in state spending. Adjusting that figure for inflation, we see that it has increased roughly 135%. In that same period, Connecticut's population has stagnated by increasing between only 5% and 9% depending on what you read and or believe and state GDP has cratered with rampant business departures and the loss of professional and high paying occupations. Thus, state spending has accelerated to an incredible level with little increase in its population. And Connecticut proudly boasts one of the highest property tax rates in the country in addition to one of the highest state rates in the country while being a constant bottom five states in business categories in one of the most business-unfriendly and avoided states in the union. Also, Connecticut has $100 to $150 billion dollars in short- and long-term debt along with unfunded liabilities (such as the state pension fund). Contrary to the rhetoric of King Ned Lamont (aka “the Unaccountable”), his Democrat Party, and his state-run media spokespeople, legal and productive citizens and new businesses are not flocking to the state, nor have they been coming in since 1991, going all the way back to the enactment of the first state income tax.
In 2024 like past years, cries from liberal sources spew their hatred against all "fiscal guardrails", as incomplete as they may be. From liberal/socialist Democrat State Representatives and State Senators to the insatiable SEBAC-state government union groups, to the money that is never spent on children and for the perpetual deficit of state higher education, we will hear the shrieks of “more spending” is essential for Connecticut to survive! It is borderline miraculous as to how Connecticut has survived since 1991 in overspending and overtaxing its dwindling business and legal citizens for 33 years.
But where is the improvement of over three decades of reckless spending? One may notice that there is massive crime, a decaying infrastructure, shameful cities, massive state debt, massive taxes, and a migration out of the state even with these minimal "fiscal guardrails" that are a battle cry to Democrat Party socialists who wish to end them. In fact, if more money is the answer to all the problems stated above, then why isn't Connecticut flourishing in 2024? Why has Connecticut now become dependent on tax revenues from public safety and societal hazards such as legalized gambling of all forms and now legalized marijuana sales? What is next for the state; legalized taxed prostitution? Legalized heroin? Psychedelic mushrooms? I am now of the belief that there is no limit to the lows where this can all go.
In addition, many wonder how these "fiscal guardrails" are working in the least when the state somehow magically saves $20 billion dollars in 25 years by making payments to its underfunded pension fund. If indeed true, will this $20 billion dollar windfall be used to lower taxes in the state? Or will it just be used to throw more many at failed social programs that do little for the state? Why cannot state government fiscal restraint be the norm as it is for Connecticut families and businesses who are fighting for their economic survival in 2024?
So, while there may be some partial benefit in the concept of the "fiscal guardrails", said concept is not nearly adequate for the fiscal out of control wreckage that is Connecticut. Real, honest-to-goodness guardrails would be an effort towards consolidation and fiscal transparency while removing the Connecticut cancers of waste, fraud, abuse, and redundancy. Instead as we stand, the wonders of Connecticut government are akin to placing hard working legal Connecticut Taxpayers in an ill-equipped electric vehicle gasping down the wrong side of a potholed highway to a slow and painful fiscal death. But The Connecticut Democrat Party cannot wait to rail that any sort of "fiscal guardrail", even limited ones, be dismantled and destroyed for the last time.

The 2024 Illusion of The State Speech, by Connecticut's King

In the annual illusory pageant called the opening day of the Connecticut State Legislative session, it is surprising to see the wan and pale King Ned Lamont (aka “the Unaccountable”), wearing a tie. But, he was. For some strange reason be it is an election year and/or to give himself a break from his usual disheveled and unkempt appearance, Lamont gave an incredible and unbelievable Utopian cure-all to the peons, alluding (but not limited to), affordable housing, electric car mandates, climate change control, and fiscal stability. However, if you think this projection of governmental Nirvana was to continue unabated, it turns out that the standard political theater was in effect. Side bets were made as to when the planned and confused “Pro- Palestinian” protesters would come in to disrupt the speech, and they did, crying "Cease Fire!" Ensuring they would be heard and to be shown on all the local state-run newscasts later, the planned cries worked wonders to help hide the Unaccountable’s trips to Israel and/or to Gaza on at least three occasions over two years for whatever reason he went there for. (And he was indeed wiser since his horrific performance during New Haven’s protest a month ago, as he made no mention of the same).
Lamont’s speech was a tall tale to everyone and anyone who was willing to listen. It highlighted most, (if not all) of the failed Democrat Party policies that have brought America to its knees both socially and economically. The speech was heavy on giving away Connecticut Taxpayers’ monies to the Democrat Party constituency via programs such as affordable housing that will be controlled by profit making Lamont type companies and will eventually push electric vehicle mandates to combat the incredible global warming/climate change naturally occurring since the beginning of time. Of course, climate change will now be successfully controlled by profit making Lamont type companies. The speech was huge on feel good programs and vote-buying while being noticeably short on the specifics on how everything will be paid for. But what difference does any of this make? This is the usual rhetoric that Connecticut Taxpayers hear year in and year out. They will pay in the final summary as they do each year while many delusional legislators and simpatico nonprofits claim taxes are too low, and taxpayers must pay more to support the government charade.
Affordable housing is really big in Connecticut now. It is so big, that there is now a war against the evil, racist Connecticut homeowner. Even though you may have worked extra jobs and saved up enough money to purchase a home and paid your mortgage and property taxes consistently, you are now the problem and evil equivalent of pond-scum in Connecticut. But in the happy delusional world of The Unaccountable and the legislature, there are no real issues in this vein and Connecticut is a desirable jewel that people cannot wait to move to. Lamont stated: "And people are noticing. Unlike our neighboring states which are losing population, Connecticut has gained population over the last few years. Today we have more people working, more people starting businesses, more people joining labor unions with better pay and better benefits, more of our graduates staying in Connecticut, and more out-of-staters wanting to move here. One warning sign: we have too many people who cannot find a place to live – it is not available, or it is not affordable. Our biennial budget doubles our investment in housing – workforce housing, affordable housing, supportive housing, elder housing, and downtown apartments." He further stated: "If you already own a home, you may be doing great, but a lack of housing drives up costs for everybody else and increases the risk of homelessness." (https://portal.ct.gov/Office-of-the-Governor/News/Speeches/Governor-Lamont-2024-State-of-the-State-Address) As an economist reviewing this delusional diatribe, I wonder why the actual laws of supply and demand are not at work in Connecticut's housing market? Who (or what) controls "affordable housing"? Why do Lamont and his political operatives want to control zoning in all towns and cities while offering their preferred crony developers to get the work to create this new and somehow affordable housing?

Always bear in mind that Connecticut Raised Bill H.B. No. 6890. "(i)s a scary and hideous eight-page law proposal, whereby any clear-thinking person can quickly perceive its mission to remove local cities and towns from oversight of their zoning laws and regulations. It should alarm most local taxpayers as to what they will have to look forward to in their communities. This Bill, also known as "Work, Live, Ride" will give incentives for what is known as “transit-oriented development” within a half mile of bus and train stations. This horrific plan would be executed under the auspices of an autonomous new "Coordinator "working in the new "Office of Responsible Growth" within the Intergovernmental Policy Division of the Office of Policy and Management. This position creates a non-elected state bureaucrat "Zoning Czar" to override local zoning laws within the areas of bus and train stations for the purpose of promoting grant-subsidized housing" (https://swickspeak.blogspot.com/2023/03/zoning-law-blues-in-democrat.htm)
“Desegregate Connecticut" being a suspect organization that still backs this type of illogical development, has a main financial source backed by several large corporate interests that would profit from this type of development near these locations, and also will be subsidized by Connecticut Taxpayers. Is this then the type of "affordable housing" Lamont is pushing for in 2024? To strip local zoning laws from towns and cities and further destroy what once were excellent communities?
However, despite all of the platitudes of the “fiscal guardrails” that we hear bandied about state media, there was no mention in The Unaccountable’s speech as to the brutal realities of Connecticut being one of the highest taxed states in the country, a bottom five state in most business categories, and still having between $100 to $150 billion dollars in short and long term debt along with unfunded liabilities. However, Lamont stated: "okay, in addition to making our regular payments to the pension fund we have paid down an extra $8 billion, saving taxpayers about $800 million every year for the next 25 years that can be dedicated to critical services, and we have added thousands of new taxpayers, which further strengthens our budget and our future." How Lamont magically saved over $20 billion dollars in 25 years should astound any finance/accounting/economist in Connecticut as to the inner-workings of this magical transformation.
However, according to members of his own party such as State Senate President Martin Looney the Lamont speech fell short: "Looney, a New Haven Democrat, believes the state must do more to provide for the middle and working classes. He has floated possible changes to the current “guardrails” regime to fund increased state investment in childcare, mental health services, higher education, and other social welfare programs..." (https://www.wtnh.com/news/connecticut/hartford/connecticut-legislators-react-to-gov-ned-lamonts-2024-state-of-the-state-address) How much more investment is needed is unknown and since Looney has been in office for a mere 30 plus years, it seems that no amount of money can solve these issues. Moreover, is not Looney a large part of the problem as he has overseen a massive decline in Connecticut since he assumed office back in 1992?
Thus, the State of the State speech in 2024 is no different than since Dan Malloy bellowed his rhetoric in 2011.
These days, Connecticut has enormous social and economic problems with unchecked crime, unaddressed in the speech. Sadly, it is the same chorus of more money solves all problems, more and larger state government solves all problems, and one must follow the path of giving up personal freedoms for the sake of an omnipotent state Democrat Party that rules by force and decree, and now, legalized robbery of taxpayers.
Nothing really changes in the sad state of Connecticut.

