Posted on 04/16/2012 6:32:24 PM PDT by Hunton Peck
Milwaukee mayor Tom Barrett, who is running for governor, blamed Gov. Scott Walker for the city’s debt getting downgraded by Moody’s Investors Service.
Barrett, at a press conference in Milwaukee Monday morning, cited three actions by Walker that Barrett said caused the downgrade to Aa2 from Aa1, which keeps the rating in the high-quality, low-credit-risk category.
The rating affects the city’s planned $445 million in bond and note offerings later this month and $963 million in existing general obligation bond debt, Reuters said.
Barrett said Moody’s cited the city’s reduced ability to raise revenue because Walker and legislative Republicans reduced the city’s shared revenue from the state.
Moody’s also listed the reduced income of city residents, and Barrett said Walker has undercut employment efforts such as ending a contract at the Talgo Inc. train plant in Milwaukee's central city.
The city’s credit rating also was hurt by elevated foreclosures and, again, Barrett said Walker was at fault. Barrett noted that Walker decided to use $25 million of the national settlement over foreclosure and mortgage-servicing abuses to toward a state budget shortfall. Other states used settlement to aid consumers facing home foreclosures.
“Rather than helping us to increase jobs in the city, they are working against us,” Barrett said of Walker and the Republican-controlled state Legislature.
Walker's campaign issued a response to Barrett's remarks late Monday afternoon.
“Tom Barrett consistently shows a lack of leadership by either remaining silent on the biggest issues facing Wisconsin, as he did with the crucial mining legislation, or he blames others for his failures," Walker spokeswoman Ciara Matthews said. "Tom Barrett has only his failed tax-and-spend policies to blame for the dismal state Milwaukee finds itself in today, and his sorry attempt at diverting attention away from his disastrous record is little more than a campaign stunt to win him points with his party’s liberal base.”
Also at the press conference at the Milwaukee Public Market, Barrett announced he was being endorsed by U.S. Rep. Gwen Moore (D-Wisconsin) in the recall election against Walker.
2. Blame nearest successful Republican
3. Repeat as needed
Where have we seen this pattern before ping!
The Dems first order of business.
This is why I think they should drug test politicians every time they open their big mouth.
No, Mr Barrett, it’s Bush’s fault, right? But, many thanks mayor for calling attention to your own failure by blaming your city’s credit rating on someone else.
Good thing Barrett used walker’s collective bargaining tools with city workers otherwise it’d have been worse.
Walker cut my state welfare check, it’s his fault my city’s credit rating dropped. - Tom Barrett
And fyi he’s running against walker in the recall. He’ll lose again.
It is my understanding that the rate Wisconsin pays for borrowing has been greatly reduced since Gov. Walker instituted budget repair. Perhaps Milwaukee needs to follow suite.
Wisconsin Barrett Blames Walker for Moody’s Downgrade ping
FReep Mail me if you want on, or off, this Wisconsin interest ping list.
I guess cutting the friggin expenses just WASN’T an option then. I am sick of politicians constantly whining about cutbacks. You know what, almost all of us in the US the past 3 years have had to learn to live with less.
I saw this epic fail coming in 2007 and cut all my expenses 10% in preperation. Then I cut another 10% in 2008. Used the money I saved, along with some savings to pay the last $10,000 I owed on the house just 2 months before the big crash. Paid off the cars in 2010 and have no credit cards.
It can be done. Even with almost no bills from above, it is still hard to save extra due to food, gas, electricity and every other basic necessity going up so much. I don’t know how those with stacks of bills do it in the current economy and I used to be one of them 10 years ago.
So it urks me to no end to keep hearing cities and states whine about the budget. Get out your scissors and start making some cuts.
Will Gwennie's kid, Supreme Solar Allah Pizza with Anchovies, be vandalizing cars on Barrett's behalf ?
If he had a little brother would he be called Subordinate Lunar Allah?
PPP poll: Walker 50 Barrett 45. Walker 50 Falk 43.
Wisconsin, don’t Falk it up. We can’t Barrett.
:D! Did you think of that?
All that endorsement means is that Gwen Moore wants to be mayor of Milwaukee.
No, can’t take credit. Saw it in a photo the other day on a supposed billboard.
That’s a frightening thought. She’s a moonbat racist.
Milwaukee credit rating down........It’s NOT Walker who is the mayor of Milwaukee, it’s Barrett.
You can’t fix stupid!
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