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Malloy Tells Reuters He’s “Proud” of CT Government, as Reuters Reports CT Debt “Worst” in U.S.

August 23, 2017 By Staff
Malloy Tells Reuters He’s “Proud” of CT Government, as Reuters Reports CT Debt “Worst” in U.S.

In an interview with Reuters, Dan Malloy said he's "proud" of state government. Reuters noted that "[b]y many measures, Connecticut's debt levels are the worst" in the U.S.

In an interview with Reuters published on Wednesday morning, Gov. Dan Malloy (D-Conn.) said that he’s “proud” of Connecticut government and his administration.

MALLOY: “There has been an ongoing process of making hard decisions. I think there’s some legislative fatigue over that, but we’ll get a budget.

I’m pretty proud that Connecticut’s government is over 12 percent smaller today than when I took office. I’m proud that we’re the first administration to truly actuarially fund pensions. I’m proud that we’re the administration that has now restructured our arrangement with labor and have restructured the funding formula for our long-term obligations.”

At the same time, though, Reuters reported that “[b]y many measures” Connecticut’s debt is the worst in the nation.

By many measures, Connecticut’s debt levels are the worst of the 50 U.S. states.

It has the most net tax-supported state debt per capita in the nation at $6,505, versus a median of $1,006, according to Moody’s Investors Service.

It has the highest debt service costs as a portion of state revenues, as well as debt relative to gross domestic product, Moody’s said.

Connecticut was downgraded by all three major Wall Street credit rating agencies in May.

This comes on top of a rough few weeks for Malloy:

  • Malloy has blamed the legislature for the nearly-two month stalemate on Connecticut’s budget, but is also torching proposals from his own party to raise taxes
  • Malloy drew the ire of local leaders throughout the state by zeroing out state education funding for 85 of Connecticut’s 169 towns and cities last week
  • Some called Malloy’s priorities into question after NBC Connecticut reported that deceased veterans are not receiving Honor Guard salutes due to budget cuts, even as Malloy throws money at favored causes

Some will question whether Malloy has a lot to be “proud” of in the swan song of his eight-year tenure as governor.