Bloomberg View’s Josh Barro is lauding New Jersey Governor Chris Christie in advance of his keynote address at the Republican National Convention:
“Christie’s record in New Jersey is too substantively centrist to run as the darling of the party’s right. Instead, if he runs in four years, he’ll have to make the case for a more compromising and consultative politics that tries to occupy the center, modeled on his successes in New Jersey.”
Unfortunately, Barro never details any successes of Christie during his time as governor. In fact, Christie’s record is particularly thin, and New Jersey remains in dire fiscal shape. In contrast to Barro’s piece, the reporters in the Bloomberg newsroom have detailed how bond markets are actually charging New Jersey and its municipalities more to borrow since Christie took office:
“New Jersey and its localities are paying an average yield penalty of 0.57 percentage point over AAA securities to borrow for 10 years, according to data compiled by Bloomberg. The gap is more than double the five-year average. It was 0.35 percentage points the day Christie took office.”
Translation: Municipal bond markets are charging New Jersey and its towns nearly twice as much to borrow than they did before Christie took office.