Senator Cris Dush, a member of the Senate Appropriations Committee, has voiced concerns regarding Pennsylvania’s recent credit rating upgrade by Moody’s Investor Services. The state’s credit rating was elevated to Aa2, attributed to strong budget reserves and prudent financial management.
Dush criticized Governor Josh Shapiro for claiming that his administration’s fiscal management contributed to this upgrade. He stated, “Although it’s no surprise big spending Gov. Josh Shapiro was the first to tout the extra spending cash potential of this otherwise positive bond rating increase, Pennsylvania taxpayers should not be fooled by his Biden-nomics-mirroring hype regarding his administration’s flatlining fiscal track record.”
The senator emphasized that Moody’s identified the Senate Republican caucus’s efforts to curb excessive executive spending as a key factor in the credit rating improvement. He contrasted this with what he described as the governor’s unsustainable spending practices and attempts to deplete the Rainy Day Fund.
Dush warned that continued high spending could lead to negative consequences for Pennsylvania residents. He remarked, “Unless the governor immediately stops demanding that we spend, spend, spend, Pennsylvanians will likely experience another significant quality-of-life downgrade due to the already-growing structural deficit directly inflicted by the Shapiro administration’s rampant spending increases during the past two fiscal years.”
He further referenced potential risks highlighted in Moody’s report: “Again, according to the Moody’s Report, these completely avoidable economic pitfalls endangering Pennsylvania’s future fiscal stability would predictably include: ‘Slower-than-expected economic performance that stalls revenue growth and pressures the budget; sustained structural imbalance that leads to depletion of general fund reserves and failure to maintain rainy day funds; significant growth in leverage (debt or other unfunded liabilities) or the reemergence of significant pension tread water funding gaps; and ineffective governance that hinders the Commonwealth’s financial oversight or causes delays in implementing necessary budget adjustments mid-year.’”
