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Posts published in “Connecticut Newspapers”

Lamont’s “CT Comeback” and His “Progress on Pensions” Are Myths

During his re-election campaign - and ever since, Governor Lamont has claimed credit for a Connecticut Comeback and for “progress on pensions.” Yet long-term debt has increased $3 billion. The unfunded liability of the state employee pension fund (SERS) has barely improved, despite that the state has put a whopping $5 billion in special deposits into it. The latest news on the economy is that Sikorsky will be laying off 400 workers. Where’s the Comeback? Where’s the progress on pensions?

April 25, 2024

When did you last hear of a major business moving into Connecticut?

This week every Democrat in the General Assembly voted for Governor Lamont’s 4.5% state employee wage increase for next fiscal year that will bring wage increases during Lamont’s time in office to an eye-popping 33% total increase. A state employee making $100,000 just prior to Lamont’s inauguration will get $133,000 next year. Nice pay if you can get it, and 46,000 unionized state employees will get it.

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The Unbearable Lightness of Joe Biden

Two weeks ago, Joe Biden okayed more weapons for Israel to use during the U.N.-mandated Gaza ceasefire that Biden then greenlighted. Huh?

April 2, 2024

Yes, you read that correctly. As widely reported, Biden okayed the U.N. resolution for an immediate unconditional ceasefire in Gaza on March 25th. Few knew that, over the prior weekend, Biden had certified Israel as being in compliance with U.S. law and U.S foreign policy regarding acceptable use of U.S.-supplied weapons. So, more bombs and artillery shells are headed to Israel for...  Somewhat incoherent, right?

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Talking Candidly About State Employee Compensation is the Third Rail of Connecticut Politics

Last week, there was a hearing in Hartford reviewing the investment performance of the state’s two big public pension funds. There was much self-congratulation. Hearst newspapers published a headline: “CT’s pensions hit $55B with a strong ’23 but debate rages over how we stack up.”

April 2, 2024

First, hitting $55 billion in assets is meaningless. What matters is whether those assets are sufficient to cover future pension costs. They are not.

April 10, 2024

Second, there’s no debate about “how we stack up.” The article confirmed once again the inadequate funding of the state’s big public pension funds, which rank – again – in the bottom five of the 50 states.

There was no mention at all of one major factor impacting “how we stack up"...

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Where Does CT Income Tax Revenue Go?

Last weekend at my granddaughter’s birthday party, a parent asked me where Connecticut’ income tax revenue goes. He had gone online and compared the financials and government programs of Connecticut and New Hampshire, which has no income tax. He said he could not discern much difference in the services that the two states provide.

March 20, 2024

I replied that Connecticut income tax revenue goes to fund the overgenerous pay and the gold-plated benefits of Connecticut state employees. As if to illustrate the point, Governor Lamont has just inked a contract awarding employees another 4.5% annual wage increase next fiscal year. The contract is awaiting General Assembly approval.

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Another SEBAC Contract & Deeper in Debt

The U.S. and the State of Connecticut are sinking deeper into debt. The skyrocketing national debt receives widespread media attention, Connecticut’s almost none. Uncle Sam’s growing debt is highlighted and explained by huge budget deficits, while Connecticut’s increasing liabilities are hidden behind budget surpluses.

February 23, 2024

Yet, Connecticut’s growing debt is also ignored, because it is caused mainly by overgenerous and underfunded state employee compensation. No one, certainly not union-friendly Democrats, wants to offend public sector unions by exposing this reality.

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Connecticut is $3.8 Billion Deeper in Debt… How Did We Get There?

Governor Lamont claims to be engineering the Connecticut Comeback. Not so fast. Immediately before he first took office in 2018, the state’s long-term debt was $83.4 billion. The latest state financial statements show $87.2 billion. The state is $3.8 billion deeper in debt.

