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  1. #1
    Atomic Punk
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    12.11.17 @ 04:37 PM
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    Default Connecticut goes from a $100 mill surplus before the elections to debt after.......

    good old say anything to stay in office politics strike again...


    HARTFORD, Conn. (WTNH) — How did Connecticut go from a state budget surplus before the election to a $100 million deficit after the election? It’s the big question Republicans are asking as the governor prepares to announce spending cuts to deal with the sudden red ink.

    The Governor will announce a series of spending cuts effective on Friday to help stem the tide of after-the-election red ink in the state budget.

    “I’m going to take whatever steps are necessary, as I have in the past, to end every year with a surplus,” said Gov. Malloy.

    Before election day the Governor said that the state budget was balanced and showing a modest surplus. Now, two weeks after the election, the projections are that the state is running $100 million in the hole. Republicans say it was all planned.

    “They didn’t want the voters to know the true economic picture of the State of Connecticut prior to an election,” said Rep. Vin Candelora of North Branford, the Deputy Republican Leader in the House of Representatives.

    Two years ago the Republicans cried foul when the Democratic leadership successfully moved the deadline for consensus state budget estimates from October to November.

    “The Governor and the Legislature moved the consensus revenue reporting rather than in October to put it out past the election for this very purpose,” said Rep. Candelora.

    Republicans are also saying that the solutions being floated in the Assembly to solve next year’s projected budget deficit include raising taxes and not spending cuts.

    “We’re in the early stages of developing next year’s budget and we’re not intending to raise taxes,” said Gov. Malloy on Wednesday.

    “All the solutions that we continue to see is somehow for the state to grab onto more revenue,” said Rep. Candelora.

    The Governor’s budget director says tax hikes will somehow not be included. Responding to the question: Can you say that the gap can be closed in the future without raising taxes? State Budget Director Ben Barnes replied simply, “Yes.”

    A spokesperson for the Democratic Leadership of the Assembly says those revenue estimates were moved two years ago so the Governor and the Legislature would have better and more up to date information about the budget.

    http://wtnh.com/2014/11/19/malloy-di...dget-concerns/
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  2. #2
    Forum Frontman It's Mike's Avatar
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    12.14.17 @ 11:14 AM
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    Happens every time a new party is elected in any government. It's part of the game.

  3. #3
    Hang 'Em High sickman's Avatar
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    12.13.17 @ 03:10 AM
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    Yes accept he was re-elected. His office lied about the budget and once re-elected the truth comes out. Same piss poor liver democrat tax you to death POS governor.

  4. #4
    Atomic Punk Dave's Dreidel's Avatar
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    12.14.17 @ 10:37 AM
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    I really find very few politicians of any party that are not wholesale liars.
    Taylor Swift is nice to look at. Adele can sing.

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  6. #5
    Atomic Punk edwardv's Avatar
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    12.14.17 @ 11:11 AM
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    Lies they all lie.
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  8. #6
    Atomic Punk Raldo's Avatar
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    12.14.17 @ 10:24 AM
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    So sick of these types of policitians. Can someone please be honest once in awhile?!!!!
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  9. #7
    Baluchitherium Ted Van Halen's Avatar
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    12.14.17 @ 10:44 AM
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    The question is: Will the electorate remember/care about being so blatantly lied to come next election?
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  10. #8
    Hang 'Em High sickman's Avatar
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    Quote Originally Posted by Ted Van Halen View Post
    The question is: Will the electorate remember/care about being so blatantly lied to come next election?
    Unfortunately, NO. The electorate seemed to forget the massive tax increase he imposed when he was elected. He ran on a promise not to raise taxes again but it would appear he'll have no choice. No thanks to his corporate welfare plan that gives multi-billion dollar companies money and tax breaks to STAY in Connecticut.

    As the CT Mirror’s Keith Phaneuf has consistently explained in his news articles, Connecticut faces a $1.4 billion budget deficit in next year’s state budget and the projected state deficit over the next three years exceeds $4.5 billion. [Compare that to the $3.7 billion deficit that Malloy “inherited” when he took office in 2011…a deficit that led to a record breaking $1.5 billion tax increase.]

