Honestly, does this surprise anyone? Whoever happens to be surprised by this needs to take their head out of the sand.
So a new study fresh out of George Mason University’s Mercatus Center says Connecticut’s fiscal health is ranked worst in the nation. Out of 50 states, we are DEAD. LAST.
Let’s get to the good news first: Our state wasn’t as bad as bankrupt Puerto Rico, who claimed 51st place on the list. Nice.
But, onto the bad news: Besides Malloy’s political enemies, nationally acclaimed financial experts have also reacted to the study with disgust and with some pretty grave predictions.
Suzanne Bates from the Yankee Institute wrote a scathing piece about Connecticut’s financial outlook for the future, which should hopefully raise concern instead of anger.
“Connecticut is unprepared [for an economic downturn] because it is plagued by debt – both bonded debt and huge pension and retiree health care liabilities. It is one of only four states that do not have enough assets to cover their liabilities.
Connecticut has also almost completely depleted its rainy day fund, which is even more true after lawmakers chose to raid the fund to close the $260 million deficit for FY 2016, which will end June 30.”
Oh, by the way, this time last year – we were in the bottom five of that annual list. So, Puerto Rico better watch out or we might be taking their crown next year.
I want to be sarcastic about this. I’d love to be witty about this. But, honestly, I’m more disappointed than anything. Our state was long mocked for being the “richest state” in the nation and personified on TV as yacht riding white people who wore golf polos and expensive watches 24-7. Pretty soon, we will miss all that tongue-in-cheek treatment by our media.
Can Connecticut even get out of the hole our outrageous spending has dug for us?