Sunday, May 7, 2017

"We're fortunate it wasn't worse."

Mississippi Treasurer Lynn Fitch issued the following statement.


Treasurer Lynn Fitch’s Statement on
Mississippi’s Latest Credit Rating Troubles

Jackson, MS. Treasurer Lynn Fitch made the following statement about this week’s Standard and Poors report that downgraded Mississippi’s credit rating from a stable to a negative outlook.

“This downgrade should come as no surprise.  In fact, we’re fortunate it wasn’t worse.  Mississippi is making progress with our unemployment rate dropping and our positive economic growth, but we are still lagging behind most of the nation.  And, with our population growth stagnant, it’s only common sense that investors would have concerns.

“That makes it all the more important that the Mississippi Legislature implement very prudent and very responsible fiscal policies when it comes to spending, taxing, and borrowing.  Standard and Poors put Mississippi on notice with this report.  We have a likelihood of one in three of downgrade in the next two years, so we have time to turn things around before more serious consequences for taxpayers.

“As Treasurer, I will do my part to encourage the Legislature to head down a more fiscally conservative path.  And, as a Trustee of the PERS Board, I will do whatever I can to ensure that S&P never again says that we are lagging in or responsiveness to a declining funded ratio.”

The S&P report cited a number of factors in reaching this decision to reduce Mississippi’s credit rating, including:

·         Weakness in revenue trends
·         Weakness in several national indicators, such as economic growth, population growth, educational attainment, unemployment, and industry diversity
·         An already stressed budget
·         High debt burden
·         Low and declining funded ratio for the Mississippi Public Employees Retirement System (PERS)

52 comments:

Anonymous said...

"Candidate" Fitch continues her misinformation campaign, or else her ignorance of finance. And she has her buddies at the never wrong/always opinionated Supertalk using her PR releases as if they were news.

The opening paragraph of S&P's report states that they lowered the "Outlook" from stable to negative. That paragraph goes on to say that they maintained the states "RATING". Ms. Fitch, in her never-ending campaign to try to make herself relevant reports this as the lowering of a rating. Does she not understand the difference? Or does she not care as long as she can try to look important?

Anonymous said...

So far there is not one single person I like who is or has hinted they are running for governor. The same losers who have driven the state into the toilet now want to be the captain of the USS Failure

Anonymous said...

Captain Tater, reporting for duty. Where's the Officers's Mess hall?

Anonymous said...

6:32, the S&P report should give you confidence in the current group that you evidently call losers. The problems identified are largely either economic conditions of the state (and surrounding states) and the pension account being grossly unfunded due to those wonderful actions taken in previous decades and compounded in the Musgrove, Tuck (D), and Ford term.

The fact that the state has stopped funding recurring expenses with one-time money, maintain the funding of the rainy day fund, and have cut expenditures to meet budget projections appears in this report to be what kept S&P from lowering its rating. What exactly are you looking for? More $700 million shortfalls as Musgrove left at the end of his term? Or tax increases vs. tax cuts? If that's what you are looking for, I hope you are never satisfied.

Anonymous said...

This state won't even consider marijuana legalization, but will carp endlessly about weak revenues, stagnant growth, etc. Watch what positive changes happen in other states over the next few years, and watch as we sit idly by and do nothing. Cue lame Baptist response in 3..2..1..

I've got really good credit, I'm just bad at math said...

So if she thinks it could have been worse, what are they concealing?

Anonymous said...

7:32, first mistake. You are assuming that she has the ability to 'think'.

Anonymous said...

Jim Hood will not win any election in MS for Governor.

Anonymous said...

The tots are active tonight! They can't stand someone who exposes the truth.

Anonymous said...

Not the State Treasurer's job to trash our finances and economic climate when discussing bond ratings.

There's a time to campaign and there's a time to mind the shop.

Anonymous said...

Haters gonna hate

Anonymous said...

7:19 idly interjects the subject of marijuana legislation, something wholly unrelated to the topic being discussed, yet waits for Baptists to opine in 3...2...1...and wonders what the question was as he slows down to 17 miles per hour dreaming about snacks. Wait, man! Did you see that? I've lost at least three tires to those wombats over the years.

Anonymous said...

Declining government revenue. And all us fiscal conservatives cheer. Fitch and S&P see that as a weakness. Figures.

Anonymous said...

Fitch vs. Tater. Watch for a run on popcorn.

Anonymous said...

Haley raised them both. Which of his children does he favor?

Anonymous said...

Declining revenues? Cut the budget to the bone. Like the real world. Problem solved.

Anonymous said...

Politics trumps fiscal responsibility yet again.

I love blaming past administrations as if the current one in power can't do anything to correct past mistakes.

I love that it's suddenly only about not paying taxes and to hell with debt and deficits and the strength of the State or Nation as if we are alone on the planet and the future doesn't matter.

Let's pretend the fiscal boondoggles never happened and that we have a meat packing plant and a new energy plant that is needed and will profit.