Connecticut's Corruption and High Taxes

Regardless of the whitewashing and fawning pap one may hear or read at the onset of another legislative session, Connecticut nonetheless continues its descent into economic and social senselessness via an administrative state fiat aided by a lapdog "elected" state legislature. As just two examples of the pride of King Ned Lamont the Unaccountable and his Omnipotent one-party ruling class, are the recent sham election of Bridgeport's Democrat convicted criminal Mayor Joe Ganim and his magically appearing absentee ballots, and the excessively high salaries paid out by the secretive State Family Leave department funded by Connecticut Taxpayers for this money draining program.

The City of Bridgeport, once a proud working-class industrial city, is now an absolute, unspeakable mess run by a powerful Democrat Party political machine that makes the old New York Tammany Hall Democrat political machine look like a nursery school. The hatchet job Ganim and his minions did to the voters of Bridgeport in his "re-election" in his crime filled city would be the plot for a Woody Allen movie if it were sadly, not reality. One must remember Ganim was convicted of racketeering, extortion, and other crimes. He spent seven years in prison beginning in 2003 before he amazingly enough voted back as mayor of Bridgeport in 2015. One can also argue that crime does pay in Bridgeport as one may wonder why a convicted felon who ripped off the city is allowed back in? Obvious voter and ballot fraud was committed when Democrat official Wanda Geter-Pataki (who also was accused in 2019 for basically the same thing), apparently stuffed absentee ballots into a drop box outside of the Margaret Morton Government center in a surveillance video. John Gomes, who was running for Mayor against the Ganim machine in the primary, filed 22 (twenty-two) separate complaints of voter fraud against the Ganim campaign. To make this sick and sad situation even worse, the Gomes campaign was apparently caught on video tape doing the same ballot stuffing thing. After hearing the testimony, a judge allowed for the general election to continue on November 7, 2023, whereby Ganim won by a mere 175 votes! Inexplicably, the Judge also ordered a new primary to take place on January 23, 2024, and surprise again Ganim won! Whether yet another election will take place in February remains to be seen at the time of this writing. Needless to say, this corruption is blessed by the incompetent and un-serious Democrat Secretary of the State Stephanie Thomas who famously stated that “Election integrity is essential for public trust, and I would like to affirm my confidence in our state’s overall election security,” “This situation is not about partisan politics, it’s not about a broken electoral system, this isn’t even about absentee ballot systems. It is about a few bad actors and an under-educated electorate.” (https://insideinvestigator.org/sots-bridgeport-ballot-scandal-result-of-bad-actors-and-under-educated-electorate). Therefore, the problem of corruption in Bridgeport is because of "an under-educated electorate" where fraud, incompetence, and denial have nothing to do with it. (Get that).

Further, the obvious question then becomes as to why seemingly no one in the political universe seems the least bit interested in calling the election process fraudulent and aggressively crying out for the arrests and prosecutions of bad actors involved. The Unaccountable and several Democrats are even now urging John Gomes to give up all together. "Joe Ganim has won three times. At some point you gotta get back to governing. That would be my advice," Lamont said on January 30, 2024. But of course, Ned needs Wanda and her counterparts in the cities to manufacture continued gubernatorial victories and all the fraud, illegal absentee ballots cast, and irregularities about both the primary and election can be quickly and promptly disregarded. We disregard all, since Joe Ganim is the Supreme Ruler of Bridgeport, a ruler that Bridgeport Taxpayers must yield to by giving up their right to vote and to self-govern. It is a typical Connecticut Democrat Party mess and is naturally blessed by the Connecticut Democrat Party.

Of course, Connecticut would not be Connecticut without tax-sucking administrative state programs and bureaucracies. While state-run media churns faux and puffy stories of “Connecticut Fiscal Stability” one can never (ever) pay enough taxes in Democrat Connecticut to support this "stability". A prime example of this failure is The Connecticut Paid Family Medical Leave Act. For this program, the Tax is .05% of your earnings, up to $160,200. For this tax, there is no reimbursement for employees close to retirement nor for employees who never utilize the CT Paid Leave program. Further, the privileged class of state workers does not contribute to the fund. So, the rest of us must pay, and shut up.

The plan pays for up to 12 weeks of leave at a maximum weekly benefit of $941.40 as of 2024 according to their website (https://www.ctpaidleave.org/?language=en_US). AFLAC is the third-party claims administrator for the program, yet the actual Paid Family Medical Leave Authority employs 40 people as of 2023 at a payroll of a mere $3.9 million dollars, mind-boggling when an administrator is already in place: (https://openpayroll.ct.gov/#!/year/2023/department/Paid+Family+Medical+Leave+Auth).

What is even more interesting with this questionable program is a well-hidden report dated July 2023 that presents some amazing information (https://www.cbia.com/resources/hr-safety/connecticut-paid-leave-2023-annual-report). For example, on Page 22 of this report it shows a beginning fund balance of $446.3 million dollars, Contributions earned of $443 million dollars, investment income of $16.5 million dollars, incurred claims of $318 million dollars, other expenses of $45.8 million dollars and a net fund balance of $542 million dollars. Analyzing the figures in another way one can argue that those individuals who are paying this tax are being overtaxed if there is such a high fund balance at the end of this apparent fiscal year projected report. Why does this fund have this much money in it? Why is $542 million dollars taken out of Connecticut Taxpayers pockets? It is clear that the .05% tax is excessive given the small amount of claims that is being paid out and for the amount of private plans/self-insured plans that have been approved by the state. Ostensibly a large part of this rate goes to support a number of state employees in duplicative nonjobs, standard for the course in the Kingdom of Ned, the Unaccountable. Once again, hardworking Connecticut taxpayers who are diligent in their employment and not prone to take off time subsidize an entire legion of political appointees, bureaucrats, and a fair number of excuse makers and slackers, because this is the Connecticut way.

These are just two examples many that one can offer about a Democrat ruled state that embraces and encourages economic sloth, waste, and social senselessness. Elected leaders (or “Elected” leaders) take no constructive action other than to continually march to both economic and social ruin wanting the taxpayer to pay and be proud of the destruction they do on a daily basis. Think about losing your right to vote as we see in Bridgeport with a sham election. Think about how this same voter fraud in cities has been the defining factor in close statewide elections. As you listen to the endless blandishments from both parties praising The Unaccountable for “adhering to (fictional) fiscal guardrails” think about all of the increasing taxes you pay in Connecticut to support the continued Connecticut path to spending and failure as you struggle to survive economically. And just think about how the Connecticut Democrat Party's omnipotent one-party rule has made a once great state a cesspool of corruption, crime, sexual perversion, child abuse, incoherent gibberish, and excessively high taxes that you must accept as an obedient slave to King Ned Lamont the Unaccountable and his Omnipotent one-party ruling Democrat Party.

Once again, taxpayer, be damned.

