Fitch drops credit rating of New Jersey from AA to AA- citing the numerous unfunded liabilities of the state. Obviously, this is not just governor Christie’s doing but effects accrued by his predecessors.
The main faults I find with Christie’s policies is that he is not doing anything meaningful to revitalize the economy of New Jersey. He has clamped down on the unions and that satisfies the right but that is not a solution. His education reform is a fiasco. The government and its extended apparatus of political patronage remain intact. The New Jersey’s tax and political structures are archaic.
New Jersey will have to pay more to borrow now. The left is clamoring for the tax increase on the rich. That is fine but the problem is that it would not be enough to upright the vessel of finances of the state.
We need reforms. We must revolutionize the government without an actual revolution.