New Jersey is now in the bottom three of the fifty states, when it comes to credit ratings. ? New Jersey shares this dubious distinction with California and Illinois. ? Bloomberg reports:
New Jersey?s credit rating was cut one step to A+ by Standard & Poor?s, which cited one-time measures to plug budget deficits that will add to fiscal pressure.
The downgrade puts the state?s credit four levels below the top, and leaves it with?California?and?Illinois?in the single-A category, lower than 47 other states. The New York-based company gave New Jersey a stable outlook.
The state budget is seriously imbalanced. ? Government needs to cut spending, yet the crushing amount of debt questions whether that will be enough. ? Is New Jersey past the point of no return? ? In other words, is our state inevitably on the path toward bankruptcy?