What to do with that $505 million state surplus?
Gov. Malloy’s plan is good -- put part of it in the state’s rainy day savings fund, part in the pension fund, and give taxpayers a small rebate with the rest.
Use it all to pay down the state’s enormous pension liability -- a financial time bomb. Governors before Malloy often didn’t pay for the pension promises they made to public employees. Malloy has been better on this, but there is a lot of ground to make up.
Use it all to pay down the state’s bonded debt. Bonded debt (for capital projects like school construction) has increased since 2011 to $20.9 billion. The state bonded $1.79 billion in 2013, the most ever in a year.
Roll back those tax hikes.
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