What happened within minutes Monday may just be coincidence, but if so, it’s a cosmically foreboding one.
In Sacramento, Gov. Jerry Brown released the first online ad of his campaign to persuade California voters to endorse his sales and income tax increase measure. One snippet declared that under Brown, “California’s bond rating is now positive.”
It was, to put it charitably, misleading. In fact, California has the lowest bond rating of any state now and, according to a recent survey by Pew’s Center on the States, the worst credit rating record over the past 11 years.
In Pennsylvania, state officials were told by Moody’s, a major bond rating agency, that the state is being downgraded because of “large and growing pension fund liabilities.”