Page A5 of Today's NYT

[bags27]

Our unfunded liabilities are now approximately $26 billion.

I had read $65B
Connecticut’s budget problems are just getting started
But, of course, there are so many ways to calculate it that both our numbers may be legit.

But see this Wall Street Journal article, where CT is the 3rd worst state in funding them (again, caution needed because of different calculations and assumptions):
Connecticut, America’s Richest State, Has a Huge Pension Problem

 

[Fairfield Fan]

I had read $65B
Connecticut’s budget problems are just getting started
But, of course, there are so many ways to calculate it that both our numbers may be legit.

But see this Wall Street Journal article, where CT is the 3rd worst state in funding them (again, caution needed because of different calculations and assumptions):
Connecticut, America’s Richest State, Has a Huge Pension Problem

Last post, because understand it's OT. What these articles are over-emphasizing all comes down to our lack of county governments. If we had not gotten rid of country government in the 1970's, much, if not most, of that debt and pension liabilities wouldn't even appear on the state line. That's what sets the Nutmeg State apart from most other states. If you take municipalities and state government together, that fact becomes apparent.

Get well soon, Napheesa!!!

 

[HoopsFan21]

Last post, because understand it's OT. What these articles are over-emphasizing all comes down to our lack of county governments. If we had not gotten rid of country government in the 1970's, much, if not most, of that debt and pension liabilities wouldn't even appear on the state line. That's what sets the Nutmeg State apart from most other states. If you take municipalities and state government together, that fact becomes apparent.

Get well soon, Napheesa!!!

Other states are getting rid of counties as well. RI is another one, and I think MA has been doing the same slowly. Counties are just one more level of big government to feed and are most effective in rural locations with lots of unincorporated territory which does not exist in an urban/suburban state like CT.

 

[bags27]

Last post, because understand it's OT. What these articles are over-emphasizing all comes down to our lack of county governments. If we had not gotten rid of country government in the 1970's, much, if not most, of that debt and pension liabilities wouldn't even appear on the state line. That's what sets the Nutmeg State apart from most other states. If you take municipalities and state government together, that fact becomes apparent. Get well soon, Napheesa!!!

I'm more than happy to move on, but it's really not off topic: it is the topic. It's not about Napheesa (though we all wish her well); it's about the full page ad in the Times and why it might be there. Whatever CT's budget deficit relative to other states (and we can debate the absolute number forever because there are so many ways to weight deficits and projects, and its relative number compared to other states--you'd think the WS Journal would have factored in counties when making CT 3rd worst), it is nonetheless large. My original point, in response to why the ad now, was that perhaps it had something to do with the on-going budget fight and the threat of cut-backs to UConn.

 

[Geno-ista]

I apologize for one more OT, but the state's revenues today are no higher than they were eight years ago. That's right: tax revenues today are what they were in 2008. So "spending" is not the problem.

Spending has been the problem in this state and most of the solidly blue states forever. It's just that now, there's no more money. I'll be a happy So Car resident pretty soon- house is sold and I'll run my business from there and be up here part time. It's a good feeling.

 

[triaddukefan]

Ha. I see that I wasnt the only one who thought of him when I saw that quote.

 

[DaddyChoc]

Ha. I see that I wasnt the only one who thought of him when I saw that quote.

we're the youngsters around here

 

[Fairfield Fan]

Other states are getting rid of counties as well. RI is another one, and I think MA has been doing the same slowly. Counties are just one more level of big government to feed and are most effective in rural locations with lots of unincorporated territory which does not exist in an urban/suburban state like CT.

OK, since it is On-T, Connecticut and Rhode Island are the only two states in the country that don't have functioning county-level government. I am not aware of any other state that has eliminated county governments. Just two.

Counties in many states also correspond to school districts. It is county-level government that pays for school construction, where in Connecticut that is handled by the state. So fully a quarter of the state government's total debt is comprised of financing for schools, which in most other states simply would never have appeared at the state government level. Further, we are one of just seven states that takes on 100% of the liability for public school teacher pensions at the state level. Further, 10% of our bonded debt is represented by a bond whose proceeds went into the underfunded teachers' pension fund.

Regarding debt, our lack of county-level government, in addition to custom, has meant that most debt issued in the state is issued by the state government, while in other states, most is issued by cities, counties, and other municipalities. You might be interested to know that Connecticut's total public bonded debt as a ratio of state GDP stands at 16%; that is virtually identical with Texas. But the percentages are reversed: while three-quarters of public bonds issued in Connecticut are issued by the state government, and a quarter by municipalities, in Texas, just a quarter is issued by the state, with three-quarters coming from municipalities.

Further, while our state's ratio of full-time employees to population is slightly higher than average, our employee/population ratio for municipalities is far below. So if you add together total public employees to population, we are leaner staffed than all but 11 other states.

Last point: our state spending as a ratio of our economy is one of the lowest in the country. It only looks high when you look at the state government in isolation, and don't take into account that many other states spend a lot of taxes at the county level.

I suppose the myth of over-taxation and over-spending is coming to light now as even modest layoff's by the state and cuts in state spending are creating howls of protest as the state eliminates many services, including for psychological support, considered critical.

Since you brought it up....