RALEIGH – While the federal government haggles over how many trillions of dollars will go into their latest Pandemic Panic ‘stimulus’ bill, and states around the nation buckle under the weight of years of horrible fiscal management in this mandated recession, North Carolina is having it’s AAA credit rating affirmed by rating agencies AGAIN.
It’s the result of a decade of reform and sound fiscal management.
North Carolina is one of only 13 states to keep a unanimous AAA credit rating through the pandemic. That’s not by accident.
We were billions in debt prior to Republican tax and budget reforms.
— Speaker Tim Moore (@NCHouseSpeaker) October 1, 2020
From the Carteret County News-Times:
“State Treasurer Dale Folwell announced Monday all three major national bond rating agencies have reaffirmed North Carolina’s AAA bond rating, noting the state’s strong economic growth and diversification, conservative fiscal management, rainy day fund and other reserves, as well as low liabilities.
North Carolina is one of 13 states that have a AAA rating, the highest rating possible, with all major rating agencies. […]
“Having the rating agencies affirm our ‘AAA’ bond ratings during these volatile economic times is a credit to the taxpayers of North Carolina and the North Carolina General Assembly for their strong fiscal management,” Mr. Folwell said. “Maintaining our “AAA’ rating will help us finance debt at the lowest possible rates, making more money available for public education, public roads and the other core functions of government.”
- S&P Global Ratings noted North Carolina’s 2019-20 budgetary environment is better than anticipated because of stronger-than-forecast economic activity compared to the state’s conservative forecasting.
- Moody’s Investors Service noted the state’s diverse economy, a history of strong conservative fiscal practices, healthy reserves and low debt and pension burdens.
- Fitch Ratings referenced that North Carolina is well positioned to address economic downturns with an exceptionally strong ability to close budget gaps.”
Let there be no doubt; North Carolina would not be in such a sound fiscal position, prepared for unforeseen cataclysms like the Pandemic Panic and forced recessions, if it were not for the fiscally conservative priorities of Republican legislative majorities over the past decade.
Governor Roy Cooper has criticized adding to State savings reserves, whining that the money should be spent instead. Cooper was so intent on spending more and more of your money that he never even signed the more reasonable budget from the Republican legislature last year.
As states around the nation scramble to find funding, overextended from years of Democrats’ fiscal mismanagement, we here in North Carolina do not have that same immediate worry. We do, however, have issues on the near horizon that are going to require even more vigilance when it comes to spending.
Keep that in mind, with the pile of other pressing and foreboding issues facing us, as you talk elections with friends and family and head to the voting both in November.