New Jersey’s Irresponsible Budget
No kidding. But, it’s hardly news. This new budget is as irresponsible as every state budget since Democrats took control of New Jersey’s treasury in 2002.
Without reducing spending the state will have budget deficits forever. Had Corzine’s budget been passed as originally submitted, the state would have started next year with a minimum budget gap of $2 billion. That’s not our interpretation, it’s clearly stated in Corzine’s budget. Treasurer Bradley Abelow has stated repeatedly there will be a $2 billion deficit in next year's budget even with Corzine’s tax increases.
Who knows what the budget gap will be next year, but $4-5 billion is the usual “shortfall” Democrats have cited at the beginning of each new budget cycle. However you slice it, spending and the taxes to pay for it have grown from $22.874 billion in 2002 to $30.875 billion this year. That’s an $8 billion or 35% increase in taxes and yet, the state is still broke.
We have been pointing out Corzine’s promises to increase state spending on any number of new programs since he began running for Governor. We have been pointing out the $2.6 billion in new spending and the $1.8 billion in new taxes contained in Corzine’s budget since he submitted it. New spending and tax increases are just that, no matter what the money is used for or who winds up paying the taxes.
New Jersey voters have gotten exactly what we said Corzine would deliver – more spending and higher taxes. Stunningly irresponsible! Yes, it is and pathetic that supposedly educated folks hadn’t figured it out before now.