“As your next State Treasurer, I will define a new financial strategy focused on reducing our debt and improving our investment performance.”
– Rep. Harry Arora
Define a Strategy to
Fix Connecticut's Finances
As your next state Treasurer, I will define a strategy to fix Connecticut's finances. We have excessive outstanding debt, and our pension fund is grossly underfunded. Debt payments and pension catchup payments make up a third of our budget.
Past and current Treasurers, including my opponent, have used the Treasurer's office to advance their political and social agenda with a massive cost to our citizens. My vision is to focus the Treasurer's office on a robust financial strategy to improve investment performance and reduce our total debt.
Improve and Protect our Pension Returns
Our pension funds have consistently underperformed a passive index of US stocks and bonds. We would have returned an extra $8 billion over the last four years if we had followed an indexed strategy. In addition, we paid nearly $800 million in investment fees in the previous five years.
As your State Treasurer, I will stop this underperformance through improved asset allocation. I will ensure our pensions meet and exceed market returns and that we do not pay excessive investment fees. I have studied our portfolio in detail and have a plan to put our pension fund on a firm footing..
Reverse the debt binge
From 2016 to 2021, our total state debt increased from $65 billion to $100 billion. This level of debt is excessive and unsustainable. My priority will be to reduce this debt and repair our balance sheet. I will increase due diligence on our debt issuances and bonding program. I will also work to extend our maturities at low-interest rates when market opportunity arises. Reducing our debt service expense will allow the state to reduce taxes and/or invest more in selected programs.
Work to Reduce Inflationary Pressures
Print and spend policies cause prices to rise. Every day, Connecticut residents are struggling with their energy bills, grocery bills, and everything else. Our state government can reduce inflationary pressures by stopping excessive spending. I will work diligently to ensure we focus on policies that mitigate inflationary pressures.
Reform State Unclaimed Property Program
Ensure that the unclaimed property claim process is resident friendly and expeditious. Currently we have thousands of pending claims and it takes months to get a reclaim. As a result, many residents give up on their claim.
Promote Financial Literacy
Financial Well-being: Provide information, education, and tools to help CT residents improve their financial health. Help residents with easy to understand tutorials on borrowing, investing, budgeting, insurance, and identity protection.
