Republicans and Democrats on the Assembly Budget Committee seem largely in agreement over whether the state’s latest credit downgrading is bad for the economy, and even what motivated it — but when it comes to dishing out the blame, opinions diverge predictably.
Assembly Republican Budget Officer Declan O’Scanlon (R-13) begged to differ with Assemblyman Gary Schaer’s comments about Moody’s rating. O’Scanlon said the downgrading clearly signals that further reforms to the pension systems are needed — and it’s Democrats who are refusing to address the issue.
“Moody’s couldn’t have made this any clearer. The Legislature’s failure to further provide pension reform is responsible for the state’s structural imbalance,” O’Scanlon said. “We need to enact further reforms to the pension system as soon as possible.”
“Trenton Democrats, who are in the majority, would rather play politics than partner across the aisle and with the administration to work on the reforms needed to make our state affordable and fix the system for current and future public employees,” he added.