Yankee Institute Blog

New study uses Connecticut as a warning for New Jersey on the perils of pensions and raising taxes

There are only a few states that generally rank lower than Connecticut in terms of fiscal stability and outlook and New Jersey is usually one of them.

Like Connecticut, New Jersey is saddled with high taxes, major pension problems and fiscal mismanagement, but a new study released by the Garden State Initiative uses Connecticut’s history of raising taxes to solve those problems as a “cautionary tale.”

Connecticut ranks 44th in the nation for business tax climate

Connecticut slid backwards in the Tax Foundation’s annual ranking of states based on their business tax climate.

Connecticut ranked 44th in the nation – one ranking lower than last year – and far behind Massachusetts, which ranked 22nd in the nation. Connecticut, however, did beat out New York and New Jersey.

Governor Malloy unveils 4th budget proposal amid multiple lawsuit threats

Gov. Dannel Malloy released his 4th budget proposal this year in an effort to reach a bipartisan consensus to pass a budget. Connecticut is well over 100 days into the new fiscal year, and is the last state in the nation without a budget.

Touting it as a “bare bones” budget, Malloy eliminated many of the controversial proposals from both Republican and Democrat authored budget plans, but still shifts some of the state’s burden onto municipalities. 

With all eyes on Hartford, Bridgeport schools hang on by a thread

Gov. Dannel Malloy’s education cost sharing executive order maintained flat funding for the Bridgeport school system, but that wasn’t what Bridgeport Superintendent Aresta L. Johnson was hoping for, according to her budget talking points.

Despite receiving the same amount of state education funds as last year, the Bridgeport school system has implemented a hiring freeze and an operational account freeze for nonessential and contractual accounts as the school system faces rising costs.

In Connecticut budget debate, some unions – and union members – are more equal than others

While state employees were given a 4-year no layoff guarantee through the union concessions deal, municipalities will have few options but to layoff teachers, staff and municipal employees.

Following the governor’s veto of the bipartisan budget passed in September, those layoffs are happening, pitting the interests of state teachers’ unions against those of the state employee unions

J.P. Morgan report shows Connecticut pension system faces “considerable challenges”

Connecticut would have to pay 35 percent of its tax revenue over 30 years in order to meet all its pension and retiree healthcare liabilities, according to a report by financial powerhouse JP Morgan.

In their ARC of the Covenants 2.0 report, which examines credit risk for municipal bond holders, JP Morgan listed Connecticut as one of four states including New Jersey, Illinois and Kentucky, as having the highest retirement liabilities.

Massachusetts overtakes Connecticut in ranking of richest states

An annual ranking of the richest and poorest states by 24/7 Wall St. shows Connecticut has slipped from the 4th wealthiest state in the nation to the 6th in the past two years, trading places with Massachusetts.

Although Connecticut remains in the top ten nationally, it was overtaken by its neighbor to the north in terms of median income growth, unemployment rate and population growth.

UConn staff, students rally against budget cuts, chant “tax the rich”

Carrying signs that read “Support UConn” and “Respect Collective Bargaining,” approximately 300 University of Connecticut staff and students rallied outside the Legislative Office Building to protest proposed cuts to the university included in the bipartisan budget passed by the legislature.

Former UConn graduate employee union president, Todd Vachon led the crowd in chanting “tax the rich” and called for raising taxes on hedge funds and Connecticut’s top income earners.

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