Monday, July 21, 2008

Indiana Wins Highest Credit Rating

Standard & Poor's Rating Service has upgraded Indiana's credit rating to AAA, the first time in the state's history that it has achieved this status. Gov. Mitch Daniels jumps on the announcement. "The upgrade reflects the state's continued strong management that has led to the property tax reform that has realigned state and local spending and is not expected to impact the state's long-term financial performance," Daniels said. A press release from the governor's office notes that schools will be able to borrow money at a lower interest rate as a result of the upgrade. Only nine other states enjoy a AAA rating from S&P, including Florida, Georgia, North Carolina, Delaware, Virginia, Maryland, Minnesota, Missouri and Utah.

12 comments:

Jon E. Easter said...

Great news! Now that the state can get a loan, can the Governor get back to lowering the unemployment rate and telling the truth about his record?

artfuggins said...

Now can the governor lower some of the tax increases that he proposed and were adopted by the legislature......that credit rating is on the backs of homeowners and the middle class

Money77guy said...

Geez is no one happy! Politics is one of the nastiest games in town. The guy has the state in the black and everyone is complaining. Government has nothing to do with the unemployment rate. If you want to work there are a wealth of opportunities in the world for people to make money! It just takes hard work and being willing to do anything to make a living. Most American's who complain don't want to work hard. No one has ever handed me a job I went out and grabbed it. Most everything you do is easy in life, it's just the people that tell you it can't be done that make things so diffucult!

Vox Populi said...

This is great on a macro level, and probably has a few things to do with Daniels selling away infrastructure to foreign conglomorates (less infrastructure means less liability), but the election will be decided on personal pocketbook issues. And with Indiana leading the nation in unemployment and leading the midwest in foreclosures, I certainly don't think a AAA bond rating is going to be as positive as it would in better economic times.

According to the McCain campaign's former national co-chair, we should all just quit whining about high gas prices, the weak dollar, rising unemployment and stagnant economic growth.

Advance Indiana said...

"And with Indiana leading the nation in unemployment..."

I've never seen anything like a Democrat's willingness to tell a downright lie about a Republican to score a point. Indiana has a lower unemployment rate than most of its surrounding states.

Vox Populi said...

Gary, it's not a "downright lie", it's just my interpretation of the numbers (spin, if you will). From the Star:

"Indiana suffered the nation’s biggest unemployment rate gain in June as it was hammered by layoffs in the auto and RV industries and a construction slowdown spawned by flooding."

http://www.indystar.com/apps/pbcs.dll/article?AID=/20080718/BUSINESS/80718031

Yes, Indiana has a lower unemployment rate than the surrounding states, but we are quickly catching up and a few more months like June will put us in the same league as Michigan.

picardsaf said...

My brother visited me from Michigan over the weekend.
He says Indiana has NOTHING on the problems Michigan has.

If he could he would move here in a heart beat.

It was so bad in MI he left his DOG with us !

:)

Concerned Taxpayer said...

Well...that's only because the governor SOLD the toll road to foreigners.

Well...that's only because BUSH lied!

Well...that's only because BALLARD hired (fill in the blank).

Well...the STAR said...

There. That's for all you snivelling, weepy-eyed, hand-wringing, bleeding-heart liberals. Hope you feel better.

HOOSIERS FOR FAIR TAX said...

If we are so much better off, then why is my mortgage payment going up by more than $200 per month to cover my increased property tax escrow?

I don't feel better off. I feel punished. Punished for buying a home, improving my home, and taking out a low risk 30 year mortgage at a fixed rate.

Where's my bailout for a predatory government?

artfuggins said...

Picardsaf just summed it up. Under Daniels, Indiana is going to the dogs!!! Perhaps the Daniels sales tax increase can be rescinded since we are in such good financial shape...perhaps some true property tax relief can be enacted since Daniels has the state in such good shape......

Jon E. Easter said...

He says that he can't stop companies from going out of business, but he can "bring in two jobs to replace every one" that's gone. Well, he'd better get to it.

My problem with Mitch Daniels is that, from the beginning, he has been selling us this idea that he hasn't raised taxes when, amazingly, under his leadership, almost all taxes are higher than they were when he took office.

He's also taking credit for balancing the budget when it's his Constitutional requirement. Evan Bayh, Frank O'Bannon, and other Governors have balanced budgets before.

When the maker of RV1 lays off workers and outsources others, that should tell you something right there.

Mitch Daniels is hovering around 50 percent in the polls and is single digits ahead of Jill Long Thompson when she hasn't run a General Election ad nor has really even launched her General Election push yet. You add in that Mitch has spent nearly $10 million to be just piddly single digits ahead, then you have got to feel good as Jill Long Thompson...especially given her long history of underdog wins and her ability to brawl in the political arena.

The Daniels camp in 2008 reminds me of the Peterson camp in 2007. They look at the polls and claim they still are 50 percent. If he wants to stay the Governor, he had better not take anything for granted. I, for one, hope he keeps on with his current strategy. Hoosiers can see through the deceptions.

Concerned Taxpayer said...

"... Evan Bayh, Frank O'Bannon, and other Governors have balanced budgets before."

They also withheld payments from schools, cities, towns, townships; emptied the Rainy Day Fund, and had a debt of $MILLIONS.

They had "balanced" budgets with typical democrat smoke and mirrors.