Connecticut needs the 'cash cop'

As we bob and weave our way to Election Day Nov. 2 the marquee campaigns for governor, U.S. Senate and Congress will take up a great deal of the oxygen.

There are also statewide races for the constitutional offices that deserve voter attention. The race for treasurer is between incumbent Democrat Denise Nappier and Republican Mayor Jeff Wright of Newington. It is a race to watch.

Ms. Nappier has been in the office for 12 years. She took over after the scandal-filled term of former treasurer Paul Silvester. During her tenure she has guided the office through some very challenging economic times. A quiet but steady hand has marked her tenure. The current economic conditions require new ideas and a more activist treasurer.

Twelve years is a long time and the state's recent fiscal record is troublesome, at best. In June the rating service Fitch downgraded Connecticut's bond rating one level, to AA. The College Higher Education Trust (CHET) program ranked the state 47 out of 52 plans in the country. Connecticut has the highest per-capita debt.

Finally, the Connecticut pension obligations are deeply underfunded and, according to a Northwestern University study, the state pension fund will be broke by 2019.

In downgrading Connecticut, Fitch put the state on notice, "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."

In layman terms, we spend and borrow too much.

The legislature and the governor approved borrowing of $947 million for this year's budget and $957 million for next year's. It simply can't go on. This bleak economic record has had little leadership from Ms. Nappier. She has been a caretaker and not vocal enough with her own Democratic Party, the unions or with a governor who has been at best detached and at worst AWOL from her job.

As the state faces difficult economic times there is a need for new ideas and fresh approaches. The Republican candidate, Jeff Wright, calls himself the "cash cop." In a unique and exciting move, Mayor Wright introduces himself to voters using social media. His YouTube video tells voters that he will "protect your money." It is clear Wright will be an active treasurer.

As a financial planner Wright brings years of private-sector experience. As a municipal leader he also understands the complexities and challenges faced in the public sector. Most of all Wright will bring to the job the willingness to stand up to the legislature and governor and warn them that their irresponsible decisions today will cripple the state in the future.

Ms. Nappier has offered sobering and declarative statements urging state leadership to do more. Many times, however, these statements come in reaction to bad news. She has deferred from aggressively using the leadership position she holds.

After an article by CTMirror.org reporter Keith Phaneuf highlighted the Northwestern University study, Ms. Nappier issued a two-page response stating that everyone else is wrong and that she is right. She states, "Missing in both the story and the underlying study are the facts."

The facts are that the biggest burden on the state's financial future is in union contracts that have pensions and health plans that Connecticut simply can no longer afford. This is not a partisan issue; Republican governors John G. Rowland and M. Jodi Rell signed virtually all of the current union contracts.

2010 is an election in which voters are looking for change. Twelve years is a very long time. It is time for new ideas and new guidance in the office of treasurer. It's time for the Cash Cop, Jeff Wright.

Ben Davol is a veteran of numerous local, state and federal political campaigns. Once a Republican organizer, he is now registered as unaffiliated.