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Burzichelli: Administration’s Lack of Concern over Record Credit Downgrades is Worrisome

Assemblyman John Burzichelli questioned the State Treasurer during Wednesday’s hearing before the Assembly Budget Committee on the consequences of the record 11th credit downgrade that the state has now suffered under the Christie administration.

“This record 11th credit downgrade has many of us concerned about how it will affect the state’s expenses in relation to borrowing money. Yet, when questioned about this, the treasurer essentially cast these concerns aside and portrayed the credit rating system as inconsequential.

“The response was both baffling and worrisome particularly in light of the fact that Moody’s identified our chronically underfunded pension system as the main reason for the downgrade. Compounding these worries is the fact that the neither the Governor nor the Treasurer have been able to clarify how the Hail Mary plan to use the lottery to fund the pension system would be carried out.

“It raises the concern that this administration either lacks specifics or has already checked out,” said Burzichelli (D-Cumberland/Gloucester/Salem).