[East of the River]

Originally Posted by JayCT

Everyone knows that the state's finances are not in the best of conditions. Revenues have consistently been lower than projected and expenditures are increasing primarily due to long neglected pension obligations. What most people do not realize is that Connecticut is not alone with this problem. Two thirds of the states are facing similar conditions and though Connecticut's rainy day fund is low, six other states have lower (as a percentage of budget) or no fund at all. That does not mean that we do not have to be concerned but we need to realize that all the doom and gloom is not just here. Jay

Connecticut not alone in facing budget deficits | HartfordBusiness.com

Lots of states are having budget issues. North Dakota and Wyoming had to slash school budgets recently due to shortfalls. North Dakota had a reserve to cover it but Wyoming is looking at a Billion and a half dollar shortfall next year even after cutting 100 million in school funding this year and telling parents they would have to deal with the fact that they could not afford a Cadillac education and instead had to trade down to a Chevy. Oklahoma and West Virginia are facing similar issues.

[htfdcolt]

Originally Posted by East of the River

Lots of states are having budget issues. North Dakota and Wyoming had to slash school budgets recently due to shortfalls. North Dakota had a reserve to cover it but Wyoming is looking at a Billion and a half dollar shortfall next year even after cutting 100 million in school funding this year and telling parents they would have to deal with the fact that they could not afford a Cadillac education and instead had to trade down to a Chevy. Oklahoma and West Virginia are facing similar issues.

You know what happened in ND and Wyoming right? Collapse of oil sands/shale exploration & fracking due to oil prices tumbling? Williston for example became a ghost town overnight. Hardly a proper comparison to what's going on in CT!

[East of the River]

Originally Posted by htfdcolt

You know what happened in ND and Wyoming right? Collapse of oil sands/shale exploration & fracking due to oil prices tumbling? Williston for example became a ghost town overnight. Hardly a proper comparison to what's going on in CT!

It's indicative of poor planning and over reliance on a particular tax. It's much like when income taxrevenue fell in 2009, CT was poorly equipped to handle that, same here.

[JayCT]

Originally Posted by East of the River

Lots of states are having budget issues. North Dakota and Wyoming had to slash school budgets recently due to shortfalls. North Dakota had a reserve to cover it but Wyoming is looking at a Billion and a half dollar shortfall next year even after cutting 100 million in school funding this year and telling parents they would have to deal with the fact that they could not afford a Cadillac education and instead had to trade down to a Chevy. Oklahoma and West Virginia are facing similar issues.

According to the article though, Wyoming has the largest reserve of any state, equal to 100 percent of its budget. Interesting that they would make such drastic cuts when they have such a big reserve. Jay

[AntonioR]

Economist: State economy is slumping, has all-star potential



"One of the state’s top economists likens the Connecticut economy to a baseball slugger who normally has a high batting average but today is mired in a major slump."



"The CBIA economist also said he was concerned about enacting more minimum wage increases. He argued that pushing the state’s minimum hourly rate up to $15 — it now totals $10.10 — would lead to more automation of work and hurt the prospects of young minority and low-income job-seekers looking to break into a field."

[MrGompers]

Originally Posted by AntonioR

Economist: State economy is slumping, has all-star potential



"One of the state’s top economists likens the Connecticut economy to a baseball slugger who normally has a high batting average but today is mired in a major slump."

"The CBIA economist also said he was concerned about enacting more minimum wage increases. He argued that pushing the state’s minimum hourly rate up to $15 — it now totals $10.10 — would lead to more automation of work and hurt the prospects of young minority and low-income job-seekers looking to break into a field."

Free tip, in the future you can ignore every thing that the CBIA says and or does. They are shills for big business and millionaires/billionaires.

[HeadedWest]

Originally Posted by MrGompers

Free tip, in the future you can ignore every thing that the CBIA says and or does. They are shills for big business and millionaires/billionaires.

Yeah. Just keep raising the minimum wage. This will never happen in CT:

https://www.abqjournal.com/984644/ab...ce-kiosks.html

And this will surely never happen in CT:

Burger chain introducing robotic grill chef - News 5 Cleveland

[MrGompers]

Originally Posted by HeadedWest

Yeah. Just keep raising the minimum wage. This will never happen in CT:

https://www.abqjournal.com/984644/ab...ce-kiosks.html

And this will surely never happen in CT:

Burger chain introducing robotic grill chef - News 5 Cleveland

Off topic for this thread, but knock yourself out with this 85+ page thread in the economics forum.

You'll find plenty of bootlickers, temporarily displaced millionaires, and John Galt / Ayn Rand fans to fill a stadium over there.

https://www.city-data.com/forum/econo...verything.html

[BobNJ1960]

Originally Posted by JayCT

According to the article though, Wyoming has the largest reserve of any state, equal to 100 percent of its budget. Interesting that they would make such drastic cuts when they have such a big reserve. Jay

Most states try to keep larger reserves than the Northeast is accustomed to.

[HeadedWest]

Originally Posted by MrGompers

Off topic for this thread, but knock yourself out with this 85+ page thread in the economics forum.

Keep increasing the incentives, and watch what happens.