Earlier it was reported that Illinois was in a financial death spiral. New reports indicate that Connecticut, another Democrat-controlled state is also in dire financial trouble. The ironic part is that Connecticut already has some of the highest tax rates in the nation, a tactic used by Democrats, resulting in the state’s credit ranking to be downgraded to ‘junk’ status.
Illinois isn’t the only state dealing with financial headaches these days. Connecticut, too, is facing big budget problems as major corporations flee the state’s high taxes and its fiscal future gets murkier by the day.
While Illinois is facing the possibility its credit rating hitting “junk” status, Connecticut has the distinction of the third-worst ratings in the country — behind Illinois and New Jersey.
S&P Global Ratings, Moody’s and Fitch all downgraded the state last month — which threatens to increase the cost of borrowing — in what officials described as a “call to action” for state leaders…
Whenever there is a budget shortfall, Democrats turn to raising taxes. Simply cutting spending has never been an option to them, except that they usually increase their spending with increased taxes instead of using them to help balance the budget. If state and federal governments were run like businesses, virtually every Democrat would be out of business.