Post 1000

This is the 1000th post on this blog, for those keeping tabs at home. The state's bond rating has been upgraded by the third major credit agency in the nation, Fitch's, today. That, as the Department of Finance released called it, a "trifecta" with every major credit agency raising California to an A+ rating, which is still relatively low but an sure sounds great. Not surprisingly, Phil Angelides, now Schwarzenegger's fall opponent, was not-so-impressed. The statement from his office begins: Fitch’s slight increase in California’s bond rating clearly carries a warning as stern as those issued by the other two major bond rating agencies: that California must resolve its continuing budget deficit. Fitch cautions that despite increased state revenues: 'a structural imbalance remains in fiscal 2007 and beyond. And that's with an improved credit rating. UPDATE:Schwarzenegger just released his statement: "Today's bond upgrade is another indication that the state is moving forward and on the right track. Today's action will also save the state millions in borrowing costs. "When I became Governor, the state was nearing bankruptcy. Critics told me that we couldn't fix the state's fiscal situation without raising taxes, but I knew they were wrong and I have fought every attempt to raise taxes. Since then, our bond rating has been increased eight times, California has created more than a half million jobs and our state's revenues have increased by $20 billion. I will continue to oppose tax increases to ensure that our booming economy continues to grow."