Fitch today downgraded New Jersey's bond rating - again. It's now an A, which is one level lower.
Fitch Ratings cut its credit rating on New Jersey one notch to 'A' on Friday because of the state's budget gaps and a broken promise to make a full contribution into its public pension system.
It was the latest warning from a Wall Street credit rating agency about the state's continuing financial problems due to New Jersey's slow economic recovery from the recession, large liabilities, and incorrect assumptions for several years that it would bring in more tax revenue
.
So how much has Gov Chris Christie cost us so far?
About $1 million for the excess cost for the "Stronger than the storm" ads for Sandy. That $1million is how much more the selected ad cost than its competitors. The selected ad, of course as we all remember, featured the governor and his family instead of pictures of, I don't know, maybe the Shore?
$12 million for holding the special senatorial election when Cory Booker, the Democrat, ran as the overwhelming favorite. Christie could just as easily - in fact, much more easily - combined the special election with the gubernatorial election a few weeks later. But with Booker on the ticket, more of those people would be coming out to vote. That might - God forbid - cut into his margin of victory. So instead of winning by his projected 60%, he might win by only 55% or some other minuscule number. Mind you, there was no question he'd still win, but he needed to run up the score because that would be a stronger argument for his presidential bid.
$7 to $29 millionThe cost of the legal representation related to the George Washington Bridge scandal. That's about $7 million for the completely ridiculous "study" that purported to be a thorough investigation into the scandal, but which was actually a white wash rivaling Nixon's "I am not a crook" speech.
So there we are. governor Christie, with his ego and ambition to be president, has outright cost New Jersey between $29 million at the absolute low end, and $51million or even more. And that doesn't even count the cost of higher interest rates on bonds the state will now have to pay because of the downgrade.
Each of these expenses was incurred as a direct result of Christie's desire to be president. So why the hell doesn't his campaign chip in a few million? I think the state could use it. In fact, I'm pretty sure Fitch could point them to a pension that needs funding.
