Piscopo Op-Ed: Borrowing Is Not the Answer for CT
Last week, the legislature’s Democratic majority unveiled their budget plan that borrows nearly $1 billion to cover operating costs, increases spending by 9.5% and drastically expands the size and scope of government while cutting services. This budget relies heavily on borrowing to keep it balanced and does nothing to address Connecticut’s mounting fiscal problems.
What’s more, this borrowing virtually guarantees tax hikes in the near future. With the fourth highest debt in the country, this new bonding – to cover everything from economic recovery notes to stem cell research – is unsustainable. In the face of a $2.4 billion deficit, and on the heels of the largest tax increase in state history, the Democratic proposal continues to balance the budget on the backs of taxpayers, while continuing to move our State in the wrong direction.
The approach to fiscal management that this State government continues to take is appalling. In these hard financial times, as paychecks become smaller, the people of Connecticut look for ways to tighten the financial belt at home and live within their set budgets. Their State government should operate in the same responsible manner. Yet the State maintains a ‘do as I say, not as I do’ mentality, as evidenced by the delaying of scheduled debt payments and continued borrowing to operate.
Given that Connecticut’s unemployment rate is higher than the national average; this budget is a further insult to the residents of this state who are waiting for economic relief. This plan does nothing to create a stable economic environment necessary to encourage job expansion and hiring new workers. Instead, the budget extends taxes due to sunset, such as the surcharge on the Business Income Tax. This is unfavorable to businesses in this State, which are reliant on private sector growth in order to drive Connecticut’s economy back to prosperity.
Budgeting is all about priorities, and the Democrats have made it clear through this budget that they’re intent on growing state government, without any meaningful improvements to the quality of life for residents.
I voiced my opposition to both this proposal, as well as the Governor’s proposed budget. I will continue to fight these tax and bowering proposals that bring us in the wrong direction for recovery and reform. We need to move this State in the right direction.
Please feel free to contact me about this or any legislative issue by calling my office 800-842-1423 or email john.piscopo@housegop.ct.gov.
Stay informed: www.cthousegop.com
Sincerely,
John Piscopo
State Representative, 76th District