By Keith M. Phaneuf
Connecticut stands on the cusp of an unprecedented fiscal crisis.
The budget that Gov. Dannel P. Malloy will present to the legislature Feb. 8, in an attempt to close $3 billion in deficits over the next two years, is only a portent of a far greater, long-term challenge facing the state.
Simply, the bill is coming due in ever-increasing amounts for the 80-year failure of one of the richest states in the nation to adequately save for retirement benefits promised to teachers and state employees.
Hobbled by debts accumulated by generations of governors and legislators, Connecticut for at least 15 years to come is likely to face a bleak and politically dangerous menu of options that could shape the state’s economy and quality of life.
