New Jersey’s Red Ink.
Our governor, Jon Corzine (another Goldman Sachs genius), informed us that the current state deficit could reach $1.2 billion. The governor reported that, compared to the projections for October, revenues are off by $211 million.
Gross income tax collections were off by 14 percent, or $116 million; sales tax collections were 4 percent, or $28 million, below projections; and corporate business tax collections were off by 16 percent, or $30 million.
No shit, Sherlock.
This is what happens when a rotten-to-the-core state government tries to tax its way into prosperity and when it regulates businesses to the point where it simply makes no sense to do business in this state. Businesses flee, taking jobs with them, and people flee, unable to afford to live here, leaving fewer and fewer taxpayers to provide sustenance for the hoards of taxtakers.
The terrifying part is that the governor is not telling the entire story. As I have written before, the unfunded pension liabilities and the unfunded medical liabilities for state workers make that $1.2 billion look like a pre-teen’s allowance. (In the private sector, such unfunded liabilities would land people in jail).
That’s life … in a Blue State.
“(In the private sector, such unfunded liabilities would land people in jail).”
Hmmmmm…..does this mean that the GM bigwigs are gonna get to visit the federal slam?
Comment by GUYK — November 14, 2008 @ 9:46 pm
Maybe NJ needs to have a raffle. I’ll buy one ticket, if it’s $5 or less.
Comment by Jerry — November 15, 2008 @ 1:43 am
Jerry,
I was thinking cake sale.
Jimbo
Comment by Jim — November 15, 2008 @ 10:05 am
Why don’t the people of New Jersey wake up and elect a candidate for governor who is a fiscal conservative? Does the state have to go bankrupt first?
Comment by Kevin — November 15, 2008 @ 2:44 pm
“Why don’t the people of New Jersey wake up and elect a candidate for governor who is a fiscal conservative?”
You’re kidding me, right? With ALL of NJ considered an “urban area” consider who the voters are. Also, the unions here (no ‘right to work’ state) have the politicians licking their boots. It’s like one big circle jerk.
Comment by JerryK — November 16, 2008 @ 7:23 pm
Our family voted with our feet exactly 20 years ago, leaving the Garden State for the lovely Outer Banks of NC. Our state went from red to blue this election by a few thousand votes, although our county voted nearly 70% M/P. Maybe we have to move again! Where will we go-Alaska?
BTW-is that Loutenburg fellow still alive?
Comment by Ernie Nilsen — November 17, 2008 @ 12:02 am
If its any consolation, NYC is already almost 3 trillion in the hole and our legislators refuse to make cuts.
Guess they think wishful thinking will make it all go away. Wait till NY & NJ get a poor credit rating, let’s see how they feel when no one lends them money & congress tells them to “Drop dead”. Remember that?
Comment by Journey — November 17, 2008 @ 9:56 pm
“BTW-is that Loutenburg fellow still alive?”
Not only is he alive (well, in a “Weekend At Bernies” sort of way), but he was re-elected by the assclowns of this illustrious state. I believe a years supply of ‘Depends’ was thrown in as an extra perk. There is absolutely no hope at all. Mr. Scotch, here I come.
Comment by JerryK — November 18, 2008 @ 1:12 pm