WATCH: Corbett's Reckless Policies Lead to Fourth Credit Downgrade
September 25, 2014 | By Mike Mikus, Senior Strategist
On Tuesday, Pennsylvania received it fourth credit downgrade on Tom Corbett's watch. Fitch Ratings dropped Pennsylvania's credit rating from AA to AA-minus -- the lowest it's been since 1997. The agency cited the Corbett administration's recurring budget deficits as the major reason for downgrade. The credit downgrade came on the heels of news that Pennsylvania had to borrow $1.5 billion just two months into the current fiscal year in order to pay bills.
In Monday's debate, Corbett said, "You know, when I ran four years ago, I said I was going run on three principles: fiscal discipline, limited government, and free enterprise. I can proudly say to the people of Pennsylvania I have kept that promise."
Yet the record shows that Tom Corbett has not kept that promise. Here are the real stats on the impact of Corbett's failed fiscal policies:
- Pennsylvania has gone from 7th in the nation in job growth to 47th since Corbett took office
- Pennsylvania has received four credit downgrades from major rating agencies since Corbett took office
- Pennsylvania's general obligation debt ranks in the bottom five of states evaluated by Fitch Ratings
- Pennsylvania was forced to borrow $1.5 billion just two months into the fiscal year -- an unprecedented bailout -- because of Corbett's budget mismanagement
- Pennsylvania faces a massive budget deficit estimated to be $2.7 billion as a result of Corbett's gimmick-ridden budgets
Tom Corbett talks a lot about fiscal responsibility, but the reality is that his policies have been a complete and utter failure for the people of Pennsylvania. Tom Corbett cut $1 billion from public education, and his fiscal policies have led to credit downgrades and more debt. Either way you slice it, Tom Corbett's policies have been a disaster for hardworking Pennsylvanians. So in response to Tom Corbett's claims of fiscal discipline, we say "really?"
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