February 15, 2024

Lamont claims to have improved the health of the drastically underfunded state employee pension fund (SERS) with $5.0 billion of special deposits to the fund. In 2018, SERS unfunded liability was $21.2 billion; last June 30th, it was $20.1 billion, indicating a meager improvement of $1.1 billion.

What happened?

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Fearful Symmetry, Futile Strategy; The Only Solution Is Peace

Palestinians cry “From the river to the sea,” while Israelis seize and settle the land from the sea to the river. The Times of Israel reports that an Israeli cabinet minister and his father, a rabbi, suggest the option of nuking Gaza and eradicating Palestinians, unavoidably evoking the Final Solution and the Holocaust.

November 30, 2023


The massacre at Kibbutz Be’eri, where 130 Israelis were slaughtered by Hamas on October 7th, recalls the documented 1948 massacre at Deir Yassin, where Jewish guerrillas executed over 100 Palestinian men, women and children.

Hamas and Hezbollah seem tragic descendants of last century’s Jewish guerillas, the Urgun and Lehi.

**

Palestinians enjoying peace and tranquility in their own homeland from the river to the Green Line is the best way to defang the terrorist movements. How many families living in genuine peace will offer their children to be suicide bombers? To be terrorists? To live in tunnels in Gaza or caves in Southern Lebanon? Peace is the greatest threat to terrorists. It is time to carry out the threat.

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CT Revenue: Easy Days Are Over

On Monday, Connecticut’s budget forecasters released their first updated revenue forecast since last May, at which time they removed a whopping $2 billion of expected revenue from volatile individual income tax categories over a four-year stretch. The new forecast predicts further declines in these categories, wiping away another $750 million over the remaining three of the original four years.

While declining revenue is never good news, these drastic reductions represent a welcome return to budgetary prudence from the wildly over-optimistic revenue forecasts of fiscal 2023 and from Governor Lamont’s re-election campaign happy talk last year claiming to have ended the era of permanent fiscal crisis in the state.

The crisis is not over.

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A New Peace Proposal: A Protectorate on the West Bank Governed by a Coalition of Major Powers

After Hamas's heinous attack on Israel, President Biden - wisely - has been talking about peace in the Mideast, even as hostilities rage in Gaza, the West Bank and at the Israel-Lebanese border. Without a peace settlement, these hostilities are open-ended, as they have been for decades. Yet, Biden has resurrected the old idea of a Palestinian state under the Palestinian Authority. That plan is a dead letter. Instead, we should try an entirely new approach, a permanent international protectorate on the West Bank.

October 25, 2023

The protectorate would be established and governed by a multinational coalition which would take control of the West Bank and demilitarize it completely, replacing Israeli Defense Forces with international peacekeeping troops.

The Palestinian state is a casualty of two realities. First, Israel could never accept a fully sovereign Palestinian state on the West Bank high above Israel which is but six miles wide at its narrowest point. That would be an unacceptable existential risk for the Jewish state.

Nor would the Palestinians accept the emasculated version of a state contemplated in failed negotiations to date, a small demilitarized entity with IDF troops stationed on all its borders. That would be little different from the current status quo. Peace negotiations over the years have bogged down in fatally complex detail in attempts to square the circle of these irreconcilable positions.

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New York’s Fraud Law: Guilt, In Absence of Intent, Malice, Materiality, Damages or Actual Fraud

Let me say first that I am not a lawyer. Nor am I a supporter of Donald Trump for the GOP presidential nomination. Yet, I am troubled by the New York Executive Law § 63(12) (the “Law”) under which Donald Trump and his associates have been found to have committed fraud, his business licenses cancelled and various of his business units ordered dissolved within 10 days – all before a trial in which New York State seeks a whopping $250 million from The Donald.

This Law strikes me as dangerous, certainly to anyone doing business in New York State. As the order by New York Supreme Court Justice Arthur Engoron (“the Order”) acknowledges, no victim of Trump’s activities “lodged a complaint” or “otherwise claimed damages.” Usually, a murder conviction requires that the victim’s body be found. In the Trump case, the body is alive and kicking.

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