New Jersey’s Credit Rating Suffers 11th Downgrade Under Christie

New Jersey’s credit rating took a hit on Monday, affecting $37 billion of debt, the 11th time Wall Street has downgraded the state’s bonds since Governor Chris Christie took office in January 2010.
Here’s the story.
Assemblyman John Wisniewski (D-19), a candidate for governor in the Democratic Primary, had sharp words for Christie in a statement – and slapped at his opponent, former Goldman Sachs executive Phil Murphy.
“This is what happens when you put tax breaks for the rich and corporate welfare for Wall Street over helping our middle class,” Wisniewski said. “For 12 years we’ve had inexperienced outsiders trying to govern by gimmicks, greed and insider deals — it’s time we had a leader with experience, not another Goldman Sachs elitist. As governor, I will work to rebuild New Jersey’s middle class by fully funding K-12 and fighting for single-payer healthcare.”
Christie’s fiscal 2018 budget proposal last month included a $2.5 billion contribution to the state’s retirement system for public employees, a $647 million increase from this year.

According to Reuters’ story, “Moody’s said the bigger contributions under Christie were still not meeting actuarial recommendations and unfunded liabilities were mounting.”

“This rating action confirms what the Governor has been saying since 2009,” said Willem Rijksen, spokesman for the New Jersey Department of the Treasury, in a statement. “The pension system must be reformed or it will fail and continue to damage the entire state budget.”

 

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