The Failures of Joe Biden and His Corrupt and Perverted Democrat Empire

Leadership is the most critical tenet within any sort of organization, especially organizations calling themselves political parties. The old Jewish prophets would claim that the apple does not fall far from the tree. Old country preachers would often remark that what we see in the pulpit, we see in the pews. Many people are familiar with the term “like father, like son.” However, I submit to the reader that never in the history of American government has there been an epic failure of management, example, and leadership to the level of the corrupt and perverted Empire of the 46th President of the United States, Joseph Robinette Biden
It is my belief that the clear headed and legitimate population of the United States of America are completely fed up with the incoherent and obnoxious administration of Democrat President Joe Biden, despite what we are led to believe by an obedient and compliant state-run media. Over time, I have had many ask me if he has been the worst President in my lifetime, a lifetime that has seen Presidents Eisenhower, Kennedy, Johnson, Nixon, Ford, Carter, Reagan, Bush I, Clinton, Bush II, Obama, and Trump. Unfortunately, Joe Biden has no equal in the negative category. The destruction that Biden, his family, and his incompetent Administration have done over three years is more damage than anything I could have imagined to our country since his regime started.
It is difficult to even begin to sort out the sheer number of failures of this Administration as there are too many to recall. The fully open borders that America must be forced to accept create no benefit for our country. Since the start of the administration in January 2021, well in excess of 6.4 million illegal immigrants have crossed our unprotected border with ease bringing no value and unascertainable dangers to our economy and society. Are the illegal immigrants all employed and self-sufficient? Are they not costing the American Taxpayer billions of dollars to house, feed, clothe and give medical care to? Are they just pawns in the never-ending Democrat Party game of elitism over our society, or a modern-day slave class imported to provide veritable slave labor for the benefit of a ruling elite?
A bigger disaster of the corrupt and perverted Biden regime is foreign affairs. To this end, Biden-esque foreign affairs are a comical game of corruption and lies assisted by the abuses and myriad corruptions of anointed regime son Hunter Biden and company with the President’s approval. Is this an example of a new standard of ethics for our government and Democrat Party members? Is corruption by a Vice President who then becomes President accepted without question and void of any laws that govern those offices? Is the selling of an elected office as Vice- President and President for monetary reward a part of the oath of those offices? Are the FBI, CIA, and the Department of Justice only in existence now to cover up the ruthless disregard for law exhibited by the Bidens and to persecute private citizens? Meanwhile, the FBI, CIA and the Department of Justice spend every available second trying to destroy President Trump and his family who apparently are evil corrupt crooks for the committing of dubious legal infractions while the Biden's are portrayed as approaching Sainthood. It is doubtless that we have a two-tier justice system, being one for the Democrats and one for everyone else that is now presumed guilty and must prove innocence.
It is inarguable that our world itself is now very unsafe under the Biden Administration. Why did President Biden pull United States forces out of Afghanistan and give the Taliban $50 billion dollars' worth of American Taxpayer funded weapons and supplies? Why were innocent service members and service animals left to be murdered, and/or starve to death? Why are we now supporting the Taliban, Hamas, and Iran with American funds, which are all sworn enemies of the United States? Why have we turned our back on Israel, being one of our strongest allies in the world and are choosing to support a hateful violent group that takes pride in the beheading of innocent, defenseless babies to murder them?
Economically speaking, the USA is in grave difficulty. Our economy remains in shambles with the convoluted, debt-creating, irrational, and incoherent "Bideonmics" economic program that places America last is so many categories such as energy with a failed and farcical green energy program and forbidding the use of plentiful fossil fuel energy supplies in our economy. "Bideonmics" ignores the problems of supply chain inventories and the restocking of essential goods needed for our economy. "Bideonmics" picks the winners and losers for our economy. "Bideonmics" chooses winners who have paid their tithes to the Democrat Party machine while disposing of those who disagree with them. "Bideonmics" has pushed our country to a $33 trillion-dollar national debt with no end in sight but bankruptcy and or even more runaway inflation. "Bideonmics" is a degraded and deplorable economic program without rhyme nor reason. Needless to say, you are not better off than you were in November 2020, contrary to what the obedient, state-run media is trying to portray to you.
Want to run for office? Please check with the Biden Administration and their operatives if you are even allowed to run. After all, apparently a small minority of American voters wish for him to go four more years as a feeble part-time President who knows little if anything going on in his own pathetic and corrupted Administration of fools and evil people that are in it. Even well intentioned candidates of the Democrat party wishing to primary Joe Biden are either discouraged or put into grave physical risk.
Regrettably, the poor and pathetic leadership examples of the Biden Democrat Empire have been emulated by states and cities near you. Names like Newsom, Hochul, Murphy, Healey, and Pritzker have brought state governments to new lows featuring rampant homelessness, crime, out-migration, business departures, decaying cities, and illegal uncontrolled immigration. Not to be undone in this genre is Connecticut’s King Ned Lamont, The Unaccountable, presiding in physical presence over a state called Connecticut, now world famous for legal marijuana, corrupted voting, abused finances, and a nationally laughable reputation. Obviously, Connecticut does not want to be left behind in its quest to be the lead acolyte in the Biden corrupt perverted empire.
Unfortunately, one could go on forever with the failures of Joe Biden as a President with his ridiculous policies, unprepared Vice President, and his cast of political wanna be’s, warmed over Communists, and has beens that claim intellectual and real-world superiority and dictate to the over 330 million people in our country what they can and cannot do. Their mannerisms and directives grate at decent Americans daily, along with their condescending commands and dictatorial posture.
In 2024 we have a chance to restore America to greatness, self-sufficiency and to be a world leader for freedom. Or we can keep the Biden-esque losers and Marxist oppressors and become a fully socialistic regime with a failed liberal agenda that hates all things normal in our society. The choice is yours. The choice can't be Joe Biden and his band of Democrat misfits and acolytes.

The Dawn of Connecticut's Coming Stone Age Is Arriving

Last week, we discussed the fantastic incoherent world that King Ned Lamont The Unaccountable and his Omnipotent one-party ruling Democrats have designed Connecticut to be. This week, I would like to examine the grievous realities that Connecticut Taxpayers will be subjected to with the impending Electric vehicle (EV) mandate. You may remember that I previously wrote about this mandate back on 11/25/23.

Kindly be advised that the economically incoherent Electric vehicle (EV) mandate is to be pushed through in a special sham legislative session being called by the same Ned Lamont. The Democrat Party intends to implement the "Advanced Clean Cars II, ACC" initiative (the “Act”) in this special sham session, requiring that all light duty vehicles sold in the state be Zero emission vehicles by 2035 and that medium and heavy-duty trucks reduce their extant "emissions" by 75% by 2035 as well. Truck fleets of 50 vehicles and over will be required to report to the draconian and imperious Department of Energy and Environmental Protection (“DEEP”) for "prioritization" of these fleets to electric vehicles. The Act also will create "superior warranty provisions and protections". It still has not been explained to me as to what this particular term means, in addition as to how the Act will work and as to whom will pay for it (https://portal.ct.gov/deep/air/mobile-sources/ct-proposed-emissions-standards-for-cars-and-trucks). Further, there is no public testimony nor pushback permitted in this special sham session, so in fact, these political wonders do not care one bit about what you may think.

The Act will result in a law that will compel citizens to follow California emissions rules and regulations which effectively eliminate gas powered vehicle as we know and use them, and replace it with the unaffordable and unreliable EV that will keep most people home during a cold and long snowy Connecticut winter. Please keep in mind that there still has been no cost analysis to this bill, but it is well-settled by many analyses that the environmental costs and environmental impact of generating mass vehicle E-power is far worse than the supposed benefit from abstention from fossil fuels. There are questions that have yet to have been answered by the untouchable administrative state bureaucracies. For example: Who will be paying for these vehicles, extended warranties, electric charging stations (that apparently will use no fossil fuels?), or EV batteries? Who is liable for damage when there is a fire in an electric vehicle and/or when an EV is in an accident? Will drivers be tracked by the DEEP or Revenue Services as to their travel? Will car electric charges be denied to those to be socially or politically unfavorable? In addition, what are the economic costs of the massive amount of gas/diesel stations/pumps closing, the economic costs of the massive layoff of gasoline/diesel mechanics due to a lack of work, the economic costs of parts supply houses/dealers going out of business since parts for gasoline/diesel vehicles will no longer be able to be sold? These are legitimate questions that need to be asked well before this Connecticut taxpayer funded special legislative session is called upon. As is par for the Connecticut course, all that is received is deafening silence.

Needless to say, there is the inevitable connection as to what (and how much) profit can be made by Ned Lamont's family hedge fund Oak HC/FT and the mandate for EV's in the state. The passage of this law will successfully open up yet another profit stream for Oak HC/FT along the lines of where investors immersed in the glamour of e-cars and the Lamont-connected Saudi-based Saudi Public Investment Fund, will profit once again as the Saudi involvement in E-cars has been covered in multiple recognized news outlets such as Reuters, The Wall Street Journal, Bloomberg, and The Jerusalem Post. How this blatant self-dealing by the Lamont family is legal and unquestioned by elected officials of all stripes is simply, beyond belief. Further, why this issue is never questioned by anyone in the state-run media adds to the total disrespect that Lamont and his Democrat Party have for Connecticut taxpayers. As my colleague Tony De Angelo famously says on his weekly segment on the Lee Elci Show (WJJF FM 94.9), Connecticut is the Lamont Hedge Fund disguised as a state. Of course, taxpayer be damned as usual.

