FACT CHECK: Bret Baier Claims New Jersey Suffered 11 Credit Downgrades Under Chris Christie

CLAIM: Moderator Bret Baier of Fox News said New Jersey suffered 11 credit downgrades under former Gov. Chris Christie’s (R) leadership

VERDICT: True

Christie was quick to condemn President Joe Biden’s economic policy at the first Republican presidential primary debate in Milwaukee, Wisconsin, Wednesday evening; meanwhile, the Garden State suffered a credit rating downgrade eleven times during his time as governor.

After he gave his reply, which focused on the Biden administration’s lack of fiscal discipline, Baier said that despite his rhetoric on fiscal responsibility, New Jersey suffered a credit rating downgrade eleven times — affecting $37 billion of debt.

Hilary Russ of Reuters reported in 2017 that the downgrade in the state’s bonds came just before Christie left office:

Persistent underfunding of the state’s public pension system and weak budgetary position contributed to the rating cut. So did the $1.1 billion of annual revenues the state will lose by 2021 because of sales and estate tax cuts passed last year in conjunction with a gasoline tax hike, Moody’s Investors Service said.

Willem Rijksen, spokesman for the New Jersey Department of the Treasury, stated that the state’s hemorrhaging credit rating is due to flaws in the state’s pension system, which have had a negative impact on the state’s entire budget.

Christie has garnered the most downgrades of any governor in U.S. history based upon analysis by Moody’s Investor Service, Fitch Ratings, and S&P Global Ratings, North Jersey.com reported.

Under Christie’s leadership, the state has been given the reputation of being one of the worst-managed states in the country, with only Illinois having a lower credit rating during that time.

Moody’s analyst Baye Larsen noted that the eleventh downgrade was attributed to the governor’s failure to listen to actuarial advice, for his “$2.51 billion pension payment represents only 50 percent of what actuaries say is needed to fully fund workers’ and retirees’ earned retirement benefits. Withholding half the money needed this year only increases costs down the line.”