New Jersey Lawmakers Created State’s Financial Disaster
N.J. paying for fiscal inaction: States that made tough choices during tough times have surpluses. New Jersey has a big gap.
A report released by the nonpartisan Office of Legislative Services this week estimated that New Jersey would end the fiscal year with more than a $600 million surplus. Yet, Gov. Corzine has said the state is "pretty much broke" and has been bracing the public for tax increases and spending cutbacks to close a budget deficit of more than $4 billion.
Neighboring states, New York and Connecticut, can afford tax cuts for the first time in years. Pennsylvania and Maryland have extra cash for health care and education programs. Other state’s coffers are also flush with money. States from Florida to Hawaii are pushing for tax cuts, while states such as California, Oklahoma and Massachusetts have proposed broad new spending.
New Jersey stands alone, fiscal experts say, because lawmakers refused to make tough choices that other states made - choosing instead to borrow its way out of hard times. Most states chose to cut spending rather than raise taxes.
New Jersey lawmakers have no one but themselves to blame, said Senate Minority Leader Leonard Lance (R., Hunterdon). . "The situation goes beyond embarrassment. It's nothing short of a public scandal."
New Jersey Government: New Jersey Budget
A report released by the nonpartisan Office of Legislative Services this week estimated that New Jersey would end the fiscal year with more than a $600 million surplus. Yet, Gov. Corzine has said the state is "pretty much broke" and has been bracing the public for tax increases and spending cutbacks to close a budget deficit of more than $4 billion.
Neighboring states, New York and Connecticut, can afford tax cuts for the first time in years. Pennsylvania and Maryland have extra cash for health care and education programs. Other state’s coffers are also flush with money. States from Florida to Hawaii are pushing for tax cuts, while states such as California, Oklahoma and Massachusetts have proposed broad new spending.
New Jersey stands alone, fiscal experts say, because lawmakers refused to make tough choices that other states made - choosing instead to borrow its way out of hard times. Most states chose to cut spending rather than raise taxes.
New Jersey lawmakers have no one but themselves to blame, said Senate Minority Leader Leonard Lance (R., Hunterdon). . "The situation goes beyond embarrassment. It's nothing short of a public scandal."
New Jersey Government: New Jersey Budget
