Federation of Connecticut Taxpayer Organizations

HARTFORD, CT (Updated 3:15 p.m.) In his penultimate attempt to influence Connecticuts budget, Gov. Dannel P. Malloy didnt propose any sweeping changes, but he did take aim at some legislative initiatives, increase spending and taxes, and attempt to find ways around the new federal tax law.

The 2019 budget adjustment unveiled Monday by Malloy at a state Capitol press conference recommends a $20.73 billion budget, which is a $70.5 million increase or 0.3 percent. The budget, according to Office of Policy and Management Secretary Ben Barnes, reduces the forecasted deficits in 2020-22 by cutting them almost in half.

That would leave Malloys successor with an $844.1 million deficit in 2020 and $1.5 billion deficit in 2021. Malloy inherited a two-year, $6.72 billion budget deficit when he first took office in 2011. He also pointed out that state government is much smaller than it was when he first took office. Continue reading at http://www.ctnewsjunkie.com/archives/entry/20180202_malloy_unveils_his_final_budget_pitch_two_days_ahead_of_schedule/

Hartford Courant Reports

Malloy Pitches Plan To Protect Connecticut Taxpayers From Loss of Deductions

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Hartford Business Journal notes

Poll: CT residents unhappy about budget resolution, other issues

February 5, 2018 02:30 pm Patricia Daddona

Only a fifth of 1,000 residents polled by Sacred Heart Universitys Institute for Public Policy said in January they were satisfied with Connecticuts final state budget, a sign of discontent borne out in other findings.

A large majority was dissatisfied with the legislatures [Oct. 2017] budget agreement and felt it didnt address key issues, such as funding for K-12 public education, infrastructure and pensions. Nor did it improve residents overall outlook on Connecticut, with 66.8 percent pessimistic about the states future, said Professor Lesley DeNardis, executive director of the institute. Continue reading at http://www.hartfordbusiness.com/article/20180205/NEWS01/180209952

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REUTERS REPORTS

4 trillion global sell-off

World stock markets nosedived for a fourth day running, having seen $4 trillion wiped off from what just eight days ago had been record high values. Continue reading at https://www.reuters.com/article/us-global-markets/rolling-world-stock-sell-off-runs-to-4-trillion-idUSKBN1FQ00X

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Susan Cornwell of Reuters recently reported

Budget Deficit to Top $1 Trillion in 2019: Report

As the U.S. Congress limps toward the likely passage next week of another stopgap spending bill to avert a government shutdown, a Washington think tank has estimated the federal budget deficit is on track to blow through $1 trillion in 2019.

If it does, it would be the first time since 2012 the U.S. economy will have to support a deficit so large, highlighting a basic shift for the Republican Party, which has traditionally prided itself on fiscal conservatism. http://www.thefiscaltimes.com/2018/01/29/Budget-Deficit-Top-1-Trillion-2019-Report

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Why Govt Loans to Private Union Pensions Would Be Bailouts and Could Cost Taxpayers More Than Cash Bailouts (Rachel Greszler / Heritage Foundation)

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US Department of Justice

Office of Public Affairs

FOR IMMEDIATE RELEASE

Monday, January 29, 2018

Eight Individuals Charged With Deceptive Trading Practices Executed on U.S. Commodities Markets

EXCERPTS: Eight individuals who allegedly engaged in various deceptive trading practices on commodities markets in the United States have been publicly charged with federal crimes. Seven of the eight individuals were charged with the crime of spoofing, an illegal trading practice that can be used to manipulate the commodities markets.

EXCERPT: District of Connecticut

Andre Flotron, 53, a Swiss national currently residing in Wayne, New Jersey, has been charged in an indictment in the District of Connecticut with conspiracy to commit spoofing, wire fraud, and commodities fraud when he was a UBS AG precious metals trader at UBSs trading desks in Stamford, Connecticut and Zurich, Switzerland. The indictment also alleges that Flotron trained and instructed another UBS trader in the practice of using spoof orders.

EXCERPT: Todays enforcement actions were led and coordinated by the Criminal Division Fraud Sections Securities and Financial Fraud Unit and the U.S. Attorneys Office for the District of Connecticut. Continue reading at https://www.justice.gov/opa/pr/eight-individuals-charged-deceptive-trading-practices-executed-us-commodities-markets

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Floridas Voting Ban on People With Felonies Ruled Unconstitutional by Judge

Read the Article at Reuters