Last month the [Connecticut] state Office of Fiscal Analysis reduced its two-year revenue forecast by $1.46 billion. Since January the agency has downgraded income-tax revenue for 2017 and 2018 by $1.1 billion (6%). Sales- and corporate-tax revenue are projected to fall by $385 million (9%) and $67 million (7%), respectively, this year. Pension contributions, which have doubled since 2010, will increase by a third over the next two years. The result: a $5.1 billion deficit and three recent credit downgrades.–National Sentinel, June 3, 2017
Falling tax revenues for Commie Connecticut result from over taxation to redistribute wealth. Consequently there are limits to such nonsense, and the billionaires and millionaires are vamoosing out of the state to less taxing states. And that also includes businesses that have been moving out of the state like Aetna Insurance that has been doing business there since 1853. The same will eventually occur in California and its communist economic policies based around wealth redistribution. Take their grandiose plan for a single payer health system which will be double the size of the present budget of $179 billion. Now where are the commie Californians going to come up with that kind of loot? And that is the reality of all socialist nonsense from Greece to Venezuela, such commie programs rely on someone else’s money. This will be an easy prediction: California will be the first but not the last state to experience a Venezuelan style meltdown. Why you should also not go to school there now, since people are obviously poorly educated and ignorant of fundamental finance. Their policy of political correctness makes it impossible for the people to change course which is a strong point of a real democracy, “being persuaded by the force of the better argument.” They are like children, self absorbed in their immediate consumption and bodily functions. They are spatialized in the present, and are not to be bothered with the future consequence of their actions like little children. And as children, they want the state to be their parents and provide for all their needs, i.e., socialism. However, this differs from the once American value of self sufficiency and rugged individualism where people took pride in providing for themselves, by saving today for the emergency of tomorrow.