Joel imageBy Joel Schiavone

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Getting close to the election. Are we going to elect a Governor who can wade into this pension mess and straighten it out as they did in Rhode Island several years ago? Or are we going to do another Malloyesqe deal which promises to deal with the issue and does nothing at all. If any of you have been listening to the debates you should have observed that they certainly have not dwelled on how they’re going to get us out of this mess. Not only are the two candidates staying away from this conversation but the questioners at the debates that I viewed did not bring it up at all. I’ve listened to discussions of affordable housing, road repairs, and other de minimis concerns and have heard virtually nothing on the pension mess. Hopefully some of this will get sorted out in the next debate or at least in the newspapers.

Will somebody please help us?!

Joel imageBy Joel Schiavone

Connecticut State expenses for employee benefits current and past have gone from 10% of the budget to 30% over the past few years. Through a variety of accounting tricks, borrowing monies, and simply ignoring pension obligations they have submitted a break even State budget for the past eight years, as required by law, knowing full well that they would lead to large illegal deficits.

For more than eighty years every Connecticut Governor has failed to do this by not paying their full share, and in some cases no share, of these benefits and passing along these costs to future generations. They finally have decided that they can’t keep going with their illegal deficit budgets and are now trying to deal with $75 billion in past service liabilities.