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Running out of other people’s money: Connecticut, run for years by Democrats, is sinking in debt with a population that is shrinking as people flee.
The administration of Gov. Dannel Malloy, a Democrat who has been in office since 2011, projects a budget deficit of more than $5 billion over the next two years, thanks to generous pension benefits and the burden of servicing its big debt, plus falling tax revenue due to the exodus of large employers and residents reaching retirement age.
Its budget woes, as well as concerns that they will be repeated year after year, helped lead General Electric in 2015 to consider moving its headquarters out of the state. Last year, it did exactly that.
The state’s population is falling: Its net domestic out-migration was nearly 30,000 from 2015 to 2016. In 2016, it lost slightly more than 8,000 people, leaving its population at 3.6 million. Indeed, recent national moving company surveys underscore the trend, showing more people leaving Connecticut than moving in. In 2016, the state also saw a population decline for the third consecutive year, according to Census Bureau estimates.
One of the companies, United Van Lines, reported that of all their Connecticut customers, 60 percent were leaving compared to 40 percent who were moving there. Only three other states had higher rates of people moving out – New York, New Jersey and Illinois. One out of five of those leaving said they were retiring. [emphasis mine]
Isn’t it interesting that the four states with the most people leaving are four states that have been largely run by Democrats for decades. And in those cases where Republicans have been in charge, they have taken the moderate go-along-to-get-along approach, essentially rubber-stamping the high spending and high tax agenda of the Democrats that dominate the political region.
Unfortunately, it is this agenda that dominates Washington and the federal government, and the Republican leadership there seems quite willing to do the same as the moderate Republicans in this states. Worse, we don’t have another country we can escape to.