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Connecticut Rating Cut by Fitch
Old 06-07-2010, 01:59 AM   #1
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Connecticut Rating Cut by Fitch

Not that I was planning on buying any of these, but I'm trying to understand why the state with the highest per capita income is also the state with the highest net tax supported public debt.
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Connecticut, the state with the highest tax-supported debt, had its bond rating lowered one level to AA by Fitch Ratings as it prepares to borrow money to cover a budget deficit for a second straight year...Standard & Poor’s yesterday rated Connecticut AA, two steps below the top level, and Moody’s Investors Service ranked it an equivalent Aa2 on May 27. All three companies assigned a stable outlook to the credit.
Connecticut Rating Cut by Fitch Ahead of Debt Sale (Update1) - BusinessWeek
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Old 06-07-2010, 09:23 AM   #2
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Originally Posted by Leonidas View Post
Not that I was planning on buying any of these, but I'm trying to understand why the state with the highest per capita income is also the state with the highest net tax supported public debt.
Even folks making a million dollars a year can outspend their income.
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Old 06-07-2010, 01:50 PM   #3
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Old 06-07-2010, 02:00 PM   #4
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Originally Posted by Leonidas View Post
Not that I was planning on buying any of these, but I'm trying to understand why the state with the highest per capita income is also the state with the highest net tax supported public debt.
They're very concerned about border security from the illegal riff-raff expats of the surrounding states...
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Old 06-07-2010, 09:03 PM   #5
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Not that I was planning on buying any of these, but I'm trying to understand why the state with the highest per capita income is also the state with the highest net tax supported public debt. Connecticut Rating Cut by Fitch Ahead of Debt Sale (Update1) - BusinessWeek
Simple. We spend more than we take in. Except for a token Governor, we are one party rule. If they raise the income tax the rich people change their place of residence to FL where they already have a 2nd home.

5% income tax, 6% sales tax, modest home prop tax 5K, $0.42 gas tax, millionaire tax.
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