"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, July 07, 2006

New Jersey’s Irresponsible Budget

Blue Jersey bloggers are shocked, shocked to discover raising taxes will not solve New Jersey’s financial crisis. Progressive bloggers write “It's stunningly irresponsible” and “It’s robbing Peter to pay Peter”, in reaction to Corzine’s budget deal.

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.



4 Comments:

At 6:50 AM, Anonymous njcons said...

There's no outrage except on the blogs. I'm willing to bet that it doesn't make a hill of beans difference in November.

 
At 7:48 AM, Anonymous Anonymous said...

I agree with you that this is yet another horrible budget deal for the state and more specifically us tax payers. The one problem I have with the post is the indication that this incepted with the Democrats. While the Republicans are talking a nice game now since they are way out of power they did not do so great when they were in power. Yes, it might have been a little better but all of the politicians have been feeding themselves when in power.

NJ truly needs a change but like the first poster said the mass of voters have no clue!!!!!

 
At 6:55 PM, Anonymous Anonymous said...

Wake up Blue Staters. Peeps all across the East Coast remember when their slot machines got shut down. They won't remember exactly "where's the beef?" But they will remember which party was responsible. (Ref: Gingrich government shutdown)

And every time they buy anything, they will be paying MORE.

 
At 6:56 PM, Anonymous Anonymous said...

Wake up Blue Staters. Peeps all across the East Coast remember when their slot machines got shut down. They won't remember exactly "Where's the beef?" But they will remember which party was responsible. (Ref: Gingrich government shutdown)

And every time they buy anything, they will be paying MORE.

 

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