Connecticut’s fiscal crisis: Why our deficit won’t die

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Presentation transcript:

Connecticut’s fiscal crisis: Why our deficit won’t die

Imagine a state employee. What does he/she look like? Quiz Jot down your answers Imagine a state employee. What does he/she look like? What are the three most important functions of state government?

Smart, limited government Fairness for taxpayers Yankee Institute Free to succeed Smart, limited government Fairness for taxpayers Open road to opportunity

= $3 billion over the biennium The Problem A Growing deficit $1.4 billion in 2018 +$1.6 billion in 2019 = $3 billion over the biennium

Jobs?

Percent Real Wage Growth 2012-2016

Growth in some spending But why? Tax increases, service cuts, more deficits Growth in some spending > Revenue growth

Back to the quiz The most common state employees…

UConn = 4th branch

What are the essential functions of state government? Question 2 Top 3 priorities What are the essential functions of state government?

General fund = $18 Billion Transportation ($1.5 billion, special fund)

What are the essential functions of state government? Spending growth Top 3 priorities What are the essential functions of state government?

Rebalance compensation Freeze borrowing Solutions How to EARN a taxpayer bailout Cap spending Set priorities Reform pensions Rebalance compensation Freeze borrowing

Thank You! Any questions?