The definition of insanity used to be "doing the same thing over and over and expecting a different result"; now it's just abbreviated "liberal policy".
What is happening in Connecticut is a prelude to what we can expect on a national level. Other states, most notably California, are in similar or worse shape than Connecticut without the benefit of a large, affluent tax base.
The one method that has not been used to forestall further economic disaster is the one that makes the most sense: Stop spending. The federal government has increased spending to unprecedented proportions and yet the economy continues to find new lows. Rational thinkers should be able to make the connection; or not.
The following good news comes from The Economic Policy Journal
Rating Cut by Fitch on Wealthiest U.S. State
Connecticut is preparing to borrow $956 million to close a budget gap in the fiscal year beginning July 1, after borrowing money last year to cover a deficit of $947.6 million. Not good. Fitch has reduced the states credit rating from AA+ to AA.
“The downgrade reflects the state’s reduced financial flexibility, illustrated by its reliance on sizable debt issuances during the current biennium to close operating gaps in the context of already high liabilities,” Fitch said.
Connecticut is the wealthiest state on a per capita basis with personal income of $54,397 in 2009, according to Department of Commerce.
What further proof does our industrious leader need that his policies are failing and the country along with it?