Free Republic
Browse · Search
News/Activism
Topics · Post Article

Skip to comments.

NJ faces another credit rating slash: S&P (Nail in Christie's Coffin)
Reuters ^ | June 2, 2014 | Staff

Posted on 06/03/2014 5:52:42 AM PDT by C19fan

New Jersey could be downgraded again because of its growing budgetary imbalance and underfunded public pension, Standard & Poor's Ratings Services warned on Monday.

S&P had already cut the state's rating to 'A+' in April. Wall Street's two other main credit rating agencies soon followed in slicing the state to a single-A rating. That put New Jersey among the three lowest-rated states, along with California and Illinois.

(Excerpt) Read more at cnbc.com ...


TOPICS: Business/Economy; Politics/Elections; US: New Jersey
KEYWORDS: bond; christie; fiscal; pension
This on top of Bridgegate should be the end of Christie as a viable POTUS candidate. Under his lack of leadership NJ debt is Third World junk status along with CA and IL. On the bad side, this makes the Dauphin Bush, aka, Jeb, run even more likely.
1 posted on 06/03/2014 5:52:42 AM PDT by C19fan
[ Post Reply | Private Reply | View Replies]

To: C19fan
New Jersey is either a smaller version of California or a larger version of Detroit. Neither bodes well for the future of the state. Interestingly, this really has nothing to do with Christie but he'll surely pay a steep political price for it if he ever had any aspirations for higher office (which I suspect he doesn't). The state is simply in a death spiral of rising costs and declining revenue sources.

An important statistic to remember in New Jersey is that something like one out of every seven workers is employed by the public sector. Based on this, I'd say there's a good chance that at least 50% of the state's residents have an immediate family member working for the government -- which is why the solutions to so many of the state's problems are politically untenable.

2 posted on 06/03/2014 6:00:43 AM PDT by Alberta's Child ("What in the wide, wide world of sports is goin' on here?")
[ Post Reply | Private Reply | To 1 | View Replies]

To: C19fan

The pharmaceutical industry came to New Jersey because New Jersey was once the location of America’s chemical industry. New Jersey had the raw materials and expertise that was conducive to the manufacture and development of drugs. In the 1960s and 70s the chemical industry was largely shut down due to environmental regulations. Now there is no actual real need for big pharma to stay and they too are leaving taking their well paying jobs with them. Today government workers in New Jersey have far better pay packages and benefits than the private sector workers who ostensibly support them. That private sector continues to contract. What has happened in New Jersey, is happening all across the United States. EPA rules and regulations are severely inhibiting the private productive sector.


3 posted on 06/03/2014 6:08:37 AM PDT by allendale
[ Post Reply | Private Reply | To 1 | View Replies]

To: allendale

Sounds like Minnesota.
State government is among the largest employers...


4 posted on 06/03/2014 6:16:38 AM PDT by Eric in the Ozarks (Rip it out by the roots.)
[ Post Reply | Private Reply | To 3 | View Replies]

To: C19fan

At some point during the negotiations of the yearly budget during his first year in office, Christie made a tactical political decision to not take on the entrenched rentiers of the state budget. He chose to bluster his way through the next two years of state budget negotiations and the short term decision making he made in April/May of 2011 has in the long term ended his political viability, both as a lame duck Governor and as a potential Senator/US Attny Gen/VicePresident/President.

He will fade into private practice and try to build up his personal wealth, just as Pataki did after leaving office.


5 posted on 06/03/2014 6:55:17 AM PDT by JerseyHighlander
[ Post Reply | Private Reply | To 1 | View Replies]

To: C19fan

Fat boi has the highest state taxes in the US. NJ is still broke. The DemocRat has no clothes.


6 posted on 06/03/2014 8:53:00 AM PDT by VRWC For Truth (Roberts has perverted the Constitution)
[ Post Reply | Private Reply | To 1 | View Replies]

To: JerseyHighlander

This told me everything I needed to know about Christie’s willingness to be ‘bipartisan’:

http://www.njspotlight.com/stories/13/11/08/kean-survives-ouster-vote-despite-christie-arm-twisting/


7 posted on 06/03/2014 9:40:53 AM PDT by Black Agnes
[ Post Reply | Private Reply | To 5 | View Replies]

Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.

Free Republic
Browse · Search
News/Activism
Topics · Post Article

FreeRepublic, LLC, PO BOX 9771, FRESNO, CA 93794
FreeRepublic.com is powered by software copyright 2000-2008 John Robinson