Politics aside, should Hartford file for bankruptcy, it’ll be a true embarrassment to Connecticut.
How can the self-professed “richest” state fall so far? It’s embarrassing to think Hartford could become the first state capital in New England to go under.
The Hartford Courant reports that Mayor Luke Bronin refused to comment specifically on Hartford’s financial woes during a recent interview, but gave plenty of insights using the few allusions about whether or not he believes the city is insolvent.
With taxes already raised to the max, there’s few other options our state capital can do to dig itself back into the black. If the city can’t cut any further, whether it be through layoffs or slashing funding to programs, the city will have to reorganize under bankruptcy.
Mayor Bronin strongly hinted at that possibility when he said at a press conference, “We’re not afraid of making hard decisions but the structure is broken.” It’s basically a fancy way to say the city is screwed.
The city is already staring down a $30 to $45 million deficit in the next fiscal year. The news gets even worse as half of its $$533 million budget is coming from our extremely cash-strapped state government.
With that said, Mayor Bronin has some very tough decisions to make over the next couple of weeks. When speaking about going bankrupt, the mayor vowed that he wants to do everything he can to avoid that outcome.
Because, bankruptcy would open the door to allow our state government to take control of the city’s finances. Considering our governor and his buddies have a hard enough time as it is balancing a checkbook, things aren’t looking that great for our capital.