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Under Brownback, Kansas’ credit faces another downgrade
By Steve Benen
It’s been about six years since Kansas Gov. Sam Brownback (R) announced his plan to conduct “a real-live experiment” with his state’s economy. The far-right Kansan, working with a GOP-led legislature, would cut taxes far beyond what the state could afford, slash public investments, and wait for prosperity to flourish across every corner of the state.
None of that has happened. Not only have Kansas’ job growth and economic growth lagged behind neighboring states, but a couple of years ago the state’s bond rating was downgraded because of the fiscal mess Brownback created.
This week, as the Topeka Capital-Journal reported, it happened yet again.
A major rating agency on Tuesday downgraded Kansas’ credit rating for the second time in two years because of the state’s budget problems. S&P Global Ratings dropped its rating for Kansas to AA-, from AA, three months after putting the state on a negative credit watch. (..…)
The ratings agency cited the state’s lack of cash reserves, even after multiple rounds of budget adjustments over the past year. “The downgrade reflects what we believe to be structural budget pressures,” S&P credit analyst David Hitchcock said in the agency’s statement.
The ratings agency cited the state’s lack of cash reserves, even after multiple rounds of budget adjustments over the past year. “The downgrade reflects what we believe to be structural budget pressures,” S&P credit analyst David Hitchcock said in the agency’s statement.
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http://www.msnbc.com/rachel-maddow-show/under-brownback-kansas-credit-faces-another-downgrade
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