In a respectful and fair world, Connecticut Taxpayers should be allowed to make their own decisions whether they wish to purchase an EV, and neither Ned Lamont, the Connecticut Democrat Party nor the failed economic state of California should be making that decision for them. The market laws of supply and demand should be at work for private transportation. Take just one look at the debacle of trying to run and charge EV's in cold weather as seen throughout our country. Better yet, picture a state like Connecticut that mandates EV's for all emergency vehicles, police cars, and food delivery trucks. Picture an ambulance on the way to an emergency call that runs out of battery power or catches fire. Picture an individual who dies because of this situation. Picture a baby that starves to death for want of baby formula. Picture a woman battered to death by her boyfriend because the police are busy charging their car battery and could not arrive on the scene in time. All of the above scenarios are brought to you in the failed vein of green energy, irrational and incoherent bureaucrats, consultants and elected officials, vapid climate change “activists” and the total disregard for common sense when it comes to this utterly ridiculous law and mandate.

This scenario in the opinion of many is the future with the horrific and incoherent "Advanced Clean Cars II, ACC" initiative. Profits over people. Profits over human life in The Unaccountable Ned Lamont's personal hedge fund disguised as the former great state of Connecticut.

 

This Is Connecticut? (Really)

 

On Monday January 8, 2024, Governor Ned Lamont switched into full campaign gear in order to offset the economic and social nightmare that Connecticut has become under his non-transparent and profitable tenure in office. In shifting into this gear, King Ned the Unaccountable wrote a fantasy tale of what Connecticut has become under his iron fisted omnipotent one-party Democrat rule. The article can be found here:(www.wsj.com/articles/connecticut-is-leaving-the-welcome-mat-out-housing-taxes-families-95ae3567?mod=letterstoeditor_article_pos8)

The letter is fascinating to me as the Governor, who last recorded an income from 2021 of $54 million dollars of unknown sources, writes that, "Republican orthodoxy says our migration is all about taxes. We recently enacted the largest tax cut in state history, eliminating the income tax for most working families and taxes on pensions for most seniors. Democratic orthodoxy argues that families are moving to Connecticut because we are a family friendly state, with paid-family leave, expanded daycare and one of the country's best education systems." It is confusing as to how Connecticut is a "family friendly state, with paid-family leave". The Governor does not explain to the reader that the "paid-family leave" is engendered by a tax upon income for non-municipal workers in the state. The tax is levied at .05% of personal income up to $160,200 a year for a maximum of $801 in taxes one must pay to support this program. If you never use this program, you will get zero back from it. Simple high school math (which is out of the range of most local politicians) indicates that the fund cannot sustain itself due to the payout benefits it offers. Therefore, it is inevitable to assume that this tax will increase in the near future. Budgeting, payouts, and revenue for this program seemed locked in constant secrecy but that is normal for Connecticut state programs. It is ironic to note that those who have massive levels of income at the income levels of the Governor only pay $801 a year while an individual who actually works and earns $160,200 or less, pays the same amount for this tax as a high-income earner would.

Connecticut also has had a net migration of people moving out of the state and is ranked by U-Haul as the #42nd state that people are moving to (www.uhaul.com/Articles/About/U-Haul-Announces-Top-Growth-States-Of-2023-30660/). I guess being ranked in the bottom ten states that people are moving to is viewed as a great accomplishment by the Lamont run Democrat Party of Connecticut and somehow inexplicably shows families are "moving into" the state by moving out.

Lamont states also; "For most of our citizens, our income tax is lower than the Sunbelt states. In Connecticut, we have reversed the budget deficits and trends of the past, in part due to the new families and higher-income taxpayers who now call Connecticut home." Lamont seems to be either confused or duplicitous as Connecticut is still burdened by $125 to $150 billion dollars in short- and long-term debt along with unfunded liabilities. There is no plan whatsoever to pay down this debt, nor does one know supposedly how much these "higher-income taxpayers" are paying in taxes to pay down this $125 to $150 billion dollar in short- and long-term debt along with unfunded liabilities. The taxfoundation.org ranks Connecticut 47th out of 50 states on their 2024 State Business Tax Climate Index. Connecticut is the 4th-worst state in the nation for taxes. Simply put, Connecticut continues to be a bottom feeder in most business and economic categories. I do not see new businesses and industry are flocking to the state unless they have some sort of economic tie to the Lamont's family hedge fund Oak HC/FT. Of course, Connecticut Taxpayers still have no clear answers to many questionable investments and arrangements tied to Lamont through Sema-4, Digital Currency Group, and its affiliates, ADVANCECT, 4-CT, Boston Consulting Group, UNITE US, Mt. Sinai Genomics, “The Horsebarn Hill Investment Fund”, Tidal River Fund, McKinsey, and the Lamont-based Cayman Islands shell companies. Needless to say, it is quite curious as to why Lamont did not mention these connections in his letter.

The fables in the letter continue with Lamont on the environment: "On the regulatory front, I won’t apologize for Connecticut enforcing environmental standards to better protect our air and water, but we’re also making the regulatory review and approval processes more efficient." Lamont fails to state that he is a driving force along with unelected and irrational highly-paid bureaucrats in following California environmental laws to eliminate all gasoline powered vehicles by 2035 forcing people into electric vehicles, nor did he mention how the Saudi Public Investment Fund (an investor of his family’s hedge fund Oak HC/FT) is a major producer and player in the e-car space. I wonder if people moving into the state know this. Further, Lamont travels around the state in a large fossil-fuel vehicle with several state paid attendants in tow. (I wonder as to how many new residents know this fact, as well).

Personal hypocrisies notwithstanding, Lamont and his Democrat Party also wish to eliminate most fossil fuels relying upon nothing in particular in order to generate electricity and heating/cooling sources in the future. If the state regime wishes to protect our air and water, why is there a massive push to complete the hopelessly corrupted marine life-killing New London State Pier project of "clean" wind turbines at a cost of nearly $400 million Taxpayer funded dollars featuring cost overruns of roughly 330% from initial cost estimates? What politically connected individuals made a profit off this economic debacle? (insideinvestigator.org/in-the-wind-the-escalating-cost-of-connecticuts-state-pier/)

In addition, why has the state commandeered local zoning and the building of apartments and housing, thereby eliminating a system that has worked well for years? As is standard for The Unaccountable, his Wall Street Journal letter is economically incoherent and illogical especially while his political operatives push to gain the upper hand in this battle by taking away local zoning laws and regulations from towns and cities and placing them directly in the hands of these same sycophants and operatives. He stated; "As for housing costs, our state gets an incomplete. We have a shortage of housing supply, and more people are trying to move into our state, driving up prices. We are working aggressively to speed up the zoning process and double the state’s investment in housing. We are building multifamily homes in our cities. Parking lots and old commercial buildings will be transformed into livable communities that are a short walk to a train station, park or great restaurants." Sadly, Connecticut residents endure this nonsensical “housing shortage” blather continually, in a state where being a landlord has been made into hell by a shortsighted and incompetent legislature, and a state with decaying cities ranked #42 by the U-Haul hard dollar indicator of net outmigration from the states and fourth worst in national tax policies.

If you are thinking of moving to Connecticut please think twice. The Utopia described by Lamont is much different than the harsh social and economic reality of a state that is in a constant state of economic and social decline and danger. Crime runs rampant in the state, yet we hear little about that since it does not affect the Governor and his ruling elite. We are somehow led to believe that it is "Crime Free Democrat Connecticut" even though the opposite is true especially with car thefts. Since the beginning of the Lamont Administration to today the Lamont ruled Democrat Party places their profits over people especially over Connecticut Taxpayers. I simply puzzle as to how the fine publication known as The Wall Street Journal simply repeated the pap and blatant falsehoods espoused by His Royal Con-Man King Ned Lamont the Unaccountable without any due diligence as to the veracity of his statements.

If you are considering a move, it would behoove you to move to one of those terrible Republican states that actually have a strong business climate, lower taxes, less crime, and a better way of life for you and your family. Sad to say, this is not Connecticut by any means.

Why does Connecticut need the Connecticut Department of Economic and Community Development? (aka, the “DECD”)

 

One of the best kept secrets of failure in the land of His Royal Con Man King Ned Lamont The Unaccountable is the DECD. According to the current state budget, here is a parsing of the Mission Statement as to what the DECD supposedly does: 

"Agency Purpose" "To develop and implement strategies to increase the state’s economic competitiveness. 

