New Jersey's state flag proclaims "prosperity"But the State of New Jersey faces the first work week of 2008 with the knowledge that it enters its eighth consecutive year with an annual budget deficit.
For all but one of these years (2001) New Jersey has been ruled by a Democrat governor. And under New Jersey's state constitution, the Governor has enormous power. In fact, the Pulitizer Prize winning columnist George Will has called the Governor of New Jersey "an American Caesar."
Today Under Governor Jon Corzine New Jersey faces a monumental debt of up to $3 billion for the fiscal year that starts July 1. In seven years New Jersey's debt has doubled. But Corzine and the Democrats are looking to spend even more. They want to to increase state aid for schools by about $580 million.
As recently as 2006, Democrats increased sales, corporate, cigarette and other taxes by $1.84 billion, easily the largest total tax increase among states that year. Now, Corzine is looking to boost Garden State Parkway and New Jersey Turnpike tolls by at least 45 percent to scoop up even more money. And Corzine has not ruled out additional tax increases on state residents even though New Jersey continues to face population erosion.
The Tax Foundation recently determined New Jersey has the nation's third-highest tax burden. New Jersey also has the third highest state budget deficit. It seems the more New Jersey pays in taxes, the deeper it sinks into debt.
Why can't New Jersey act with the same fiscal common sense of 37 other states that operate without a budget shortfall? Why?
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