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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.

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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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Fringe benefits costs grow $222 million in new budget, as some agencies take cuts

According to the new budget proposal released today, state employee fringe benefit costs – including pensions and retiree health benefits – will grow by more than $222 million.

Overall, the new general fund budget will grow $214 million and a number of agencies took multi-million dollar cuts to make up for the increase in fringe benefit costs, including a $14 million cut to the Office of Early Childhood’s Care 4 Kids program.

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The Yankee Institute for Public Policy Studies is a research and citizen education organization founded in 1984 under section 501(c)(3) of the Internal Revenue Service code. As one of America’s oldest state-based think tanks, Yankee develops and advocates for free market, limited government public policy solutions in Connecticut.

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