To foster a productive business environment that enables businesses to grow in the state and compete in the global economy. 

To advance job creation and retention. 

To set and execute strategies that will create a talent ecosystem that attracts and motivates students, career builders, and companies alike. 

To support the quality of life and economic sustainability of our local communities. 

To promote, encourage, and implement responsible growth principles and practices through brownfield redevelopment and other local initiatives. 

To brand and market Connecticut to bolster its reputation as an innovative business location and tourism destination. 

To preserve and promote Connecticut’s cultural and tourism assets in order to enhance the quality of life and economic vitality of the state. 

To coordinate the activities of all state agencies in advancing economic development opportunities."(https://portal.ct.gov/- /media/OPM/Budget/2024_2025_Biennial_Budget/Budg et_WebPage/GovBudget_2024-25_Final-WebVersion.pdf p.B-40,41) 

To show how perspicacious the DECD is in innovative future business trends, the new FY 24-25 budget provides a mere $10.5 million dollars of Connecticut Taxpayers monies to "Provide Funding for Regulation of Recreational Use of Cannabis by Adults”. Since the regulatory costs of cannabis legalization were previously omitted by this top-flight organization, this proposal explicitly provides funding to ensure implementation of this meaningful “policy initiative.” 

In addition, this expenditure of taxpayer funds is allocated to “provide positions and funding to support the “Social Equity Council” (SEC) as well as to make the Cannabis Social Equity and Innovation Fund an appropriated fund. The amount available to the SEC is based upon projected revenue." (https://portal.ct.gov/- /media/OPM/Budget/2024_2025_Biennial_Budget/Budget_WebPage/GovBudget_2024-25_Final-WebVersion.pdf p.B-40,41) That is a lot of money spent on supposed "social equity" from legal drugs. 

Leaving aside any semblance of economic realities or morality as Connecticut is often wont to do, one queries as to why the state is involved in the Cannabis business in the first instance. The long-established illegal market, unburdened by taxation and regulation, as much nimble as the state is inept, and further enabled by diluted law enforcement continues to flourish as the state Cannabis industry flounders and bears the increasing burdens of new union contracts and added costs. Any reasonably sane person wonders why this fool’s errand, continues. 

Moreover, the DECD spends a mere $825,000,000 to $900,000,000 million dollars of your taxpayer dollars (depending on how one interprets the astounding accounting methods of the state), while employing 94 people. Further as my friend and colleague Tony De Angelo has reported for many years now on 94.9’s Lee Elci Show, taxpayers have no idea how much money has been lost by the DECD in bad loan write offs and "free" money grants monies since the inception of this agency. Just the known trashing of taxpayer funds (such as by Sema4, Digital Currency Group, and UniteUs) are staggering. Never forget that Connecticut is a state that is a continual bottom feeder in all economic and business categories with $100-$150 billion dollars in short- and long-term debt along with unfunded liabilities. On many segments, Tony has pointed out the Lamont family hedge fund ties, waste, auditable offenses not resolved, “backdoor” rackets with state vendors and questionable grants this agency has contributed to over the past several years. I have discussed the horrific grants given to "Infosys" over the past two weeks. And for four years starting with the 2020 Covid-19 debacle, we still do not have any answers to Ned Lamont's family hedge fund (Oak HC/FT Partners) from associated companies relating to the Covid-19 crisis that include "Thermo Fisher Scientific", "Sema 4", " Core Infomatics", “Centrellis”. "Ocrulus", "Urjanet", "1life Healthcare", "Galileo Health", "Castlight Health", "Paladina Health", and "VillageMD" to name several that appear to have received cash or other like favors via the DECD and its cohorts. 

Why does Connecticut need the Connecticut Department of Economic and Community Development? I and many others wonder why also, but one apparent purpose for it is to be a slush fund for the myriad family deals of The Unaccountable. If Connecticut could lower the horrendous regulatory burdens and excessive taxation on businesses and perhaps provide something close to a semblance of public safety, maybe, (just maybe), businesses would want to move into the state rather than move out. But then what would happen to the cash gravy train that flows between the DECD and the Lamont family? The state could actually spend $1 billion dollars less each fiscal year and see greater economic growth without the DECD just by that money saved alone. 

The elimination of the DECD would be a dream come true for many thus it will never happen. Connecticut Taxpayers must continue to toil as indentured servants to support monolithic and economically incoherent agencies such as the DECD so that other politically aligned giants can profit. It is just more of the same failures economically that define the vast economic wasteland know as One-Party Democrat Rule Connecticut. 

In closing, I propose that the new motto for Connecticut should now be the "unconstitutional" state (or the “waste management state”) as a much more accurate reflection as to how business is done in 2023.

The Continuing Scam of Ned-O-Nomics: The Infosys Economic Giveaway (Part 2)

In my second part of my analysis of the debacle of the  Connecticut Department of Economic and Community Development (aka “DECD”) providing an $18 million dollar contract of taxpayer money to purportedly bring 1,200 jobs to Connecticut over an either six- or eight-year period (depending on clarifications to this secret agreement), along with a $20 million dollar contract for supposed maintenance and support services to the Office of Early Childhood and Connecticut’s Health Insurance Exchange known as “Access Health CT”,  we will look at several more highly questionable situations with respect to Infosys Systems (aka “Infosys”) and their dealings with other cities and states and employees in our country.As my friend and colleague Tony De Angelo is fond of saying on 94.9 “Lee Elci Show,” if you like peanut butter, you are going to love Skippy once you review these debacles.

Recently Indianapolis, Indiana is wondering where $56 million in grant monies have gone for supposedly "3,000 new jobs".  The following news report speaks volumes: "In 2018, India-based Infosys, a technology information service provider, announced to great fanfare that it was going to build a $245 million campus near the site of the former Indianapolis International Airport terminal on South High School Road just off Sam Jones Expressway and I-465.  A potential $100 million in state and local incentives, grants and tax breaks helped seal the deal."  "Three thousand people by the end of 2023, according to a $56 million grant contract signed with the Indiana Economic Development Corporation." "City County Councilor Jared Evans is still waiting for that new day to dawn on Indianapolis’ westside.” I’d like to know where the three thousand jobs are at,” he said. “I don’t think all of them are at One America Tower, and they’re certainly not out there, so, where are they?” "Infosys has a headquarters in downtown Indianapolis and has completed construction on a training center as the centerpiece of its proposed campus that on most days appears nearly empty judging by the number of vehicles in the parking lot." "Evans and westside business leaders tell Fox 59 News that Infosys has rejected attempts to participate in community events and organizations despite promises to be a good neighbor."  (https://fox59.com/indiana-news/city-and-state-await-payback-from-infosys-expansion). Again, please remember that Connecticut is giving $18 million dollars to Infosys for supposedly 1200 "new jobs".

Or how about this issue with California? "Infosys will pay California $800,000 to resolve allegations that between 2006 and 2017, approximately 500 Infosys employees were working in the State on Infosys-sponsored B-1 visas rather than H-1B visas, California Attorney General Xavier Becerra said. This misclassification resulted in Infosys avoiding California payroll taxes such as the unemployment insurance, disability insurance, and employment training taxes." (https://www.business-standard.com/article/companies/infosys-fined-800-000-for-worker-misclassification-tax-fraud-in-us-119121800136_1.html)

In trying to find any information as to the actual amount of jobs Infosys has created in our country, regrettably, one is unable to get any information with regards to this critical information.  Instead, we see the company has been fined millions for violating Visa laws.  Infosys paid a record $34 million dollar penalty for immigration fraud in 2013, per the following news report: "Infosys, a Bangalore-based outsourcing company, agreed to pay a civic settlement of $34 million for “systematic visa fraud and abuse” as announced by Texas prosecutors after two years of investigation. This serious offense constitutes the largest fine in history for an immigration law violation. Misuse of B-1 visas was not the only serious and blatant violation of immigration law, Infosys also had other less obvious, but equally significant infractions in regard to I-9 compliance. It turns out that Infosys failed to maintain I-9 records for many of its foreign nationals in the United States in 2010 and 2011 as required by law; 80% of all I-9s from Infosys contained substantive violations." (https://visawolf.com/infosys-pays-34-million-for-abuses-of-immigration-law)

