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Progressive Politics in Minnesota, the Nation, and the World

AAA Bond Rating Is Back

Category: Mark Dayton
Posted: 07/28/16 17:57

by Dave Mindeman

In another example of the difference between Democratic and Republican economic policies, the Fitch rating system has restored Minnesota's AAA bond rating.

We lost that rating under the Pawlenty administration.

Minnesota has prospered under Mark Dayton. Our business climate is getting national recognition. Our economy is bustling. And all of this in stark contrast to our neighbor to the east, Wisconsin.

Mark Dayton did the unthinkable - he used tax increases on the wealthy to balance the budget while working to improve the lives of the middle class.

It worked. Let me repeat. It worked.

And the Fitch rating shows us the difference. The Pawlenty administration used gimmick after gimmick to balance budgets without new revenue. It showed up in our financial stablility - and Fitch took the unprecedented step to lower our bond rating. We have paid more interest on our bonds because of that. It was fiscal malpractice.

Dayton boldly took the opposite approach and the nation has noticed. While conservative legislatures in Wisconsin and Kansas doubled down on "trickle down" economics, Minnesota stayed true to Democratic economic principles.

Fitch noticed. The country noticed.

Thank you Dayton. Thank you Democrats.

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