Chris Christie knows how to yell, but govern? His state has had 8 bond downgrades under him

Maddow blog explains: And then there were eight.

In May, New Jersey’s credit rating was downgraded for the sixth time since Governor Chris Christie (R) assumed office, coinciding with the scrapping of his state pension-reform plan, which had previously been heralded as a ‘landmark achievement’.

Last week, Christie experienced its seventh downgrade, laying the groundwork for today’s announcement.

“New Jersey had its credit rating cut one step by Standard & Poor’s, handing Chris Christie his eighth downgrade, the most ever for a Garden State governor.

The reduction to A, the sixth-highest level, with a stable outlook follows a Sept. 5 downgrade by Fitch Ratings…. Only Illinois has lower ratings than New Jersey among U.S. states.”

In a press statement, John Sugden, an analyst at Standard & Poor’s, commented on the current situation in New Jersey, saying, “The state continues to be plagued by a structural imbalance, and the governor’s decision to delay pension funding has had a significant negative effect on the state’s liability profile.”

It was only a few days ago that it was suggested that Governor Christie had five years in office to break his own record of downgrades, and it appears that he has done so in record time. It remains to be seen how the governor will explain this when he embarks on his presidential campaign, but it is likely that his Republican rivals will make use of this issue in their own campaigns, especially since Christie has few other points to rely on.

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