Todd Heisler/The New York Times
WELL -So much for that bullshit
But for much of the last year, Democrats and independent budget analysts
have argued that his current budget was built on wishful thinking, and
assumed that the state’s lagging economy would grow faster than that of
almost anywhere else in the nation. In his typical blunt style, Mr.
Christie dismissed those doubters as “rooting for failure.”
On Tuesday, his frequent assertions of a “New Jersey Comeback” came
under fresh scrutiny, this time from Standard & Poor’s, which
downgraded the state’s financial outlook to negative from stable.
The ratings agency said it lowered its outlook because it believed the
governor’s revenue projections for the current fiscal year were overly
optimistic, warning that the budget was structurally unsound. In
particular, the agency took note of the administration’s reliance on
one-time transfers of money to fill gaps in the state’s $32 billion
budget. At the same time, it noted that the state will have to spend
more in the coming years to meet pension and Medicaid obligations.
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