Daily Kos: Standard & Poor's lowers New Jersey state credit outlook
More bad news for New Jersey, and for Gov. Chris Christie:
The latest dose of bad news was delivered by Standard & Poor’s, which Tuesday lowered its credit outlook for New Jersey from stable to negative. While Standard & Poor’s did not change the state’s AA- rating — one of the worst among the states — it warned the more drastic step of a lower rating loomed if Christie’s nearly 8 percent growth in revenue failed to materialize.
"We revised the outlook to reflect our view of the risk of revenue assumptions we view as optimistic, continued reliance on one-time measures to offset revenue shortfalls, and longer-term growing expenditure pressures," John Sugden, a credit analyst for Standard & Poor’s, said.
The optimistic revenue assumptions part is a direct reference to Christie's implausible budget assumptions, especially as it relates to his insistence that only further tax cuts can possibly cause the magical money unicorn to once again poop cash and rainbows across his great state. For Republicans, this was proof enough of Christie's seriousness to make him one of the keynote speakers at their recent convention.