Lamont is guarding reserves for recession to come. Critics say he's prioritizing austerity over COVI
Five months into the pandemic, with another COVID wave looming and the national economy in free fall, Gov. Ned Lamont is socking away Connecticut’s dollars, reminding lawmakers these resources may need to last for many years.
But with more than 4,400 dead from the coronavirus in the state, hundreds of thousands unemployed, an education system mired in uncertainty, and hospitals and municipalities hemorrhaging millions in lost revenues, Connecticut has unprecedented immediate needs.
The next gubernatorial campaign is closer than many realize, too, and Lamont’s critics say saving lives now is more important than keeping taxes down during the next election cycle.
As for tapping the state’s reserve funds – “I would just say it’s much too early,” Lamont said during a briefing last Wednesday. “We have no idea what this economy is going to look like.” One day later, the U.S. Commerce Department announced the national economy had plunged 9.5% during April, May and June, the largest quarterly drop on record. State labor officials say the effective unemployment rate here is about 16%.
Read more: https://ctmirror.org/2020/08/05/lamont-says-hes-keeping-reserves-for-recession-to-come-critics-say-hes-prioritizing-low-taxes-over-covid-response/