Can You Spot a Trend in New Jersey’s 10 Credit Rating Downgrades Under Christie?

Reason ^ | November 22nd, 2016 | Eric Boehm

[ChessExpert]

Christie says he doesn't pay attention to credit ratings, but maybe he should have. They've been trying to tell him (and other states) something.

Since Gov. Chris Christie took office in 2010, New Jersey has seen its credit downgraded 10 times by the "big three" credit rating agencies.

Seriously, though, the state's pension systems are a total mess. When Christie came into office in 2010, New Jersey was facing a $54 billion funding shortfall to pay for current and future retirees. He immediately set about tackling the problem—to his credit—and in 2011 the state passed a pension fund rescue plan that would have theoretically closed the funding gap within a few decades.

Since then, though, Christie's subsequent budgets have failed to meet the promises laid out in that 2011 plan, leading to credit rating downgrades and spiraling debt. Today, the state owes an estimated $135 billion in future pension costs.

Pensions are a problem almost everywhere, but few states are in as much trouble as New Jersey.

[ChessExpert]

I remember when some credit agencies downgraded US Government debt under Obama. The response from Senate Democrats was to investigate those agencies that issued the downgrade reports.

[arl295]

New Jersey is broke?

That is what happens when the needs of public workers is a higher priority then the needs of the tax payers

Look at NJ, the best benefits for public workers on the planet, a golden pension system that is 2nd to none, best medical coverage. The state is broke

Christie made the public workers pay a tiny, small, percent of their health benefits and they went crazy. Insane crazy, all they would do is bash Christie on everything all you would here is teachers whining how they have to pay a grand a year for medical benefits that cost the tax payers 27 grand a year. All you would hear is public worker butthurt and still do to this day

The private sector told these hosers to suck it up buttercup but they still complain. And they have the media on there side as well. Star Ledger, etc parrot the public sector talking points, any who disagrees is some sort of right wing racist tea party nut job.

They are losing the war and they hate it.

[aimhigh]

Christie made the public workers pay a tiny, small, percent of their health benefits and they went crazy.

I'd blame the liberal legislature rather than Christie. There's only so much Christie can do with a commie legislature.

[ObozoMustGo2012]

[I’d blame the liberal legislature rather than Christie. There’s only so much Christie can do with a commie legislature]

This....

I’m a lifelong (unfortunately) resident of New Jersey-stan, and it’s the legislature that is the biggest problem.
The state was a DISASTER when Corzine was Gov.

Christie was at least able to take the proverbial gun out of the state’s mouth before the trigger was pulled.

I fear what we will happen when he leaves office, but knowing that Steve Sweeney isn’t going to run offers a glimmer of hope.

[pepsi_junkie]

Christie made the public workers pay a tiny, small, percent of their health benefits and they went crazy.

A freind of my wife's is a teacher and she would go ballistic when the topic of having to pay some token (like $6 a week or something ridiculous like that) would come up. "My governor hates me!" and screeds about how he wanted her to die because he wouldn't pay for all her health care and was making her pay a tiny token. She's screeching this to a bunch of people in private sector jobs who pay thousands each year for half the coverage and then have to pay for her too. No sympathy.

[arl295]

NJEA turn all the ladies into victims

And ladies, I mean the men as well

They are a bunch of liberal cry baby victims

I however do know some, a select few, men and women, who understood what the governor was doing and don’t think of themselves as victims and would love to tell their union to go shove it. But they can’t.

[ChessExpert]

“it’s the legislature that is the biggest problem”

Thanks both for posting replies. As an outsider, I didn’t realize that the legislature was the main problem. I should have known, as Governors (and Presidents) have to work with legislatures. It is a very common mistake to put all blame, or credit, on the President or Governor.