Wednesday, July 17, 2013

John Cranley's Legacy Bites Cincinnati in the Ass

John Cranley, chair of the Cincinnati City Council Finance Committee, introduced structurally imbalanced budgets to the city & the city has never looked back. This year, Cincinnati might have actually had a structurally balanced budget were it not for the treachery of Columbus.
When the city wound up with $50M from the sale of Anthem stock, Cranley opted to spread the wealth around - an obvious vote buying ploy, instead of using to plug a budget gap nor to put some of it into pension funds even though a portion really belonged there.
Now Moody's, who saw nothing wrong with bundles of bad home loans in the past, has downgraded Cincinnati's bond rating making the cost of capital improvements in the city a bit more expensive. One thing cited was state pensions which are beyond the city's control but they also cited the underfunded city pension fund & the structurally imbalanced budget - 2 of Cranley's legacies.
We clearly cannot afford John Cranley in the mayor's office.

WCPO Bond Rating story here.

Fishwarp Anthem story here

No comments: