Thursday, October 13, 2016 (Issue #1)
by Michael C. Medeiros, Editorial Page Editor
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Back in June, a study by George Mason University’s Mercatus Center found that Connecticut ranked dead last in terms of fiscal health, accumulating over $70 billion dollars in debt, a figure that is quickly rising due to out-of-control spending and runaway government regulation.
The study found that Connecticut’s fiscal position is “poor across all categories,” even beating Puerto Rico on the list, a territory which is essentially bankrupt.
“The state is heavily reliant on debt to finance its spending,” the study stated. “Total debt is $20.88 billion. Unfunded pensions are $83.31 billion on a guaranteed-to-be-paid basis, and other postemployment benefits (OPEB) are $19.53 billion. Total liabilities are equal to 53 percent of total state personal income.”
Under the watch of Democratic Governor Dannel P. Malloy and the completely Democratic state legislature, Connecticut has seen some of the largest tax hikes in modern history followed by an unprecedented exodus of businesses and industry from the state – General Electric, Rogers Corp. and Mossberg, to name a few. Health insurance giant Aetna and battery manufacture Duracell have also recently mulled the idea of leaving Connecticut.
Some may believe Hartford’s failings are due to a sickening combination of incompetence and ineptness, but the truth is even more startling: The fiscal decline of Connecticut was manufactured not by accident, but by design.
You see, driving the wealth out of Connecticut is exactly what the Democrats in Hartford want. Why? Because fewer companies mean fewer jobs, which causes more people to be reliant on handouts from state and federal government for sustenance, thus keeping the Democrats in power.
This strategy has proven brutally effective, further solidifying Democratic control of the state while simultaneously making Connecticut’s seven electoral votes guaranteed for Hillary Clinton this November.
However, if a perfect storm of high taxes, over-regulation, and low approval rating numbers for the governor can turn out the suburbs for Republican candidate Donald Trump, it may be a signal that Malloy’s days of crippling Connecticut are numbered.