By Matt Rooney | The Save Jersey Blog
Am I the only one who read any of Moody’s credit downgrade reports slamming New Jersey’s borrow-or-bust budgeting practices?
No one on the Left side of the aisle did, Save Jerseyans.
This morning, Trenton Democrats surprised Republican colleagues with ACR244, a concurrent resolution calling on Governor Christie to fall back on our state’s line of credit to make a $1.3 billion pension payment in July 2015 rather than June 2016. Yup, they’ve learned nothing. They’re willing to destroy our state to keep ruling it by appeasing their GOTV/independent expenditure “credit line” a/k/a the public sector labor unions.
Declan O’Scanon did, however, read the reports.
“Moody’s said in their April report that one of the things that could make our rating improve is if we decrease our reliance on cash flow borrowing to below 8 percent,” the Assembly GOP Budget Officer explained in a punchy afternoon statement. “We will achieve a 5.6 percent cash flow borrowing level as long as we stick to our current pension contributions schedule. Conversely, if cash flow borrowings increase to more than 10 percent of revenues, as it would under today’s Assembly proposal, our rating could be downgraded again.”
But the people in charge have other priorities.