State of Connecticut Archives: on Budget & Economy
Revise and respect the Constitutional spending cap
Connecticut's budget is not balanced based on honest accounting and a reasonable definition of expenditures. Spending needs to be restructured and brought under control. We need to revise and respect the Constitutional spending cap, balance the
state budget, and prohibit the use of debt to fund normal government operations. In addition, given Connecticut's poor financial condition, the Governor should make expanded use of his/her line item veto authority. Importantly, restoring economic
vitality in Connecticut is an essential element to achieving fiscal sustainability.
Financial Condition: Connecticut has the highest liabilities and unfunded promises per taxpayer of any state. It's time to recognize reality--Connecticut's state
government has grown too big, promised too much, and needs to be restructured. Connecticut must develop a comprehensive strategy to appropriately restructure the related programs and gain better control of its commitments.
Source: 2014 CT Lt. Gubernatorial campaign website, WalkerForCT.com
Jul 2, 2014
Tax securities transactions $150B to fund mortgage relief
When asked how they would reenergize the U.S. economy, Murphy said he'd back a large federal investment in public works projects. "Costs for construction are the lowest in a generation," he said. "You can get great deals today...on building new roads,
bridges or rail lines. In addition, we've got the highest construction unemployment in the country...we should be making a massive investment in roads and bridges and infrastructure."
Bysiewicz said the economy will not fully recover until the housing
crisis is dealt with. She favors a plan to charge a small tax on every securities transaction. Such a charge would generate $150 billion annually; she said she'd use the bulk of the money to provide mortgage relief to middle class
homeowners. The rest would be invested in renewable energy projects, she added. Murphy said he also supports a transaction tax.
Source: Hartford Courant on 2012 CT Senate debate
May 24, 2012
OpEd: Spent $200M on "Bridge to Nowhere"
Shays questioned McMahon's conservative credentials in light of her big spending, $50 million, during her 2010 Senate race. McMahon chided Shays for voting for earmarks like the notorious Alaska bridge project. "$50 million pales in comparison to
the 'bridge to nowhere' that you voted on as a congressman for $200 million," McMahon said, continuing, "You voted to raise the debt ceiling 8 times. You voted to raise the tax on gasoline. I don't think your record speaks to a conservative Republican."
Source: Connecticut Day on 2012 CT Senate GOP primary debate
Apr 19, 2012
OpEd: Voted to raise the debt ceiling 8 times
Shays brought up McMahon's 2010 campaign for Senate, a race she lost to Democrat Richard Blumenthal despite spending $50 million of her own money. "I know Mrs. McMahon is not a fiscal conservative because she spent $50 million so recklessly,''
Shays said. "That's a waste."
McMahon responded with an attack of her own. "You voted to raise the debt ceiling eight times,'' she said. "I don't think your record speaks to a conservative Republican."
Source: Hartford Courant on 2012 CT Senate GOP primary debate
Apr 19, 2012
Financial crisis came from unbridled greed & lax oversight
Families in Connecticut and across the nation are rightly fearful and angry. They want to know how and why this happened, and whose fault it is. They also want to know how they will ever be able to afford to retire or put their child through college,
given the steep declines in their 401k's and savings accounts. How will they afford to pay their bills if they lose their job?
Unfortunately, other than unbridled greed by far too many on Wall Street and almost criminally lax oversight by far too many
in Washington, there are no easy answers.
No easy answers, but lots of questions. Lots of concerns. These are the worst financial times any of us can remember. Let's face it, it's scary.
But one concern people should not have is a state government they cannot afford--which is what they have right now. And cities and towns will need our attention as they also struggle with the fiscal pressures of the economy.
Source: 2009 State of the State Speech to the CT General Assembly
Jan 7, 2009
Page last updated: Feb 28, 2017