It's tough to know what to do when the middle class is decimated and new jobs aren't rebuilding the middle class but increasing existing wealth with tax breaks.

It's tough when you've aided the increasing monopolies and decreased competition.

But, let's pretend that monopolies are good. Let's pretend they create good paying jobs instead of paying more workers less and pretend they don't reduce lower and middle level management and pay them the same salary for more hours. We can applaud the increase in " jobs" and " productivity " and " profit" without questioning where the money goes.

Everything is great! If we keep falling behind in every measure of success as a State or Nation . It's not our fault. It's the past. It's those people who aren't as good as we are. There are always too many of " them" historically. We can't help it.







Anonymous said...

I have no axe to grind re Fitch--HOWEVER I am dumfounded and amazed at the vitriol on this board at the mere MENTION of Fitch!! Is this hatred a result of her being a threat to the "destiny of MS political operatives/hacks" ,her incompetence, both ,what?

Anonymous said...

It is the Reeves camp 7:48.

But 7:32, on the other hand, is just our resident deranged granny JJ troll. She likes to lecture in the morning.

Anonymous said...

Lynn Fitch needs to attend some financial literacy classes of her own. A revised outlook is not a downgrade. Sitting on pins and needles waiting to see what she's going to do about PERS.

Anonymous said...

If Fitch runs against Reeves, is she going to run as a Democrat?

Kingfish said...

7:48: I don't get it. This has gone on for several years. Mention Fitch and suddenly some people go nuts. She really hasn't done anything as Treasurer that was high profile in nature but for the college savings deal. Lieutenant Governor and Governor will always bring out criticism regardless of who is in office. However, there are some who just lose it when Fitch is mentioned.

Now about PERS, let's tell the truth. All the politicians are scared of that one and for good reason. The Democrats demagogued the hell out of it back in 2011 when Haley merely suggested reviewing its financial stability. Watch the videos on this site. Hell, the mere idea of adding two non-voting members who had true financial backgrounds was called "selling out to Wall Street" by Billy McCoy as he did his best impression of an ostrich. The only two legislators who dared raise the issue were Mayo and Collins and guess what? They got beat. Don't think that lesson was lost on every politician in Mississippi.

I said all along it will take the ratings agencies to force any sort of sanity on it and that is what is starting to happen.

Plain ol' Catfish said...

Good point by Kingfish (not trying to blow smoke up your rear on this either)

With the upcoming mental health layoffs, that's 700 people that will not be paying into the PERS system. So that means current participants will have to contribute more of their salary to maintain the fund.

Add in for kicks, the Mississippi legislature has not funded a cost of living increase since 2007.

Add in the possibility of changes to the Affordable Care Act under the Trump administration - State employees under Blue Cross Blue Shield will see higher co-pay

It's the calm before the storm - but Tate Reeves should not be rewarded for poor fiscal decisions. Not saying you have to vote for Twitty Hood - but you can nudge Delbert Hoseman or Lynn Fitch to run against him in the Republican primary. I would gladly vote for one of those two over Tater Thot!

Anonymous said...

Fitch is correct. Also, it appears those in office are willing to let PERS collapse so long as they make it through their careers in "public service". Just gradually increase funding and let the employees pay a little extra.

Anonymous said...

This has gone on for several years. Mention Fitch and suddenly some people go nuts

Same goes for Hosemann. Anyone perceived as a potential threat to Tate Reeves.

Anonymous said...

Contagion Theorist Plain 'ol Catfish is in the house!

Anonymous said...

Oh it's the Tate crowd attacking Fitch. They can't stand the light of day. And getting called out for their fiscal antics.

Anonymous said...

Would Ms. Fitch please show where she has discussed or advocated solutions to the problems with PERS? She is a PERS board member - afterall.

I am NO Tate Reeves fan.

Anonymous said...

It doesn't matter which child caused the water to splash onto the floor, Fitch, Reeves, Bryant, Gunn, etc. are all in the bathtub together. Go ahead and blame each other all you want, but all of you are driving the train that just wrecked.

Anonymous said...

At least Fitch had the courage to address MPACT. Only attention Reeves paid the program was to leverage the ad budget as free money to establish statewide name recognition.

Anonymous said...

10;48, King Hosemann issue has,absolutely nothing to do with Tate. Hosemann brings it on himself. Hard to find a bigger ego in politics except of course that of Trump. Plenty if folks have had all of Hosemann's incompetence and arrogance, and don't give a damn if he is running against Taye, or for Lt Gov which his current mantra is that's where he should be because "it's the most powerful, you know." Or, expecting an appointment to the Senate because -of course, he would be appointed because he is the smartest and most qualified.

No, he just thinks he is the most deserving, and it predates his SOS sting. Existed at Phelps before. Same as his previous runs -or fake qualifying runs.

Fitch is just in over her head, and philosophically bankrupt. Hosemann is just an arroGant ass.

Anonymous said...

