TRENTON – In the wake of Moody’s decision Wednesday to downgrade the state’s bond rating, Assembly Majority Leader Joseph Cryan, (D-20), Union placed the blame on the Christie administration.
“Gov. Christie’s irresponsible policies are truly beginning to hit home,” he said in a release. “That’s unfortunate for taxpayers already reeling under Gov. Christie’s property tax hikes.
“It’s no laughing matter when one Wall Street agency takes a sour look at the governor’s budget. It’s even worse when two credit rating agencies do so. The governor’s fiscal failures are getting noticed by Wall Street and that is troublesome.
“Gov. Christie must learn that failing to fund pension contributions and vetoing job creation and economic development bills have consequences. New Jersey has 6,000 less jobs now than when Gov. Christie took office. That’s a terrible record.”
However, in a statement to Bloomberg News, Michael Drewniak, spokesman for Gov. Christie, said, “The negatives cited by Moody’s are legacy issues which this governor is working daily to fix to ensure the state is put on a sustainable fiscal path.”
Moody’s Investors Service trimmed the rating from Aa2 to Aa3, stating that it did not believe New Jersey’s economy will recover in the near future.