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UpdatedTue, Jan 19, 2021 at 1:57 pm ET
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By Scott Benjamin
A noted economist insists that there is no politically credible combination of tax reform or tax increases that will mitigate a projected combined state budget deficit of at least $10 billion deficit over the next three fiscal years.
University of Connecticut Finance Professor Fred Carstensen – the director of the Connecticut Council for Economic Analysis – wrote in a prepared statement to Patch.com that the state government faces massive deficits, much worse than those to which the state Office of Fiscal Analysis (OFA) – the General Assembly s fiscal arm – or the state Office of Management & Budget (OPM)– the governor s budget arm – admit.