Under Democrat Leadership, Connecticut Slammed With Yet Another Credit Downgrade

May 15, 2017

Connecticut’s growing economic crisis continues to deepen as a result of Failed Governor Dan Malloy and his Democrat allies’ seven years of disastrous policies. On Friday, it was announced that Fitch, a major credit agency, will downgrade the state’s credit rating, yet again. This marks the second time in a year that the state has been downgraded by Fitch.

The CT Mirror reports:

“Fitch cited ‘reduced expectations for economic and revenue performance’ at a time when Connecticut’s income tax receipts are falling for the first time since the last recession.

‘Despite a demonstrated commitment to identifying structural solutions to budget shortfalls, the state’s ability to manage is constrained by’large unfunded liabilities in its retirement benefit programs, the rating agency wrote in a statement. ‘The state remains pressured by revenue collections that are failing to keep pace with rising expenditures. … After addressing the newly forecast budget gap for the current year, the state will be left with no reserve cushion and more limited tools to address already projected budget shortfalls for coming years and the expected effects of future economic downturns.’

State government is expected to finish in deficit this fiscal year for the third year in a row. The shortfall is expected to drain most of all of the $236 million Connecticut has in its emergency reserve.”

Thanks to Dan Malloy and his Democrat allies, Connecticut continues to fall further behind the rest of the country with staggering job losses, endless tax hikes, and now two credit downgrades by a single agency in less than year. Democrats vying to succeed the failed governor in 2018 know how hard it will be to run on his record and have already tried to distance themselves from Malloy while some contenders won’t even attempt to go through the “misery” of a campaign to succeed him. Connecticut voters have witnessed firsthand the effects of seven years of failed Democrat policies and they will hold their nominee accountable for their failures come November 2018.