Pay and Pension in the White House

[Jim in CT]

Originally Posted by Sea Dangles

My guess is that they would follow you. Good luck
Posted from my iPhone/Mobile device

If that were true we'd be there. I have 3 other brothers in CT, with 5 more grandchildren for them, they will never leave CT.

Every once in awhile I try to convince us all to leave. Never works.

I figure CT is going to be unable to pay its bills within 10 years, they will go through some kind of insolvency (no mechanism today for states to do it, from what I understand, maybe they'll create it for CT), and maybe come out better on the other side.

In 2017, our state almost imploded because our budget had no money for a $1 billion payment to pensions. In a few years, the promised payments are $3 billion a year. Today we can't afford $1 billion, and our population (and therefore tax revenue) is shrinking, and in a few years we're supposed to pay $3 billion a year, for many years in a row. Ain't gonna happen.

Our unfunded debt is now estimated at $100 billion. There are 3 million citizens (and dropping) which works out to $33,333 for every one of us, on top of current taxes. That is what "failure" looks like.