Under John Bel Edwards, Louisiana’s Credit Downgraded AGAIN
Under Governor John Bel Edwards’ “leadership” Louisiana’s credit rating has hit the trifecta: a downgraded rating from each of the three major credit ratings agencies. Yesterday Standard and Poor’s announced that they were downgrading Louisiana’s credit rating, and specifically faulted Edwards’ budget plans which relied on gimmicks and short-term fixes:
“S&P Global Ratings had the same complaints as the other agencies last year: Louisiana is relying too much on one-time money to plug recurring budget holes, instead of finding permanent sources of revenue or cutting expenses.”
In February, America Rising pointed out that Edwards was relying on budget gimmicks, like using money from the rainy day fund, to plug a budget hole. Edwards was doing this even though he had previously criticized Governor Jindal for doing the same thing.
Under the previous governor, Louisiana’s credit rating had not been downgraded once, yet Edwards tenure has proved so disastrous that the credit rating has been hit with three downgrades:
“Louisiana’s credit rating was downgraded for the first time in more than a decade Thursday, in response to years of budget instability that leave public colleges and government services wallowing in continued financial uncertainty.”
Edwards’ tax and spend policies have now been evaluated by each of the big credit ratings agencies and found wanting. Some like Edwards supporter Jan Moller are even using this latest downgrade as an excuse to push a liberal agenda of income tax hikes. This latest bad news highlights once again that Louisiana cannot afford to continue under Edwards’ liberal leadership.