Infosys was also the subject of a massive discrimination lawsuit.  "The plaintiffs, four IT workers from around the U.S., brought their discrimination lawsuit against the India-based IT services giant in 2013. This week, they filed a motion seeking class-action certification from 2009 and say the potential pool of plaintiffs may be as large as 125,000." "The lawsuit alleges that the India-based firm was engaged in "ongoing national origin and race discrimination," and claimed, at the time the lawsuit was filed, that the Infosys U.S. workforce was roughly 90% South Asian. One plaintiff was hired by Infosys to work on a $49.5 million Affordable Care Act, government-funded development project for the District of Columbia. There were about one hundred Infosys employees working on the healthcare project, but only three were American, the lawsuit claimed. The plaintiff alleged harassment, and was denied promotion, the complaint said. Neumark brought a statistical analysis to the discrimination claim. Specifically, the economist wrote, "from 2009 through 2015, 89.39% of Infosys' United States workforce was South Asian while only 11.45% of the United States' Computer Systems Design and Related Services industry was South Asian."(https://www.computerworld.com/article/3137500/infosys-u-s-workforce-is-mostly-south-asian-and-no-accident-plaintiffs-allege.html)

The Biblical premise of finding out if information is true is the law of this information being repeated “in the mouth of two or three witnesses.”  To this end, we have viewed several examples of this worldwide company and how it apparently operates in the United States.  From an economics perspective I do not see how Connecticut Taxpayers benefit from two separate taxpayer funded contracts to Infosys that will transfer $38 million dollars to them.  For what?  Mythical job creation?  Mythical upgrades to a computer system and program? Another profit source for the Lamont's family hedge fund Oak HC/FT based upon the documented common investments between Oak HC/FT and Infosys? More state crony-based DECD “economic development training?”  To help eliminate more jobs for United States born and raised Information Technology workers? Another "throw your money in the street DECD/Ned Deal" just to show how fast taxpayer money can disappear and how inept people can be? All of this puts one at a complete loss.

Please consider the following: It has been four years starting with the 2020 Covid-19 debacle and we still do not have any answers to Ned Lamont's family hedge fund (Oak HC/FT Partners) investments to Rapyd, a global Fintech-as-a-service provider and Unqork, both having documented common-investment ties to Infosys.  Nor are any answers forthcoming from associated companies relating to the Covid-19 crisis that include "Thermo Fisher Scientific", "Sema 4", " Core Infomatics", “Centrellis”. "Ocrulus", "Urjanet", "1life Healthcare", "Galileo Health", "Castlight Health", "Paladina Health", and "VillageMD" to name several.   

Thus, the rip off of Connecticut Taxpayers and many other Taxpayers throughout our country continues with the economic grants given freely to Infosys.  Many more examples exist as to why Infosys (and the DECD) should not be funded any more, at all. Yet, poor vassal taxpayers’ monies are freely given in the rhetoric and drivel that is defined as "economic development" which is a game that government likes to play with taxpayer substance, especially in the non-transparent state of Connecticut. 

Since there has been scant government outcry to this egregious situation, one only prays that there will be a chorus of taxpayers who will first call for the breaking of ties with Infosys, followed by the defunding of the DECD.  Jobs are not being created especially for Connecticut Information Technology workers.  This is a sham and a shame and should be called out as such.  But with Annie Lamont of Oak HC/FT spouse of the stalwart Connecticut Governor His Royal Con-Man, King Ned Lamont the Unaccountable, aided by the corrupted Democrat Party in an iron grip control of the state and bankrolled by an economically irrational DECD calling the shots, it is business as usual in the state.  Connecticut Information Technology workers be damned.  Connecticut Taxpayers be damned. And any reasonable economic fairness and decency in Connecticut can go to hell as well. Nothing changes in a state that is a bottom feeder in all economic categories with $100-$150 billion dollars in short- and long-term debt along with unfunded liabilities. 

Connecticut will soon be accelerating its trip into the economic and social gutter with the help of this horrendous and illogical Infosys economic grant. Its up to you, my reader, to cry out and finally put a stop to this mess.

The Continuing Scam of Ned-O-Nomics: The Infosys Economic Giveaway (Part 1)

Just about all poor vassal taxpayers in the State of Connecticut are aware of the saga of Sema4, a flagship equity investment promoted by Oak HC/FT, Oak HC/FT being the hedge-fund partnership partially owned by Annie Lamont, spouse of the stalwart Connecticut Governor His Royal Con-Man, King Ned Lamont The Unaccountable. We followed Sema4 through its journey from "no-bid" Covid testing and documented its personal data theft of children to the “pump” of its IPO in 2021, down through the aftermath of its subsequent “dump” leading to the withdrawal of its in-state presence in 2022. During this time, the Lamont-related ownership interests greatly benefited by leveraging millions of incredibly cheap “economic assistance” dollars to a backdrop of almost total political silence and a concerted corporate media effort to look the other way.

If we lived in any sort of a rational world instead of Connecticut, the picture we would be seeing today would be far different than the one now existing. That said, my review of a “responsive information” disclosure this past week concerning the same players but a different equity made it quite clear that other shifty “Ned Deals” were occurring during the identical time frame of Sema4, and unfortunately, no one was the wiser.

To this end, Infosys Limited (aka "Infosys”) is a worldwide company that over the past five years has been able to and will acquire, a mere $38 million dollars of Connecticut Taxpayers monies. How, you ask? From the generosity of the (should-be abolished) Connecticut Department of Economic and Community Development (“DECD”) via an $18 million dollar contract to bring 1,200 jobs to Connecticut over an either six- or eight-year period (depending on clarifications to this secret agreement). $2 million dollars of this grant was purportedly used for "job training", however that is defined and what actual job training was provided is a mystery also according to the disclosure. These 1,200 jobs cost Connecticut Taxpayers $15,000 for each job.

Whom Infosys can hire to meet this nebulous quota is also confusing to many. Apparently "green card" permanent residents can be hired and will qualify for meeting this jobs quota. Jobs can be done remotely from home and apparently from out-of-state employees so long as they in theory somehow pay a Connecticut State Income Tax on their wages. Salaries that need to be paid qualifying to meet this quota are equally hazy. Further, there is no study in the disclosure to exactly ascertain how much tax revenue Connecticut will get back from this $18 million investment. Regrettably, a review of these documents tells us it will take many years for the state to get back this massive amount of money given freely to this out-of-state worldwide company, if anything ever gets returned at all.

That said, if we feel the above is bad, things become much worse: In 2022, Infosys also received a "sweetheart" $20 million dollar Connecticut Taxpayer- funded contract for maintenance and support services to the Office of Early Childhood and Connecticut’s Health Insurance Exchange known as “Access Health CT”. This ostensibly undeserved gift, along with the proviso of additional services for the Department of Social Services were a part of this contract. It seems like this was a pre-planned contract even though it went through a state bidding process and amazingly enough was awarded to this foreign company that uses "green card" permanent residents and out-of-state employees in what has been publicly represented to corporate media as a “local” economic development program.

Trying to understand the complexities of this worldwide company is made to be intentionally difficult. And why this company was given this money is questionable. For example, the global revenue of Infosys amounted to about $18.2 billion U.S. dollars for Fiscal Year 2023. (https://www.statista.com/statistics/900303/india-infosys-revenue). It looks on paper as a highly profitable company worldwide. The operative question then becomes as to why a company that has this type of revenue need this $18 million dollar pittance of Connecticut taxpayers' monies? We still do not see nor understand how this grant benefits the state at large. But regrettably, (or thankfully) those of us that have dutifully followed the saga of The Unaccountable and his spouse in this state discovered the inevitable tie-in food chain between Oak HC/FT and Infosys.

As just several examples:
• In 2019 Rapyd, a global Fintech-as-a-service provider, received $100 million dollars in financing that was led by Oak HC/FT. Rapyd and Infosys partnered together to create and enable a functioning local payment system and methods for their global clients.

• In 2020 Infosys partnered with a company called Unqork. Unqork creates "Codeless Architecture". Unqork received funding from Oak HC/FT.

These are just a several examples of the Lamont-Oak HC/FT modus operandi of using Connecticut taxpayer monies to prop up questionable investments made by Oak HC/FT thus facilitated via the uncontrolled and secretive DECD cash spigot leading to either taxpayer-supported profit or risk-free loss. Followers of my blog and of Tony De Angelo on 94.9's "Lee Elci Show" are well-familiar with this Lamont shell game. However, while the above is both shocking and disgusting (if not, larcenous) no one seems to care about these new founded investments nor do we still have any answers to Ned Lamont's family hedge fund (Oak HC/FT Partners) investments to associated companies relating to the Covid-19 crisis that include "Thermo Fisher Scientific", "Sema 4", " Core Infomatics", "Ocrulus", "Urjanet", "1life Healthcare", "Galileo Health", "Castlight Health", "Paladina Health", and "VillageMD" to name a few. It is yet more of the same with Infosys and the Lamonts, as he continues to be the darling poster boy of the state to the point where more than one state politician (including some Republicans) cannot wait to grab a “selfie” with him.

