Pennsylvania’s rating has been cut from Aa2 to Aa3 by Moody’s Investors Service reports PaIndpendent.com.
Moody’s cited as among its reasons Pennsylvania’s “growing structural imbalance, exacerbated by the fiscal 2014 enacted budget that depends on non-recurring resources.”
Moody’s also cited Pennsylvania”s “large and growing pension liabilities”.
The unfunded pension liabilities are expected to grow from $41 billion to $65 billion.
The reasons can be summed up in two simple words: bad government
The Pennsylvania legislature has shown a marked unwillingness to address the issue even in the most simplest terms.