The outlook for Atlantic County’s debt was raised to ‘stable’ from ‘negative’ this month by one of the global ratings agencies, the Press of Atlantic City reports. The credibility of the ratings agencies, which stamped approval on packages of toxic mortgage bonds in the run up to the Great Recession, is moot. But since the financial services industry still revolves around a debt machine that needs new issuance, we’re all still pretending the ratings agencies matter. So this is a good thing for Atlantic County. It’s another reason we don’t need to think about just how much the county’s financial health still depends on debt-swamped Atlantic City. Right? (We’ll have more on the city/county connection next week…)
Here’s another fabulous NJ Spotlight map that shows where the 300,000 New Jerseyans who bought health insurance through the ‘Obamacare’ exchange live. (Disclosure – Route 40 is run as a small business and we bought our health insurance through the exchange). Egg Harbor Township is the hotspot for Atlantic County – it’s not clear why. Perhaps there are more contractors and small businesses based there? What is clear from the map is that more people bought Obamacare plans last year than in 2015. That’s partly why Rep. LoBiondo is still opposed to the planned replacement for the Affordable Care Act.
Come and meet us! We are holding a ‘Take Back the News’ event at Little Water Distillery on June 7 from 6 pm (details here) with Lynda Cohen from BreakingAC. We want to hear from YOU about what you would like to read about and what you would like us to report on. And we want to tell you how we are trying to launch a new collaborative local media in this area. The event is free and open to all.
In the rest of the day’s news, the Hamilton Mall was evacuated because of a fire yesterday, Atlantic City’s Melting Pot is closing for good, and here’s what to do when you find marine life on the beach. All that and more below: