There He Goes Again

Joisey's wacky borrow-and-spend Governor Jon Corzine is at it again.

Now the financial wiz wants to sell sell $2.5 billion more in bonds (ie: borrow) to fund school construction in so-called "poor" school districts. This latest scheme surfaced as part of an ongoing court case on school funding.

Joisey Attorney General Anne Milgram on January 22 wrote the state's top court that Corzine next month would seek a minimum of $2.5 billion of new debt. Her letter was released by Senate Republicans on Wednesday who (understandably) reacted angrily to the prospect of another increase in Joisey's debt, one of the nation's highest. Clearly, Corzine is reneging on his promise to pay down debt.

Sen. Leonard Lance said in a statement: "The words are barely out of his (Corzine's) mouth and the ink isn't even on the paper yet on his 'debt reduction' plan and he intends to borrow an additional $2.5 billion."
The Republican budget officer continued: "Of course the administration does not intend to seek the consent of the voters as the state constitution requires."
The extra school borrowing, if approved, would increase Joisey's outstanding debt to nearly $40 billion, one of the highest debt loads per resident in the nation.

Corzine, who refuses to seriously trim state spending across the board, just can't seem to help himself. It's the same old shell game: Spend, borrow, tax, spend, borrow, tax, spend . . .