Posted by: Barthélemy Barbancourt on Sep 26, 2011
On Friday, Standard and Poor's bond rating agency downgraded the state's grade from AAA to AA+. The agency, one of three big ratings firms, was the last to hold Minnesota's rating as perfect and now that is gone.
"The downgrade reflects what we view as the state's ongoing reliance on nonrecurring measures to balance its budget, which we believe will contribute to continued structural imbalance," said Standard & Poor's credit analyst Robin Prunty.
Could someone please tell liberals that the party is over and the bill is due.
written by Woody , September 26, 2011
You forgot to mention Tim Pawlenty. He left a large defecit before he pursued his presidential ambitions and another reason for the rating downgrade is the contemptuous behavior of the State Senate and the Governor. It's not a liberal problem Bart so put the broad brush away.
written by TomC , September 27, 2011
Woody, That's not true. He left a balanced budget. It's only the projected balance that was in arrears. More MSM BS. It's the same with Perry. These state governments are required to balance their budgets. Just because during a recession the government projections do not seem to stop growing at a 7% clip does not mean there are budget deficits.
This 7% baseline growth budgeting has got to stop at both the state and the federal (and I am sure at every level) governments. It continually gives Dems ammunition and talking points. The thought cuts are not real and just cuts in projected increases is nonsense. No one else budgets that way.
written by jokin , September 27, 2011
"...and another reason for the rating downgrade is the contemptuous behavior of the State Senate and the Governor."
Woody is right! The MN Senate was a DFL feifdom that was never held by the Republicans until 2011. The Dems used this body for their own perfidiously larcenous devices with unchecked power for decades. It's going to take more than just one session of the MN Senate to undo all of the institutionalized, rubber-stamp, built-in-automatic-increases-in-spending-damage (for the children!) that the DFL-controlled MN Senate has done to jeopardize the state's long-term economic vitality.