From NJ.com today:
TRENTON — Wall Street
analysts at Fitch Ratings today downgraded New Jersey's bond rating for
the second time this year, citing the state's poor economic performance,
Gov. Chris Christie's rosy revenue forecasts — which failed to
materialize — and his decision to plug the resulting budget gap by
cutting $2.4 billion in funding for the state's strained pension system.
Fitch said Christie's decision to cut the pension payments this year
marked a "repudiation" of a bipartisan plan he signed to fix the
beleaguered retirement system for public workers, which is underfunded
by nearly $40 billion, according to state estimates.
Instead of pumping bigger cash infusions every year into workers'
retirement accounts to save them from collapse — as Christie and
lawmakers agreed to do in his first term — New Jersey is now stepping
away from its plan, Fitch said.
More HERE
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