Warren Buffett has added his voice to the growing chorus of concern over public pension obligations. In his annual letter to shareholders, the legendary investing guru calls underfunded public pension plans a "gigantic financial tapeworm."
Buffett said he anticipates lots of bad news in the coming decade about public pensions, and he stresses the need for prompt remedial action where problems exist.
Connecticut’s state budget faces a series of problems that have been building for some time. It’s why the Office of Fiscal Analysis shows looming budget deficits in the next two fiscal years.
But we’re not alone. A study of several states shows some of the same trends: Medicaid costs growing faster than states can raise money, which means less funding for education; the federal government cutting aid to states in an effort to cut their own deficits; reliance on volatile tax structures and massive underfunding of public pensions.
Originally published on Thu February 27, 2014 2:17 pm
Cutting defense spending in Washington is about as popular as proposing Social Security cuts. In other words, not very.
Which explains why, following Defense Secretary Chuck Hagel's announcement Monday that the Obama administration's new budget would propose shrinking the Army, closing bases and ditching weapons systems, the responses from Capitol Hill lawmakers have been some version of "over my dead body."
Less than a year after a Keno bill passed the legislature in the eleventh hour, and was signed into law by Governor Dannel Malloy, legislative leaders are making a push for its repeal, citing an improving economy.
Democratic Speaker of the House Brendan Sharkey announced his support for a repeal during remarks to the Connecticut Council of Small Towns.
The state is seeking public comment on its latest plan for recovery from Superstorm Sandy. Connecticut is due for a second round of disaster funding from the federal government as it distributes aid to the communities worst affected.
A winter storm has dropped heavy wet snow on Connecticut, along with rain and sleet that began in the southern part of the state overnight before moving northward. Total snow accumulations were about 10 inches in many areas. Connecticut has depleted its budget for snow and ice removal. A spokesman for the state Department of Transportation, said this week that the agency has spent all $30 million on a dozen storms for the season.
On our weekly news roundtable The Wheelhouse, we recap Governor Dannel Malloy’s State of the State address and the proposals he laid out surrounding the state budget, education and the minimum wage. We’re joined by a panel of reporters who have spent the last week digesting the governor’s agenda.
Also, a discussion about the Olympics with a Connecticut-native who won a gold medal in women's ice hockey during the 1998 Olympics. The rivalry between the U.S. and Canada is as intense as ever and we talk about it with this Olympian.
Last week, Governor Dannel Malloy delivered his fourth State of the State address. There are numerous Republican candidates for governor who hope it's his last. The address itself outlined Malloy's wide-ranging proposals for the budget, education, and assistance for veterans.
The legislature officially opened today, after being delayed because of Wednesday's snowstorm. Governor Dannel Malloy gave his annual State of the State address after budget chief Ben Barnes briefed the media on the governor's midterm budget adjustment proposals earlier in the morning.
The Connecticut Conference of Municipalities has released its list of legislative priorities for the year. One of them would allow towns and cities to publish full public notices online, and not in newspapers. The move could save public money, but it is opposed by the state's newspapers.
Last year, The Pew Charitable Trusts studied fiscal data from the 50 states to see how each could survive on its respective reserve fund. The results were diverse, depending largely on each state’s population and resources.
For Connecticut, the study’s outcome did not look promising. New England’s Constitution State was found to have one of the lowest-ranking reserve funds in the nation. Alaska, on the other hand, came out on top. But why?
Last year, The Pew Charitable Trusts analyzed the fiscal data for all 50 states. They used several markers to rank the states, including the amount of money in reserve funds, sometimes known as rainy day funds. Connecticut’s rainy day fund is among the lowest in the nation. The highest? Alaska.
This hour, we find out how states like Alaska got so far ahead, while Connecticut fell so far behind.
A former Central Connecticut State University student who triggered a campus lockdown and massive response by the SWAT team was set to be arraigned today in New Britain Superior Court on breach of peace and trespassing charges.
David Kyem, 21, wore a costume with a mask and BB handgun on campus November 4. Officials locked down the school for three hours. His case was continued to February 27.
Originally published on Wed January 15, 2014 5:19 pm
The House on Wednesday passed a massive $1.1 trillion spending bill — a compromise that appeared to get past the bitter partisan showdowns that have caused an unpopular federal government shutdown and nearly tipped the U.S. into default.
The 359-67 vote was a sign of considerable support from Republicans, thanks to a bipartisan deal worked out last month laying out spending for the next two years.
For the first time in years, the House of Representatives is expected to approve a massive new spending bill Wednesday that keeps federal agencies operating until a new fiscal year starts in October.
The so-called "omnibus" package of all 12 annual spending bills is a compromise; it has more money in it than what Congressional Republicans wanted, but less than what President Obama had asked for. There is some disappointment with the measure on both sides of the aisle, but this time nobody is talking about forcing another government shutdown.
The House is expected to vote Wednesday on a $1.1 trillion spending bill that would fund the federal government into October and bring to an end, for now at least, the bitter partisan battles that have led to one government shutdown and threatened to push the U.S. into defaulting on its bills.
Connecticut Congresswoman Rosa DeLauro warned that the state's economy will suffer because of the decision not to extend unemployment benefits in the federal budget deal reached last week.
DeLauro voted, she said, reluctantly, against the Murray-Ryan budget compromise precisely because it does nothing to help the long term unemployed. On Wednesday, she brought together some of the people who will be affected for a discussion in Middletown.
Originally published on Wed December 18, 2013 7:09 pm
Updated at 10:27 a.m. ET: Moving Ahead:
The Senate voted 67 to 33 on Tuesday to move forward on the two-year, bipartisan budget plan that restores some of the automatic spending cuts of recent years, trims spending in other areas and appears to have put on hold until 2015 the bitter battles that led to this year's partial government shutdown.
The budget deal reached last week in Washington will have a real economic impact on companies in Connecticut. United Technologies CEO Louis Chenevert welcomed the agreement, saying it gives his defense dependent corporation more ability to plan for the future.
Originally published on Mon November 18, 2013 4:20 pm
When you think of Oregon and food, you probably think organic chicken, kale chips and other signs of a strong local food movement. What probably doesn't come to mind? Food stamps.
And yet, 21 percent of Oregon's population – that's one out of every five residents – relies on food stamps to get by. And like many people across the country, these Oregon families who have come to rely on federal food assistance program for meals are learning to make do with less as of this month.
Originally published on Thu October 17, 2013 12:32 am
Bringing to an end an episode that once again exposed Washington gridlock at its worst, the House approved a Senate deal that will end a 16-day federal government shutdown and avert the first government default in U.S. history.
The 285-144 vote came at the eleventh hour, after weeks of partisan bickering and a very public airing of deep divisions within the Republican party. President Obama signed the bill into law after midnight Thursday.
The state may shoulder more federal responsibilities as the government shutdown continues. Connecticut has already begun to foot the bill for almost $1 million worth of programs, including keeping open Head Start places in the state.
It's all about cash money in The Wheelhouse Digest. While the government is coming close to hitting the debt ceiling again, with federal dollars in a state of seizure, someone else is in the news for stealing public money from a Connecticut town, and leading a "double life." Can anyone make an honest dollar anymore? That and more below.