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.

Joel imageBy Joel Schiavone

Enjoy your summer. This is the lull before the storm. Campaigning begins in earnest for state and local elections which will culminate in November. What will happen after that will be extraordinary. Both New Haven and the

State of Connecticut have passed budgets that everybody knows are millions of dollars out of balance. The City of New Haven passed a budgetwhich does not reflect any changes, any reductions in costs, salaries, or employee lay-offs. Sometime in January all these plus increased taxes will be impacted significantly. The full enormity of these actions will be clarified when we finally learn how large the reductions in the State financial support will be.