S&P Downgrades New Jersey's Debt Ratings And Blames Chris Christie
April 10, 2014

I don't claim to know much about how state 'debt ratings" work, but I do know that when the S&P downgrades your rating, it's not a good thing.

Financial analysts at Standard & Poor’s downgraded New Jersey’s debt rating today, flagging Gov. Chris Christie’s budget practices as something that should give pause to investors.

While noting that the state economy has been growing steadily in recent years and has several bright spots that could help in the long run, the Wall Street rating house had tough words for the Republican governor, saying he has a habit of building budgets on rosy economic forecasts.

As a result, tax collections tend to lag by hundreds of millions of dollars every year, punching holes into the state budget and forcing Christie to use stopgap fixes, the analysts said.

"Almost five years after the official start of the economic recovery, New Jersey continues to struggle with structural imbalance and stands in stark difference to many of its peers who registered sizeable budgetary surpluses in fiscal 2013," the S&P analysts wrote in a note to investors today.

Governor Chris Christie has done nothing to help the people in New Jersey since he's been their governor and this latest knock on his budgets only makes things worst for the people. The news continues to be ugly for Gov. Chris Christie, as he tries to dig out from underneath the Bridgegate scandal and protect his presidential aspirations.

Can you help us out?

For 17 years we have been exposing Washington lies and untangling media deceit, but now Facebook is drowning us in an ocean of right wing lies. Please give a one-time or recurring donation, or buy a year's subscription for an ad-free experience. Thank you.

Discussion

We are currently migrating to Disqus

On May 14, 2022, we started migrating our comments from Insticator back to Disqus. During this transition period, some posts will have Insticator and some Disqus. For more information on the transition, as well as information regarding old C&L accounts, please see this post.


We welcome relevant, respectful comments. Any comments that are sexist or in any other way deemed hateful by our staff will be deleted and constitute grounds for a ban from posting on the site. Please refer to our Terms of Service for information on our posting policy.