Budgeting in one to two year increments has led to perpetual deficits and the need for routine deficit mitigation plans destroying any sense of the stability and predictability that our towns and businesses crave. This problem exists because of failed policies that have hampered job growth, suppressed wages and targeted employers as a quick fix for our financial woes.
The Path We’re On…
The table below shows budget projections by non-partisan analysts out to 2021 (in millions.) Automatic annual spending increases built in to the budget account for a great deal of our future deficits.
A New Approach…
This is a long-term framework – a new way to approach state budgeting which is typically done in one to two year increments, and most recently, only months at a time. Because our future deficits are so massive, it is imperative we make fundamental changes to the way we budget. Doing so will give businesses, families, and municipal governments a state budget that is predictable and sustainable.
This is the Republican vision for a sustainable and predictable Connecticut!