Malloy announces new fiscal strategy based on the notion of “Putting Head in Sand.”
For the past five years, Governor Dannel Malloy has steadfastly refused to properly address Connecticut’s failure to properly fund its long-term obligations, including the state’s two pension funds and state employee post-retirement benefits.
Today, in what he called a “bold move,” Malloy announced his solution.
The strategy can best be described as a plan to put our collective heads in the sand, push off the burden to our children and hope that no one notices!
The plan is nothing but a gimmick to reduce the budget deficits that Malloy has built into his state budgets.
As the CT Mirror’s Keith Phaneuf explains in his article entitled, Malloy calls for big change in pension financing
East Hartford — Gov. Dannel P. Malloy outlined Wednesday a sweeping plan to overhaul state government’s pension system, pushing some costs off for a decade and a half to control spiking costs that he argued could drive up taxes and drain vital programs.[…]Benjamin Barnes, the governor’s budget director, said actuarial assessments and other fiscal details of the plan, developed in cooperation with a study of the pension system performed by analysts at Boston College, would be released soon.“There is no magic bullet to solve high pension costs,” Malloy told commissioners during a briefing at Rentschler Field in East Hartford. “WeMalloy announces new fiscal strategy based on the notion of “Putting Head in Sand.” - Wait What?: