Left In Lowell

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November 30, 2010

That’s No Farm Team

by at 3:28 pm.

(A silly reference to the minor league baseball system.)

The Patrick administration is announcing that, for the first time in this state’s history, a state bond program is rated at triple A.

Governor Deval Patrick, Treasurer Timothy Cahill and Legislative leaders today announced that the Commonwealth’s Accelerated Bridge Program bonds have been awarded the highest possible credit rating by two major rating agencies. Both Moody’s (Aaa) and Standard & Poor’s (AAA) assigned the Program’s triple-A credit ratings.

Over the life of the Accelerated Bridge Program, the triple-A ratings will save the Commonwealth an estimated $60 million in interest costs, and allow the state to continue to make critical investments in infrastructure at a lower cost to taxpayers.

“It is welcome news today that these rating agencies have assigned the Accelerated Bridge Program bonds the highest possible credit rating,” said Governor Patrick. “This is further proof that our strategy for finding new efficiencies in state government and investing in our broken infrastructure at record levels is paying
off. We will continue to manage state finances in a fiscally responsible way, as we have throughout these challenging times, in order to maintain our rating and our ability to make these much-needed investments.”

It’s really a shame that the election is over. I’d love to see Charlie Baker twisting himself in knots trying to spin this as a negative.

Thanks to the Governor for saving the Commonwealth a lot of money, and for beginning the process of fixing our long-neglected infrastructure. Not only is this of benefit to our economy because these bridges are essential to the movement of people and goods, but it is also important for public safety, and for keeping our Commonwealth’s good construction jobs. Win-win all around!

11 Responses to “That’s No Farm Team”

  1. johnk Says:

    Nice catch Lynne, economy continues to grow, job gains continue and now our very good bond rating has moved even higher, due to reduced risk, saving the commonwealth millions of dollars in interest. But no afternoon press release by Charlie and Co., maybe Pioneer could conduct a “study” to show how this is bad for the state.

  2. Right In Lowell Says:

    wow… the kool aid is flowing!

  3. Lynne Says:

    RiL - sorry, but what part of this news is Kool Aid? It’s *results*! Results that I knew we could achieve with someone like Patrick at the helm for long enough to make a difference and I am happy to be right.

  4. Fran McDougall Says:

    Finally, the stores at the Chelmsford Mall are all occupied. That is one simple barometer that I use to guage just how well the economy is recovering. Guess what? There is no Kool-Ade for sale there either.

  5. waittilnextyr Says:

    The savings in interest further emphasize why it is important for the city of Lowell to also improve its bond rating, especially with so much bonded for wastewater improvements. The City has advanced its rating 2 notches to A1, so we are on the right track. It would be nice to see additional improvement in the finances without over burdening the taxpayers and rate payers.

  6. Right In Lowell Says:

    Fran.. it’s all been consumed here. Next I’m waiting to hear how you think Chelmsford teachers are doing the right thing.
    Lynne… we all know about lies and statistics. Pull away from the keyboard and talk to people about their businesses and what your pal Deeval is doing to them and this state. Hang around outside the career center and then tell us deeval is the bomb!

  7. Mill Girl Says:

    RIL -

    Go to the career centers in Michigan, Mississippi and Rhode Island. No one is saying things here are great but you can’t deny that we are in much better shape than most other states. We’re leading the country out of this recession and I for one am happy that I am in Massachusetts vs. some of those other options.

  8. Kim Says:

    In my line of work I see all of the construction jobs happening in MA and who is bidding on them. I have never in all my years seen so many out of state contractors bidding on jobs here. It has to say something about the MA economy when companies from FL, GA, MI, and RI are in the competition. Luckily the MA companies still seem to be getting the bid with RI companies a close second.

  9. Lynne Says:

    RiL - I AM a small business, and what the state has been doing has been great for me. Sorry, but taxes are not my burden. Lack of work would be. Luckily for me that is not the case right now.

  10. Mr. Lynne Says:

    A business getting a tax break in a declining market doesn’t expand - it doesn’t make fiscal sense. Whereas a business without a tax break, but in an expanding market, expands. It really is all about the customers. Yglesais:

    But a businessman with a good idea who needs capital doesn’t need a tax cut to get that capital, he needs a loan or an equity investment. This is what we have a financial system for.

    The thing of it is, though, that your idea really only works if you have some customers. If everyone in Yuma, Arizona is unemployed then even a very competent proprietor of a dry cleaning establishment is going to have a hard time expanding his business. He won’t take out a loan to expand, he won’t get an equity investment to expand, and he won’t invest his own money in an expansion. You can give the guy all the money you want, and he won’t invest in expanding his business. That’s because unemployed people don’t need much dry cleaning and also don’t have much money to spend on dry cleaning. A guy with $0 and a good idea and a lot of potential customers will find a way to start his business. A guy with $1 billion and a good idea and no potential customers is just a guy sitting on a huge stockpile of cash.

    Of course, this is well known among economists, but you’d never know it to hear the discourse:

    http://delong.typepad.com/sdj/2010/11/a-platonic-dialogue-on-the-failure-of-economics-education.html?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+BradDelongsSemi-dailyJournal+%28Brad+DeLong%27s+Semi-Daily+Journal%29

  11. joe from Lowell Says:

    “Right In Lowell Says:
    November 30th, 2010 at 9:43 pm
    wow… the kool aid is flowing!”

    Uh, yeah…right to Moody’s and Standard and Poor’s. Buncha liberal Kool Aid drinkers there.

    eyeroll

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