As Connecticut prepares to make a historic $1.6 billion payment toward its unfunded pensions, a new report shows Connecticut has the highest taxpayer debt of any state in the nation. According to Truth in Accounting’s […]
A new annual report from Truth in Accounting found Connecticut has $67 billion in bonded debt and unfunded retirement costs, making it the third most indebted state per taxpayer in the nation. The total debt, […]
A new report released by Chicago-based Truth in Accounting ranked Connecticut dead last in the country for fiscal transparency, but that score isn’t sitting well with the Office of the Comptroller. According to TIA, Connecticut’s […]
Connecticut remained a “sinkhole state” in this year’s state-by-state ranking and report from Truth in Accounting, a Chicago based think-tank that analyzes government accounting data. Connecticut ranked 48th in the country because of its high […]
Governor-elect Ned Lamont will face a daunting task when he and fellow Democratic lawmakers assume full control of the state’s finances in January, according to a newly released report by Truth in Accounting.
Connecticut ranked 49th in the country in a new analysis of state fiscal health by Truth in Accounting, due to its massive taxpayer burden of $53,400 per person and, once again, earned the organization’s label of a “sinkhole state.”
Connecticut’s official balance sheets will be noticeably worse next year due to changes in how the state reports its retiree healthcare liabilities, according to a report by the organization Truth in Accounting.
As Connecticut faces a continuing budget crisis, a new study has found Connecticut has the third highest taxpayer burden in the nation due to its unfunded pension liabilities. Connecticut’s high debt burden earned it the classification as a “sinkhole state.”
Connecticut was labelled a “sinkhole state” and placed 49th in the nation based on its financial issues and taxpayer burden in the annual Financial State of the States report by Truth in Accounting, a government accounting think tank.
The unfunded pension and healthcare liabilities were the largest factors of debt in determining Connecticut’s ranking.
The Connecticut State Legislature will begin its 2023 session on January 4th and will adjourn on June 7th. The “long session,” as non-election years are called in Hartford, will be centered around the biennial budget. The Office of the State Comptroller reports that state government found a way to spend $47.11 billion in 2022 and, if trends continue, we can expect that number to grow even more going forward. Concerns over energy prices, inflation, and general cost of living continue to dominate the headlines and the threat of a recession hovers over economic forecasts.
What will our elected officials be working on to improve policy outcomes for Connecticut residents? What tax reform proposals will there be? What can be done to lower home heating bills? How will state and local budgets be affected by fewer federal resources? How will schools be implementing to curriculum requirements?
While we wait to see the thousands of individual and committee bills that while dominate the myriad policy debates this year, Yankee Institute is hard at work promoting free-market solutions to the problems we face from Stamford to Putnam and Mystic to Salisbury. To that end, we have produced a new edition of our Charter for Change. The Charter provides commonsense reforms to make Connecticut’s government work for its residents.
Though the list of reforms may be exhausting to review, it is far from exhaustive! And that’s why we want to work with you to build a broad-based coalition to encourage sound policy reforms to enable Connecticut residents to forge a better future for themselves and their families.
It’s also imperative that we do so. As we noted in a report and CT Mirror op-ed last year, the debate over whether we’re in a national recession really misses the point for Connecticut residents. We had more people employed in the private sector in 2007 than we do today. Our economy has grown at one of the slowest rates in the nation for the past decade, and we are getting outpaced year after year. We’re not attracting innovation and industry. We’re losing some of our best and brightest as they seek other parts of the country where it’s easier to make a living.
But together, we can reverse this trend.
At Yankee Institute, we know Connecticut is a state with boundless opportunity, and we intend to help make our state more than a place where people are just able to make ends meet! Connecticut should be a place where everyone can thrive – and with your help, it will be.