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Wednesday, February 01, 2017

Part 3 of a Series: Whether Taxing or Cutting, CT Faces Painful Fiscal Future

By Keith M. Phaneuf

www.ctmirror.org

There is no shortage of ideas on how Connecticut should not solve the fiscal crisis caused by its massively unfunded retirement benefit programs.

There are plenty who say state government cannot tax its way out of a problem expected to last 15 years or more, and to attempt to do so would cripple an already weakened economy.

This camp places most of its hope in slashing labor costs. Unfortunately, the fastest growing expenses in the current budget have nothing to do with present-day workers, whose benefits are very close to the national average. And even reducing expenses tied to present-day workers comes with plenty of complications.

A second approach holds some reductions must be made but there’s no hope deep spending cuts can do it all and that major tax increases are unavoidable. Too much of the budget is tied up in fixed costs, and a slash-and-burn approach only would destroy the state’s quality of life while still failing to balance the books.

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Posted 02/01/17 at 07:46 PM  Permalink



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