Complex larceny is one thing, but lousy employee management is another. Infosys has a checked history when it comes to employee retention especially for United States workers. Looking at reviews that employees have entered at the website glassdoor.com one can see major issues. You can review some of this data brought to us by the diligent efforts of “CT Techworkers” This group has compiled a pdf of some of these reviews that are horrific. I suggest you read this document: (https://cttechworkers.org/wp-content/uploads/2021/12/glassdoorreviewshartfordinfosys.pdf) An example from this pdf on page 4; "I left the company back in August 2020 and to this day (2/1/2021), I am still dealing with HR issues and HR no longer responds to my emails. The company had me listed as a resident of two different states, therefore I was paying income tax for both states-it was never corrected despite many different tickets submitted." My thoughts regarding this would Infosys Limited being counting this employee with two different state grants it received, being Connecticut and another state? Regardless, this would be a bookkeeping system in which millions of state tax dollars are channeled through.

What's another $38 million dollars of Connecticut Taxpayers monies? A “mere bag of shells” according to bus driver Ralph Kramden of “Honeymooners” fame, especially if the “key people” of the state are being buoyed by the funding. Again, this past budget featured over $823 million dollars spent for "economic development" in the 49th worst economic state in the union, and it looks that Connecticut has nothing to show for almost $1 billion dollars being spent by the DECD. However, this example presented with Infosys in conjunction with profits being made by Ned Lamont's family hedge fund Oak HC/FT represents again, a complete and total disregard for both Connecticut Taxpayers and for legal Connecticut citizens who work in the IT field and pay taxes to the state.

My second part to this issue will be forthcoming next week. Suffice it to say these situations are a farce and a rip-off against state taxpayers while an entire political and media system remains silent. But as you struggle to piece together a holiday meal for your family do keep in mind that others closer to the inner-machinery of the farce that is called Connecticut government, do not struggle nearly as much as we may.

The Destruction of Connecticut, as Brought to You via the Department of Economic and Community Development

 

A question for the upcoming 2024 Connecticut state election that must be asked to elected officials and candidates is how much taxpayer money has been lost or written off by the economic sieve known as the Connecticut Department of Economic and Community Development? (“DECD”) And the next question must be when will the DECD offenses of malfeasant behavior that have been noted since 2017 be addressed and corrected with proper reimbursements paid back to the state?   This past budget featured over $823 million dollars spent for "economic development" in the 49^th worst economic state in the union, and it looks that Connecticut has nothing to show for almost $1 billion dollars being spent by the carefree, unaccountable, and politically connected Cracker Jack box known as the DECD.  

In the past, I have written with regard to the failed state audits of this agency as performed by the Connecticut Auditors of Public Accounts. My colleague Tony De Angelo continually points out that these audits are fine work with no teeth as nothing here is ever legislatively acted upon. In this connection the DECD, being an agency that spent almost $2 billion dollars during 2011-2017, did not even have its first audit until 2017.  Why did it take that long?  Connecticut Taxpayers are still waiting for a response for that issue while during that same period job growth was the slowest in the nation and Connecticut was last or nearly last in most business and economic categories in the country.  Job growth was last or near last in the nation and Connecticut was last or nearly last in most business and economic categories in the country for the subsequent years 2018 to 2022 also.  This all was taking place while nearly $1 billion dollars is poured into the DECD yearly with these results.  There is no clear ascertainment to this day with the overstatement of the number of jobs created and/or retained along with the financial and economic impact of these same programs, further, there is scant due diligence of business borrowers, and in some cases there is no explanation for second loans granted even though the companies did not meet job creation requirements and/or were not making payments on their initial loans.  What are the real goals of the DECD?  To pay off Democrat Party politically connected businesses? To buy votes at taxpayer expense? To glad-hand and photo-op in the inner cities where money is only a temporary balm and false hope for these poor people that never fix the burn as politicians and panderers continue to lie right between their eyes? Truly, no one seems to know. (And worse, no one seems to care).

As wretched as the above record is, please bear in mind that the last state audit of the DECD covered the period prior to the reign of His Royal Con-Man, King Ned Lamont, the Unaccountable. To that point, we still have no answers to Ned Lamont's family hedge fund (Oak HC/FT Partners) nor to their associated companies relating to the Covid-19 crisis include "Thermo Fisher Scientific", "Sema 4", " Core Infomatics", "Ocrulus", "Urjanet", "1life Healthcare", "Galileo Health", "Castlight Health", "Paladina Health", and "VillageMD" to name some, and we have no disclosure of how many Lamont cronies are sampling treats from the DECD candy box via means of loans and grants. But for Tony’s dogging the DECD, we would have never heard the real facts of the $15,000,000, 2% (two percent) “disappearing sweetheart” loan to Lamont-family connected Sema-4 with no collateral or guarantee of repayment, and these documented facts are contrary from what Sema4 has ever shared with corporate media. Further, we have never heard accountability for the $5 million dollars given to Lamont family-connected Digital Currency Group to (in theory) "move" 300 jobs to Stamford, CT?  Also, we never (ever) hear about the profit train that is forthcoming with the banning of gasoline cars for Lamont and family with their EV investments tied directly to the Saudi Public Investment Fund as major financial news sources such as the Wall Street Journal have repeatedly reported. Think about how much cash will be going to Oak HC/FT Partners from this “green energy” effort while Lamont continues to travel the state in his huge Beast vehicle with his state-paid attendants and flying with state paid fossil jet fuel while he demands we drive cars fueled by propellers. Sadly in the perspective of the Connecticut taxpaying vassals, the only "green energy" taking place is cash rapidly flowing into Lamont-related coffers.

Further, one puzzles as to what actually takes place at the DECD and as to why seemingly there is no political will anywhere to clean house. The DECD has had three Commissioners over a two-year time limit thus indicated managerial and leadership crises. Politicians and candidates of whatever party always seem to line up and support the people in charge. One can only conclude that the political will to throw money as a feelgood by a Connecticut official is far greater than the political will to exercise proper fiduciary responsibility by that same individual. But this type of glad-handing practice is standard operating procedure in Connecticut.

In closing, let us conclude by having a real moment. Connecticut still has $150 billion dollars in short- and long-term debt and unfunded liabilities.  It is a bottom feeder state with high taxes, poor infrastructure, economically incoherent state union labor agreements, legislative Communist aspirations, high crime, theft and murders, rampant illegal drug trafficking and drug abuse, and a lack of any ethics or accountability from its Governor's office.  It is high time for a complete and full audit of the DECD from its inception and a full accounting of all of its bad deals and the true costs to Connecticut taxpayers, followed by fines, liens and prosecutions for perjury and larceny where warranted.  How much of Connecticut Taxpayers monies have been wasted since 2011?  What is the DECD really?  Connecticut’s government does not want you to know.  I guess 2024 will be another $1 billion dollars or more in Connecticut Taxpayers monies being spent for "economic development" while the state roils further in economic chaos.  And concurrently Ned Lamont's family hedge fund soars to new profitability.  

Things seem to never change for the destruction of Connecticut via the DECD and by those benefiting from the destruction.  

Connecticut's Perpetual Pension Crisis

Connecticut has a Perpetual Pension Crisis.  It is a crisis of its own making and State government is responsible.  There are several reasons why Connecticut is in such a mess with its pensions.  These reasons include horrific and sometimes nonexistent returns on its pension investments, as Connecticut recently ranked next to last out of all fifty states in the country.  However, keep in mind that this crisis has been years in the making as appointed and skill-less Connecticut State Treasurers have picked pension managers with more regard to political patronage rather than their ability to invest money with greater returns, and the taint has spread to about all political actors responsible across the aisle.  As just one example, we can look back at the scandal involving former Connecticut State Treasurer Paul Silvester as an example and his subsequent prison sentence for kickbacks.  Connecticut also pays out some of the highest pensions in the country in all categories including teacher pensions, municipal pensions, and state employee pensions.  Some who are retired from the state even get their Medicare premiums reimbursed by the state.  Further, state representatives and state senators have become masterful over time in laying low to play out the clock to the pension vesting line. Viewing this myriad of ills, legendary fraudster Charles Ponzi could not design a financial mousetrap as precarious and unsure as the state pension plan of Connecticut.

