Under Failed Democrat Leadership, Connecticut Budget Problems Become A “Nightmare”

It’s no secret that failed governor Dan Malloy and his Democrat allies in Hartford are leaving Connecticut’s budget in terrible shape, but residents are still finding out just how bad things will be thanks to his policies. Despite imposing one of the largest income tax burdens in the country on Connecticut taxpayers, Dan Malloy’s administration is now downgrading tax revenue by almost $1.5 billion thanks – incredibly – to “eroding income tax receipts.” This will create even more headaches for Democrats jumping into Connecticut’s 2018 governor’s race as they struggle to distance themselves from Malloy’s failed policies.

The CT Mirror reports:

“Connecticut’s latest budget nightmare became reality Monday.

Analysts for Gov. Dannel P. Malloy’s adminstration and the legislature’s nonpartisan Office of Fiscal Analysis downgraded anticipated revenues for the next two fiscal years by $1.46 billion — nearly $600 million next fiscal year and $865 million in 2018-19 — largely because of eroding income tax receipts.

Projected revenues now fall $2.2 billion, or 11.3 percent, short of the funding needed to maintain current services in 2017-18. And with the potential deficit swelling to $2.7 billion, or 13.6 percent, in 2018-19, the biennial shortfall approaches $5 billion.

Further complicating matters, revenues for the current fiscal year are $413 million below anticipated levels. This pushes state finances more than $380 million in the red and threatens to deplete the $236 million in the emergency budget reserve with less than nine weeks remaining before June 30.”

Connecticut’s budgetary disaster caused by Dan Malloy’s failed tax-and-spend policies has left the state in crisis as potential Democrat successors like Kevin Lembo are already trying to distance themselves from the failed governor. But try as Lembo and others might to run from their history of enabling Malloy’s catastrophic record, Connecticut voters will remember their actions and hold them accountable at the ballot box.