State Senator Bill Beagle...
Ohio’s Credit Rating Boost Bucks the National Trend 
August 11, 2011 

COLUMBUS – Throughout the month of July, newspapers across the country were riddled with the grim and daunting details surrounding the debate over our nation’s budget and its debt ceiling. Agreement between chambers and political divides in Washington were few and far between, and any sort of good news proved even more seldom. However, amid all the fear and concern over the future of our country’s credit rating, Ohio received encouraging news that has long been needed. 

First on July 15, Standard & Poor’s Ratings services upgraded our state’s credit outlook from negative to stable. This change signifies that Ohio’s credit risk is improving, and if this kind of progress continues, taxpayers will eventually benefit from lower costs of borrowing. Just a few days later, Fitch Ratings also announced an upgrade to Ohio’s credit standing by announcing that, “Ohio’s economy is broad and diverse and has recently stabilized from the recession’s large-scale employment losses.” 

Pursuing a path to recovery and prosperity has been paramount to our work in Columbus, and these two ratings bodies have already taken note. Our three-and-a-half month budget process was nothing short of challenging, but we knew very well that the reforms we were advocating for would help in leading Ohio out of economic stagnation. Growing jobs, developing our communities, and investing in innovation and entrepreneurship are the keys to placing Ohio in a position of national prominence. Goals like these were the driving force behind our efforts to bring tax reform to Ohioans in order to provide our families with increased spending power and greater financial stability. They were also the motivating factors as we invested in our future by opening Ohio’s doors to business and incentivizing companies who are committed to maintaining operations in our state. 

In light of the recent federal credit downgrade, it appears that Congress still has some work ahead. I am hopeful that our elected officials in Washington start the next stage of this process by examining the ways in which spending and government has grown over the past several years. While I wish them the best and hope that they are able to bring an era of fiscal responsibility to the federal government, I am convinced that a model for reform can be found in the groundwork that we have laid here in Ohio.