Wednesday, July 20, 2005

One way to help the budget

Standard and Poor's just raised Our Fair State's bond rating. We can get better interest rates when we borrow money, so we spend less. ('Course, we could save money by borrowing less, but that's just my opinion.)

The agency said it raised the ratings because of "the underlying strength of the state's economy, highlighted by a strong and diverse economic base and high wealth levels that, in the past, had been the basis for a higher rating." S&P also said the new, $27.9 billion budget "makes significant strides toward structural balance" and "is a positive and necessary step for the state in turning around its weak, but improving, fiscal posture." After last year's budget was enacted, S&P and other major rating agencies lowered New Jersey's ratings one notch, citing nearly $2 billion that was borrowed to balance the $28 billion plan for the fiscal year that ended in June.

Nice little pat on the back for Acting Gov. Codey.

1 comment:

PapaGoose said...

...high wealth levels... well that's not me.

... weak, but improving, fiscal posture... that sounds more like it.