Of course, for tax purposes it's the actual income that matters, and as a result the steep decline has exacerbated Connecticut’s budget woes. The projected deficit for the new fiscal year beginning July 1 has now jumped from about $1.7 billion to $2.3 billion, while the deficit predicted for the second year of the state’s two-year budget is now about $2.7 billion.
According to AP, lawmakers and the governor have already discussed the possibility of making deep cuts throughout state government, including to state colleges and universities and social services. Meanwhile, there’s a threat of about 4,000 layoffs if a $700 million labor concession deal isn’t reached with state employees. Lawmakers say these latest revenue figures make that agreement even more crucial.* * *Meanwhile, in a stark confirmation just how dire the state's economic and fiscal situation has rapidly become, the Hartford Courant reports that city leaders in the state's capital have taken a step toward bankruptcy, soliciting proposals from law firms that specialize in Chapter 9. It adds that the city is reviewing several firms and could hire an attorney as early as this week, sources with knowledge of the plans said.
See ya later Connectilator
How did the hedge funds make money? Idiotic central banking leaves too many arbitrage moments in the system. They have a foul sandbox, and we gonna fix that.
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