…with the worst credit rating of any state
It took some doing, but California finally beat out Louisiana for the bottom spot on the state credit rating list, making us number one if you hold the list upside-down. With everything pretty much upside-down in California anyway…you get my drift.
California and Louisiana had been tied for last place, A-plus on the S&P state ratings list
S&P lowered its rating on the state’s $46 billion in general obligation bonds to “A” from “A-plus,” citing “the state’s inability to reach an agreement on a midyear budget revision and its rapidly eroding cash position,” according to the Los Angeles Times;
What’s more, S&P warned, “Despite what we consider the state’s strong longer-term economic fundamentals, we judge prospects for an imminent or brisk economic and revenue recovery to be unlikely.”
By reducing California’s bonds from an “A-plus” to an “A” rating, the agency declared that it now considers even the debt of Louisiana — whose credit had been ranked equally with California’s — a more trustworthy investment. Most states are rated “AA” or “AAA.”
With the California Teachers Association already spending its teacher’s dues money on a new ad campaign which claims 5,000 teachers “have already been laid off”, it won’t be long ’till the torches are lit and pitchforks are waving.