Connecticut, home to great wealth, may be sinking into a fiscal mire

[Ptarmigan]

Connecticut, home to great wealth, may be sinking into a fiscal mire
http://www.foxnews.com/us/2017/05/26/connecticut-home-to-great-wealth-may-be-sinking-into-fiscal-mire.html

Home to Yale University with its $25-billion endowment, numerous high-flying hedge funds and top-drawer celebrities ensconced in opulent estates worth tens of millions of dollars, Connecticut possesses great wealth and boasts the highest per capita income of any American state.

But look a little closer and it’s a fiscal train wreck. The Constitution State is among the worst states when it comes to business costs, economic climate, growth prospects and regulatory burdens. Ground zero for this train wreck is the capital, Hartford.

The administration of Gov. Dannel Malloy, a Democrat who has been in office since 2011, projects a budget deficit of more than $5 billion over the next two years, thanks to generous pension benefits and the burden of servicing its big debt, plus falling tax revenue due to the exodus of large employers and residents reaching retirement age.

Connecticut is an economically depressed state. Their financial situation is horrible, like many leftist states.

[Ralph Wiggum]

Perhaps they could have learned from the massive mess Illinois has become.  Amongst other left leaning states.

[SVPete]

Perhaps they could have learned from the massive mess Illinois has become.  Amongst other left leaning states.

It's a trap for and by D Party pols. They've formed a base around Screw-the-Rich Envy Politics. Screw-the-Rich makes for a poor tax base, because people and money can move - people to low tax states, money from higher risk & profit potential to low risk, low profit investments. Businesses are less flexible, slower to move, but even slower to come back if tax-policy sanity returns.

A junior high student could figure this all out, which tells you something about Screw-the-Rich Democrat pols!