U.S. debt crisis threatens to drag down ratings of state's cities, schools

  • Article by: BRAD SCHRADE and RACHEL E. STASSEN-BERGER , Star Tribune
  • Updated: July 29, 2011 - 9:52 PM
  • 78
  • Comments

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hermanthehunJul. 29, 11 9:45 PM

Further proof that our neocon Republican friends are out to destroy the country, as TPaw did Minnesota. I'm sure Grover Norquist and his disciples are proud.

splitpeasJul. 29, 1110:14 PM

In the words of Helen Lovejoy, "Will somebody PLEASE think of the children?"

jonnoJul. 29, 1110:30 PM

After the garbage deal that our state politicians agreed to a few weeks ago, is this really a surprise? They did nothing to change wasteful spending in our state and further jeopardized legitimate programs. BTW - how much of the money allocated to our schools actually makes it to the students?

wplettfanJul. 29, 1111:23 PM

The schools and all involved gotta feel like a sledgehammer keeps hitting them over the head. Every time you think it will stop the politicians find another way to swing it again.

redqidJul. 30, 1112:18 AM

"...learned that Moody's Investors Service included them on a list of 177 jurisdictions nationwide for a potential downgrade in credit worthiness." --- Ummmm wasn't Moody's the brilliant firm that gave AAA ratings to some 40,000 mortgage backed securities? And we trust them now?

redqidJul. 30, 1112:20 AM

Moody's downgrading municipal debt? I wonder if any wall street firms that work with Moody's have bought credit default swaps hoping for municipal bonds to be downgraded.

tribsbeastJul. 30, 1112:58 AM

thank you prez BO, and Harry Reid, you have had opportunity to avoid the downgrade, but you have put your own personal gain ahead of the American people. Shame on you. You will be voted out of Office. Run these bums out of office, tar and feather them.

upnortfanJul. 30, 11 4:47 AM

I think we should look at a comparison of how Wis handled their budget and Mn. In my view though unpopular Wis cut spending, did not go for the Fed money on rail and did not increase taxes as far as I could see. In relation I see that Mn in just the opposite, did not cut , increased taxes, and most important Bonded again against future revenue. Now the Trib says we have problems in School Systems. That is the direct result of the borrowing. It is like kids in the sandbox just shifting sand to build castles. Could nobody see for a year that every state and Washington were headed down the debt, borrow, bonds path? Could nobody see that if you borrow money rates will be negotiated higher? (Maybe the borrowing was done to get ahead of the higher % charged after the Moody downgrade?) In any event all this borrowing instead of cutting and living within our means just pushes the cart further down the path for next year budget. I find it interesting we go for years of increased spending, sell bonds, and hardly any reduction in spending. I think every legislature should make a 10 year plan of cutting government costs and size. (And stick to it even if new Gov and Legislature) Schools should do the same and not just go from year to year in increases and bonding. End result is always the same. Raise taxes, raise taxes, never live within your means. Last forget the jobs increases. We have lost our manufacturing base and that is main reason less jobs and more borrowing

theoryofiJul. 30, 11 5:51 AM

Write and call all your federal and state elected representatives and INSIST they enact this -- "[We] could end the deficit in five minutes. You just pass a law that says that anytime there is a deficit of more than 3% of GDP, all sitting members of Congress are ineligible for re-election.” --Warren Buffett End of discussion!

vikefan666Jul. 30, 11 6:02 AM

The bottom line is all governments, national, state and local are over leveraged. The financial house of cards is falling, and of course, the finger pointing begins with the politicos. They did it, we allowed it and now its time we take it away from them.


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