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News Saturday, Aug 6 2011

Pawlenty's Credit Rating Double Standard

Aug 06, 2011

Pawlenty Called Obama “Inept” In Response To S&P Downgrade. Pawlenty issued a statement  in August 2011 responding to news that S&P had downgraded the country’s credit rating: “This is a sad moment for the United States, but it’s a reflection that our country is in trouble. President Obama is inept when it comes to creating the conditions or job creation and economic growth. It’s time for a new direction and a new President.” [Pawlenty Statement, 8/6/11]

Pawlenty On Minnesota’s Credit Downgrade: “Two Out Of Three Isn’t Bad”. “Minnesota has lost its top credit rating from one of three Wall Street bond houses,” the Associated Press reported in June 2003. “Moody’s Investors Service downgraded the state from Aaa to Aa1… Minnesota has had the best rating from the three bond houses since 1997. This is the first change in Moody’s rating of Minnesota since 1996, although it placed the state on credit watch last year. The Moody’s report accompanying the rating wasn’t immediately available. But Gov. Tim Pawlenty announced the bad news on a Minnesota Public Radio call-in show. ‘Two out of three isn’t bad under the circumstances,’ Pawlenty said. ‘It still leaves us in relatively good shape compared to most other states.’ Pawlenty said Moody’s was concerned about the amount of accounting shifts and nonrecurring revenue state leaders used to plug a $4 billion-plus projected deficit.” [AP, 6/16/03]

Published: Aug 6, 2011

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