The fundamental problem with these generous pensions is that they are constantly underfunded.  However, the amount of unfunded pension liabilities seems to vary.  I have written at length in the past that Connecticut has $100 to $150 billion dollars’ worth of short- and long-term debt along with unfunded liabilities.  Other estimates range that the amount of unfunded pension liabilities is from $30 to $50 billion dollars with an accepted amount being roughly $40 billion dollars.  Connecticut has seen this figure rise dramatically over the years while economically illiterate Connecticut Democrats feel that $7.7 billion dollars paid into the fund to pay down the enormous debt has gone a long way to fixing all ills.  Figures that have been thrown at the poor sucker Connecticut Taxpayers responsible for all of the debt in the state now show budget surpluses being shrunken in part to the ending of Covid-19 funds and the severe economic recession we endure caused by massive runaway inflation occurring due to the economically incoherent and ridiculous economic policies of the Democrat Biden Administration.

I submit unto you that Connecticut has a spending problem as it cannot tax enough aspects of our personal and business lives to cover that same spending.  Budgets always come and go with a maximum increase in state spending as the almost comical "fiscal guardrails" consisting of spending caps implemented over the years kick in.  However, to work around this fictional safety net, money spent on many occasions just falls off budget and is forgotten until the time comes for Connecticut Taxpayers to pay for it through yet even higher taxes and for added items, services, and crony support. Therefore, spending cap in my observation is normally ignored.  Much more egregiously, Connecticut has a habit of spending to excess with pensions. Connecticut Taxpayers are forced to live within their means and a strict budget especially during these Democrat Party induced runaway inflation times.  However, State government fights fiscal restraint at every turn since political patronage spending is built into the state budget, followed by the continual progression of handing state jobs and nonjobs to the politically favored, thereby growing the pension deficit to new stratospheres.

Unfortunately, little can be done to undo the commitment of past pension obligations, but there are several things Connecticut can do to make the future brighter. The biggest solution that can be afforded Connecticut's constant pension crisis is to properly fund it and hire a non-politically affiliated investment company that has proven results in their investment returns. Also, our fintech “businessman” Governor (his Royal Con-Man King Ned Lamont the Unaccountable) could call for a full real time and coherent disclosure of all pension business, so that crony dealings (such as his wife’s assets being placed into the pension via manager Hamilton Lane) can come to immediate light. Also, will we ever live to the day when we will see any one legislator have the courage to advocate for “defined contribution” Section 401(k) or 403(b) pension plans for new hires instead of the current bankrupting system?  Further, as much as there been some recent increases by new hire state employees to increase their required payments into the fund, it as a drop in a bucket. Connecticut's pension still is unfunded by roughly 50%.  Cut spending and invest pension funds wisely.  But with all of the fingers in the pie, we know this type of courage and reform will never happen in Connecticut. 

When Connecticut Taxpayers run out of money and the state's debt escalates to the point of no return, maybe we will then hear reform is needed.  Do not count on it.  Also do not count on any politically connected individuals proposing solutions to the pension Armageddon being laid across the backs of Connecticut vassal-like taxpayers. Debt is the solution of constant omnipotent Democrat party control and power in Connecticut forever.

 

Connecticut's Profit Driven Democrat Party: Democrats Profit at People’s Expense

 

It has become increasingly evident over time that most of Connecticut's Taxpayer funded programs and policies are somehow related to Democrat politicians and their ability to earn a personal profit or benefit from it.  Since the advent of the completely non-transparent Administration of His Royal Con Man King Governor Ned Lamont the Unaccountable, we know little to nothing about the many deals that are made almost daily to help the profits of the Lamont's family hedge fund and the deals of other assorted Democrats. Again and again, be it Lamont, or his wife Annie Lamont (aka “Saudi Annie”) and their myriad family private equity partnerships such as Oak HC/FT, Connecticut Taxpayers still have no clear answers to many questionable investments and arrangements tied to Sema-4, Digital Currency Group and its affiliates, ADVANCECT, 4-CT, Boston Consulting Group, UNITE US, Mt. Sinai Genomics, “The Horsebarn Hill Investment Fund”, Tidal River Fund, McKinsey, and the Lamont-based Cayman Islands shell companies a number of years later. The list seems endless, and we see absolutely no research, acuity, or initiative from our state-run media in investigating any of it. 

In any event the “Ned Gang” experienced a small loss this past week on the adopted California edict to outlaw gasoline powered vehicle sales in 2035 but we have no delusions in that the same gang will be back with retaliation in the form of a bill that buries this "Advanced Clean Cars II, ACC" initiative in it, possibly with a cuter name designed by either McKinsey or Boston Consulting.  When this initiative is then buried in a “rat” bill at 3 am at the close of the legislative session for passage, this successfully opens up yet another profit stream for Oak HC/FT along the lines of where investors vested in e-cars (such as the Lamont-connected Saudi-based Saudi Public Investment Fund), will profit once again off of the backs of non-politically connected minion and serf-like taxpayers.

Again, please do not delude yourself and do understand that the Electric Vehicle mandate is still very much in play.   But truthfully after the revolt against this farcical debacle was engineered at the hands of citizens, intrepid independent journalists, radio commentators, social media contributors, and not politicians (regardless of what they tell you), has the day finally dawned that Connecticut Taxpayers, state businesses and individuals who are tired of supporting the profit driven Democrat Party (whether it is corrupt Bridgeport,  drug-addled-bullet-ridden New Haven or state government in Hartford) are finally fed up with writing checks for these economically incoherent programs that are being mandated by non-elected Democrat career bureaucrats?

In addition, it is quite interesting to me that the bureaucracies propounding these programs almost always escape any criticism or challenge from any elected officials whatsoever, perhaps because these officials are pining for similar cushy state employment that some of their predecessors have already attained?  Could it be possible that Connecticut Taxpayers, the businesses, and individuals who are supporting the profit driven Democrat Party are now wondering once again how their humanitarian Governor earns $54 million dollars a year even though he does not take his salary?  Could it now be possible that Connecticut Taxpayers, the businesses, and individuals who are supporting the profit driven Democrat Party do not wish fund this incoherent economic gibberish called “government” that is rammed down their throats and pocketbooks any longer?  

Maybe and finally the outcry against this wretched E-Car Act requiring that all light duty vehicles sold in the state be Zero emissions vehicles by 2035 and that medium and heavy-duty trucks reduce their "emissions" by 40 to 75% by 2035 and requiring Truck fleets of 50 vehicles and over to report to the DEEP for "prioritization" of these fleets to electric vehicles, has broken the Democrats back with regards to their incessant march to economic Armageddon for the state. Still, many Democrats in the state are shocked at the outcry to the rejection of this piece of legislation even though behind the scenes tradeoffs/lobbying and bribing were being offered for a yes vote.  Could this now possibly mean that Connecticut Taxpayers have had enough?

However, keep in mind that these logically incoherent bureaucrats try to guilt, propagandize and shame state taxpayers to embrace their twisted vision, they will never tell you this entire “effort” has a hideously dirty little secret. As just one example, we are browbeaten by the delusional Connecticut Department of Energy and Environmental Protection (headed by the $175,000 taxpayer-paid Commissioner Katie Dykes) and her wish to protect us from all causes of pollution wheresoever. However, this "vision" gives absolutely no consideration to the abuses of people and children of Color caused by the serial mining of the minerals in order to produce E-Car batteries: https://www.npr.org/sections/goatsandsoda/2023/02/01/1152893248/red-cobalt-congo-drc-mining-siddharth-kara (inter-alia). This issue is well-known and well-settled. That said, I am of the belief that the very woke-liberal- environmentally sensitive and happily bureaucratic walking among us in Connecticut could care less about the generational damage done to these helpless people and to the earth as a whole by mineral mining, provided that they have their neat little Subaru or Volt car to plug into a charging station and chat about how hip they are to the cause of clean air.

Since the beginning of the Lamont Administration to this day the Democrat Party places their profits over people especially over Connecticut Taxpayers.  A new war over town zoning has begun that will drive Democrat profit streams in the future, create unaffordable and nonsensical housing, raise property taxes even higher, eliminate wetlands and wreak environmental destruction (sort of like the EV mandate coming in 2035), and help destroy Persons of Color far away while Middle Easterners tied to the E-Car industry keep trying to force feed the misguided products onto the driveways of citizens.  Connecticut has the modern day "Robin Hoods" although with a twist as the current Democrat Administration of His Royal Con Man, King Ned Lamont the Unaccountable, his wife Ann Lamont (aka “Saudi Annie”) and their family private equity partnerships such as Oak HC/FT seem to rob the middle class Connecticut taxpayers to help make them become poor and then giving to the rich, to make them even more wealthy in the vast economic wasteland known as Connecticut. 

In consideration of all the above, perhaps “Robbing Hoods” is a more apt term for these connected characters. And again, it is truly Democrat Profits over people in 2023.