Shaban: CT Spends $5M More Than It Takes in Per Week

To the Editor:

As a member of the State’s Finance Committee, I heard testimony last week from the Governor’s and Treasurer’s offices about our State’s continuing economic troubles.   

We confirmed that for nearly eight months our Treasurer has borrowed from State bond funds to cover operational expenses. We confirmed that our government spends about $5 Million more each week than it brings in, and that our cash flow is the worst it has been in years — ending the year over $500 Million behind. 

We also confirmed that despite the largest tax increase in State history, nearly $2 Billion, the current majority’s contemporaneous increase in government spending has again led to yearly budget shortfalls.  Despite record high taxation, our record high spending will lead to more borrowing and taxes, and will thus continue to put a drag on our economy as the private sector gets cannibalized by its own government’s voracious spending habits.  

As your State Representative, I have opposed this “government comes first” approach.  As our families and businesses know, the push toward fiscal sanity starts with spending cuts -- more taxation must be a last resort. 

I will continue to offer balanced budget alternatives, and to oppose the current majority’s wasteful spending, budget gimmicks, and no-layoff contracts with the State’s 50,000 workers.  I will continue to support measures like the 2011 “Jobs Bill” to keep manufacturers and students here, and my 2012 bill to make social security benefits tax exempt to keep seniors from leaving.  

Most importantly, I look forward to continuing my service.

John Shaban

Redding