Of course, those Pension Funds wouldn’t be so underfunded if they had been funded instead of f*ck*d by the Whitman Administration’s Coke-Induced Budgeting Practices. (The “miracle of compound interest” includes that it doesn’t compound so much when there’s no principal.)
[UPDATE: Blue Jersey highlights the line I missed:
Fitch believes that meeting the requisite increases in pension contributions will be challenging and is likely to conflict with other long term challenges, such as property tax relief, school funding, and infrastructure needs.
Gosh, you mean you have to pay for services? As for the other highlight:
The state’s recent economic performance has been weak and the state is expected to lag the nation in recovering from the recent recession.
we could always use The Texas Solution: Hire More and More Government Workers.]
Sadly, I suspect Joe Wiesenthal has it right:
It might not be a big deal, and it might not be his fault, but this should probably kill any buzz about him running for President right now, given that THE DOWNGRADE is expected to be such a salient point of attack for any eventual GOP nominee.
And since the downgrade was engineered by a Romney supporter, any suggestions of conspiracy here are unjustified.