"Knowledge will forever govern ignorance

 and a people who mean to be their own governors

 must arm themselves with the power which knowledge gives."

Friday, November 18, 2005

New Jersey’s Broke – Corzine Jokes

Acting Governor Dick Codey to Governor-elect Jon Corzine at a convention of municipal officials in Atlantic City:

Let me condense your transition report for you," he said, eliciting chuckles from the crowd. "We're pretty much broke. We have more debt than we can afford. Next year's budget deficit is at least $5 billion. School construction and transportation funding have virtually dried up. And we have a $1 billion pension payment due next year."
Jon Corzine to the crowd:

"Anybody win $5 billion last night at the tables?" Corzine asked. "We could use it."

Isn’t Corzine a riot? In 2002 the New Jersey state budget was $22.5 billion. This year’s budget was $28.1 billion and will be $5 billion greater before Jon Corzine adds on new spending for his campaign promises. Without any new spending the state’s budget will be $33.1 billion. That’s a 47% increase since 2002. Gee, how did that happen after all the McGreevey tax increases and the Codey cuts in property tax rebates?

Not only is the budget out of control, but New Jersey is now the third heaviest debtor among all states.

New Jersey borrowed $4.2 billion last year, continuing a voracious run-up of loans that has tapped out the state's highway building fund and nearly doubled state debt in just five years.

When the last budget year closed on June 30, New Jersey had $28.9 billion in long-term debt outstanding, the state's annual Debt Report shows. Five years ago, the reports show, state debt stood at $15.8 billion; a decade ago it was less than $8 billion.
What are Jon Corzine’s plans for the state? Well, Corzine’s talking up all the new spending plans he has for the cities and he’s brought in Dick Leone to head up his transition team. For those that may not remember, Dick Leone was the architect of the state’s income tax in 1975 under former Governor Brendan Byrne. The income tax was sold to taxpayers at the time as a solution for the property tax burden.

How’d that work out? The cities got the money and New Jersey can boast at having the highest property taxes in the country. What will happen this time? The income tax will be raised, the cities will get the money and New Jersey taxpayers will get the shaft – just as Corzine planned. After all, that’s Jon Corzine’s idea of making New Jersey more affordable.

Update: We received the following claification concerning the year's state budget:
One minor quibble.

The New Jersey budget this year was NOT 28.1 billion; that was the amount "on budget". For political reasons, much state spending was kept "off budget", to the tune of almost $1 billion.

Hence, $29 billion is much closer to the truth, even before supplemental spending.


At 11:35 PM, Blogger James said...

Those who voted for him are getting exactly what they deserve. Unfortunately, those of us who did not vote for him are also getting what they deserve!

Parkway Rest Stop

At 2:00 PM, Blogger NJCons said...

James ,


At 2:46 PM, Blogger nightfly said...

The Corzine joke actually sounds like something I'd say myself. But unlike the Governor-elect I'd also be cutting spending, not boosting it, so I don't think anyone would begrudge me a chuckle.

At 4:09 PM, Blogger DBK said...

Wow. Jon Corzine hasn't even been sworn in and you're already getting ready to burn him at the stake. That's what I call useful analysis. Have you decided on who gathers the wood and who brings the gasoline yet?

By the way, while I'm here, perhaps Enlighten would care to release the "Corzine Doing Heinous Evil Things" videotape he promised a month ago, the one that added so much to his crudibility. Can you put it in .wmv format and host it for all of us? I've been so looking forward to watching it.

At 5:23 PM, Blogger Enlighten said...

No one promised a tape - we published an email from a source stating a tape exists. This same email also stated someone who saw the tape would be heard from – we seem to remember Mrs. Corzine being heard from loud and clear. We will assume your quote "Corzine Doing Heinous Evil Things" came from your very vivid imagination, because it certainly isn’t a quote from this blog.

Corzine may not have been sworn in yet, but that hasn’t kept him from making speeches as to how he plans to govern. As you might have guessed, his spending plans are not what we think the state needs. And why is poining out Corzine's spending plans together with the state's current financial situtation not useful analysis? What’s your take?

As far as burning goes, it’s Corzine’s burning more taxpayer dollars that concerns us. If we are forced to gather wood for a fire, it will be to keep warm after we have gone broke from another round of tax hikes

At 12:45 PM, Blogger DBK said...

So where's the tape, E?


"...when it hits; it’ll make Jim McGreevey look like a Cub Scout compared to Jon Corzine."

Okay, so where is it? Where was it? You whispered and hinted and snickered and mugged regularly about it for dyas, but there came the election and not a word on this "damaging revelation".

So, where is it? Come on, put the tape up on your site so everyone can enjoy it. I had a big box of Paul Newman's Microwave Popcorn set aside just to enjoy as I watched the webcasts of the tape. The popcorn is getting stale and still no tape. You had emails and people who were connected to the Corzine campaign and yet...well...*POOF*. Nothing.

Give us the tape, E. We want the tape. Can't you see how this damages your credibility? You posted something like four times in four days about this fantastical tape. You had us all salivating at the prospect of it. You wouldn't even tell us what was supposed to be in it. What could it have been? What, we wondered, could be so bad as to make "McGreevey look like a Cub Scout compared to Jon Corzine." The tape, E, we want the tape. Boring postings on taxes that haven't occurred don't cut it. You said there was something juicy coming. Go ahead, play it.

At 4:05 PM, Blogger Enlighten said...

The interviews with Mrs, Corzine came out, the issue concerning the Corzine staffer came out and so now we suppose you'll just have to wait and see if the tape comes out.

If you are interested in learning more about what Mrs. Corzine had to say about her ex’s ethics, we suggest you read the many articles published in the MSM after we published a post. If you're interested in learning more about the allegations concerning a relationship Corzine had with a staffer, look for the various news videos and media accounts that were widely available on and offline after we published a post. If you are interested about the nature of the tape, reread the quote from the email we published concerning the tape.

Seems as though our source was pretty good, no?


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