Tag: AAA rating
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The Burning Fuse
Aggregated debt for the 50 states exceeds $4.19 trillion, according to a new report issued by State Budget Solutions. That may pale in comparison to the federal government’s nearly $16 trillion in debt but, then, states have more limited fiscal resources than Uncle Sam. Among other things, they can’t print their own money. “These budget…
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Virginia’s Very Own Boomergeddon Scenario
by James A. Bacon Virginians take great pride in their status as a state with a AAA credit rating. But if you put any credence in a set of projections made by Jeffrey Miron with the Mercatus Center, increasing indebtedness could start to unravel the commonwealth’s fiscal integrity by 2034… if not long before. We…
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Moody’s puts Virginia AAA rating under review
As I noted several weeks ago, if the federal government’s AAA rating is cut owing to skittishness over the debt ceiling, Virginia’s AAA rating could suffer as well. And now, Moody’s has made the possibility of such a downgrade quite clear: — Moody’s Investors Service has placed on review for possible downgrade the Aaa ratings…
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Egan-Jones downgrades U.S. debt
by Norm Leahy A less well-known ratings agency, Egan-Jones, has downgraded the federal government’s debt from AAA to AA+. The report explaining why can be found here. If you’re not a client, Zero Hedge has the press release, complete with charts, which gives you a solid understanding of the report’s contents: We are taking a…