Financial Condition: Connecticut has the highest liabilities and unfunded promises per taxpayer of any state. It's time to recognize reality--Connecticut's state government has grown too big, promised too much, and needs to be restructured. Connecticut must develop a comprehensive strategy to appropriately restructure the related programs and gain better control of its commitments.
Bysiewicz said the economy will not fully recover until the housing crisis is dealt with. She favors a plan to charge a small tax on every securities transaction. Such a charge would generate $150 billion annually; she said she'd use the bulk of the money to provide mortgage relief to middle class homeowners. The rest would be invested in renewable energy projects, she added. Murphy said he also supports a transaction tax.
McMahon responded with an attack of her own. "You voted to raise the debt ceiling eight times,'' she said. "I don't think your record speaks to a conservative Republican."
Unfortunately, other than unbridled greed by far too many on Wall Street and almost criminally lax oversight by far too many in Washington, there are no easy answers.
No easy answers, but lots of questions. Lots of concerns. These are the worst financial times any of us can remember. Let's face it, it's scary.
But one concern people should not have is a state government they cannot afford--which is what they have right now. And cities and towns will need our attention as they also struggle with the fiscal pressures of the economy.
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