    But instead of telling the truth about Connecticut’s growing fiscal crisis during his recent re-election campaign, Malloy claimed that there was no deficit, that he would not propose or accept any tax increases in his second term, that he would actually implement more than $260 million in targeted tax cuts for certain groups, that he would preserve the level of funding to cities and towns, that he would not make cuts to “vital” state programs and that he would not need to talk to the state employee unions about concessions.

    And now, after the election, when even his own budget office is finally telling the truth about this year’s $100 budget deficit, Malloy continues to deny the reality of the fiscal crisis that is facing the state and its residents.

    As the Hartford Courant is reporting, Malloy went before the MetroHartford Alliance (chamber of commerce) yesterday to proclaim that the “State budget shortfall won’t hit business aid “in any meaningful way.”

    When the Courant’s Dan Haar asked Malloy how his massive corporate welfare program could go unscathed in the face of the upcoming budget deficits, Malloy explained that “One reason is that most of the economic development spending is “capital-based,” meaning it is financed with borrowed money. ‘We’ll be in good shape with respect to the business programs,’ Malloy explained.

    Translated to English, Malloy was telling the Hartford Courant that since his Corporate Welfare Program is put on the State’s credit card, he has no intention of cutting back on its largess.

    Apparently in Malloy’s mind, his ongoing and excessive taxpayer funded program to give successful corporations large financial gifts isn’t made with “real” money. It is simply borrowed money that only adds to Connecticut’s long-term debt.

    But what about the fact that Connecticut’s state debt and obligations already exceed $68.4 billion, an incredible sum of money that Connecticut taxpayers will have to pay back over the next twenty to twenty-five years – in addition to their regular federal, state and local tax payments? (See yesterday’s Wait, What?

  11. #9
    Atomic Punk lovemachine97(Version 2)'s Avatar
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    12.14.17 @ 11:01 AM
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    Similar thing happened in CA, leading to the recall of Gov. Gray Davis. Davis had record surpluses for a couple years, but when the dot com bubble burst and after the electricity crisis--with no adjustment to spending--CA all of a sudden had a $15 billion deficit that was patched the normal way--borrowing and cash-based budgeting.

    Two months after his reelection--the beginning of his new term--the deficit had magically ballooned to $30 billion. By June it was $40 billion. Of course, he was recalled, and Schwarzenegger was elected in his place.

  12. #10
    Atomic Punk Dave's Dreidel's Avatar
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    Wasn't the electricity crisis in California engineered by Enron to create trading profits for themselves? I could be wrong, it has been a while.
    Taylor Swift is nice to look at. Adele can sing.

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  13. #11
    Atomic Punk lovemachine97(Version 2)'s Avatar
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    Quote Originally Posted by Dave's Dreidel View Post
    Wasn't the electricity crisis in California engineered by Enron to create trading profits for themselves? I could be wrong, it has been a while.
    It's a pretty complicated story, and I am not sure I even understand half of it. What I can gather though, is that many blame deregulation, where others would say California reregulated their electricity market and they did not deregulate it.

    From what I can gather, in a nutshell, California capped the cost of electricity that the utilities could charge consumers, while changing the agreements between the utilities and power plants. Whereas utilities could previously contract out for years in advance the price of electricity, CA went to an hour/day format, where utilities and power plants were negotiating prices sometimes by the hour all though the new CA Power Exchange. The exchange could mandate that all utilities pay the same--and highest--price of the day.

    At a certain point, utilities like PGP&E and SoCal Edison were buying power at as much as $0.75 per kilowatt hour and were capped at selling that power at an average of $0.12 per kilowatt hour, putting companies on the brink of bankruptcy.

    What Enron was doing, I think, was creating fake shortages (like, by pulling plants offline) in order to spike the prices in the new "marketplace." One of the things I have learned from my gf who is an engineer in CA working for power plants, is that there has to be a stable amount of power on the grid (This is the inherent flaw those in power laugh about when it comes to solar power. Because solar power can be intermittent, a fossil fuel plant has to be partially online and on call in order to provide the power that the solar power plant cannot--say during unexpected cloud cover, etc.). Too little and too much power on the grid result in brown outs.

    So Enron was overestimating to the regulators how much power their customers needed and getting paid for providing that power. But when it came time to [i]remove][i] that power from the grid (to stabilize it), Enron was paid a premium to remove the power.

    Add that to the fact that they could easily manipulate the market in the new day/hour format, they did quite a lot to help themselves out financially.

 

 

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