Hoseman is not well liked, but he is an excellent AG. He has a brilliant mind. Some are just sore because they have to pay FMV on 16th section leases rather than the corrupt $1 per acre they use to pay.

Anonymous said...

@ 12:34, "courage" would have been closing the program. Ms. Fitch did not do that.

Anonymous said...

The train is NOT wrecked.

Plain ol' Catfish said...

@ May 8, 2017 at 1:25 PM

Did you mean Hood as AG and Hoseman as Secretary of State? Just double checking?

Anonymous said...

4:31, he doesn't even understand that 16th section landowners have been paying FMV on their leases since Molpus' days. What the King has tried to do is raise the value based on what the land might be used for sometime in the future, not its present value. And its far more than 16th section lessors that don't particularly like the arrogant SOB - its most anybody that has ever tried to deal with him or his office.

But, Hosemann is at least intelligent. Can't say the same, or even get close, about Fitch.

Anonymous said...

The train is on its side billowing thick black smoke while the leadership is standing around arguing....did too!....did not....did too!.....did not!

Anonymous said...

Fitch, Hoseman, and Bill Waller Jr. (whose name keeps coming up) would attract some crossover votes from Democrats if they run against Reeves. I don't think Hood will actually run so there may be 40 to 45% of the state population open to another candidate by the time the GOP primary is held. By 2019 Tate's No Taxes Of Any Kind platform will not be an attractive campaign issue so there may be a giant opening for a centrist candidate.

Anonymous said...

Kingfish: It's not necessarily that we 'go nuts when Fitch is mentioned'. But, some us well remember when Haley first trotted her into the tent and moved around from agency to agency in a series of 'executive positions' to get her some 'exposure' and name recognition and, ah, executive experience.

Maybe we got a bait of that with Mabus and Musgrove and don't want to see it again. Reckon?

Anonymous said...

I have seem the numbers and Hood beats Tate in a head to head.

Anonymous said...

If Hood and Tate square off, I recommend an eating contest.....something for which both seem quite adept.

Anonymous said...

"I have seen the numbers".....Bet you've 'Been to the mountain' too.

Anonymous said...

"This has gone on for several years. Mention Fitch and suddenly some people go nuts..."

Well, I don't 'go nuts', but each time I see her name I DO recall the times Haley trotted her out to her new desk at various state jobs, just to get her acclimated to the government climate and get her a little name recognition I reckon.

Employment Security was one. Shall we play the 'name that agency' game for others?

Anonymous said...

Incompetent men really hate competent women unless they " stay in their place" by keeping them from screwing up , letting them take the credit for her work and helping them believe they would have fixed the problem or had the idea had they not been " so busy".

A woman they think is smarter than they are makes them feel inadequate.

And, they hate competent women who aren't dog ugly the most.

Anonymous said...

I would take an incompetent Lynn Fitch over a conscious woke competent Triple Cheese Tater Thot ANY day of the week. Catch my drift

Anonymous said...

If you've ever worked under Hosemann, you will understand any original thoughts or suggestions, or actual truths are shunned. If it's not his idea, it's wrong. Doing your job correctly but not kissing his ass gets you fired.

Anonymous said...

7:33 - Your learned theory has competence as its basis. Remember...we're talking about Lynn Fitch here. She's been at the gubment trough for years and years. Please give examples of demonstrated competency.

We could also discuss Cindy Rawhide Smith but you ruled her out with your 'dog ugly' disclaimer.

We do have a bad habit in this state of elevating women who ain't done shit and ain't gonna do shit. Mabus started it all.

Anonymous said...

Seems like we've elevated a lot of men who ain't done shit and ain't gonna do shit. So what is the difference?

Anonymous said...

The difference is we're talking about women here, who have been 'trotted out' by governors in the interest of diversity. No governor trotted out Digbert, Tater or Gunn. They came into their own ON their own and OWN their own idiocy. See?

Anonymous said...

I agree with 8:06 AM. If I see the names Fitch, Waller, Hood, FoFo Gillich whover on the ballot any of them will get my vote.

Anonymous said...

Pretty sure Tate will serve as next governor for 8 years; too much money, too many tater tot groupies; don't know anybody who can buck the establishment. Be nice if somebody from the outside bursts onto the scene i.e. Fordice and shakes things up. Anybody out there?

Anonymous said...

Per kingfish's comment about mentioning Fitch and people go nuts. If you only knew his many good people she has run off at the two agencies she's headed maybe there would be some understanding of the fury! It is incomprehensible how someone with so little knowledge of the laws of this state and the ways of the business world can be appointed at one agency and then elected at the other. She speaks of fiscal conservatism but spends state money on herself like a queen.

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If you get tired come relax at the Fox News Tent. To gain admittance to the VIP section, bring either your Republican Party ID card or a Rebel Flag. Bringing both will entitle you to free drinks.Get your tickets now. Since this is an event for trolls, no ID is required, just bring the hate. Bring the family, Trollfest '07 is for EVERYONE!!!

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