The income tax was supposed to solve Connecticut's fiscal problems, so where did all the money go?
Governor Malloy is spending this week in Puerto Rico at the annual Democratic Governors Association meeting and then taking some time off with his family. Puerto Rico is facing bankruptcy and looking for a federal bailout. Years of poor fiscal policies, government cronyism, overreach and interference in the free market has left the island-state with high unemployment and crippling debt. Hopefully the policy lessons of Puerto Rico’s struggles will not be lost on the governor. The island may be pretty but the economic challenges it faces - like Connecticut’s - are pretty ugly.