"Tax & spend" policies have failed in CT – now Democratic Socialists want to make them national.
"Tax & spend" policies have failed miserably in Connecticut – now Democratic Socialists want to bring those failed ideas to the Federal government. CT's biggest challenges began when spending on various programs ballooned. The state cost structure became unviable. The big recession hit Connecticut revenues hard because the financial sector is a big revenue driver in CT. The CT state response to the recession was to increase taxes rather than to focus on the state’s bloated cost and spending programs. A decade later, CT has slower job growth than the US average, has lost business tax revenues due to big firms moving out, and the state pensions are amongst the worst in all 50 states. Even as local and state taxes are among the highest in the country, the state appears close to bankruptcy. Tax & spend policies have not worked for CT and note, these are type of policies that will get replicated if we follow what Democrats are pushing on the national level.