More votes of confidence in Governor Patrick’s management of the fiscal crisis. This is via a campaign email:
I wanted you to have this information first, before it appears in the media, because it is an important independent indicator that Massachusetts is enduring the economic downturn better than most and is poised to come out of it faster and stronger than the rest of the US.
The Federal Reserve Bank of Philadelphia, which issues important monthly indexes that measure the economic performance of all 50 states, reports that since the national recession began in December 2007, the Massachusetts economy has performed better than 33 of the 50 states.
In addition, in the last three months the performance of the Massachusetts economy has improved significantly, outperforming 48 of the 50 states!
The results of the index are based on employment, hours worked in manufacturing, the unemployment rate, and wages and salaries paid. The most recent release from the Bank came on January 26th and covers the period through December 2009.
This excellent news follows the news of a couple of months ago that all three national ratings agencies (Moody’s, Fitch, and Standard & Poor’s) had affirmed Massachusetts’ AA bond rating with a “stable outlook,” specifically citing Patrick’s management of the budget.
Compare that to the situation in Minnesota — home of Gov. Tim Pawlenty, perennial Republican presidential contender. They just got the unwelcome news that Moody’s had downgraded their outlook to “negative,” and criticized the state for avoiding hard choices.
Moody’s Investors Service, one of the nation’s premier credit-rating agencies, has a message for the governor and the state: What you’ve been doing won’t work much longer. Stop putting off the hard choices or trouble will ensue.
Moody’s cited the state’s reliance on one-time solutions and empty reserves in its decision, days before Pawlenty’s [final State of the State] speech, to downgrade the state’s outlook to negative.
Another right-wing Republican who talks the talk on fiscal conservatism but doesn’t walk the walk. Wouldja look at that.