(Trenton) — The New Jersey Democratic State Committee Chair is expressing concern about the weakening of the state economy, which today suffered its record eighth consecutive downgrade during Chris Christie's tenure as governor, and saw its budget hole grow $275 million.
The current calamity was caused in part by Christie’s potentially illegal decision to deprive the state pension fund of promised payments — a move that could double the costs over the next five years — not to mention other wasteful spending, and highly suspect investments.
“Perhaps it is only fitting that, as Chris Christie prepares to party with another master of economic disaster, Mitt Romney, our state's economic health would be dealt another painful blow. But, as bad as the balance sheet and credit scores look, it’s Governor Christie’s indifference that is the most appalling. Instead of showing concern for the people of our state and the economic conditions that he created, the governor makes political decisions that hurt us even more,” said Currie.
Today, Chris Christie was not even in the state — he was in Illinois stumping for a candidate who spends more on wine each year than most people make.
Currie added, “Something has got to change because not only are Chris Christie’s policies failing us, his misguided priorities are costing us dearly, and he’s given up on working collaboratively with the legislature. Clearly, I did not vote for him, but even those who did should be upset that he’s collecting a pay check for a job he does not care to do, much less do well.”
Downgrades in the state's credit rating increase the costs for borrowing money to fund necessary infrastructure projects because lenders impose higher interest rates to cover what they perceive as riskier loans.