Does the Nation Really Want NJ’s Problems
Some troubling news in New Jersey this morning…during the last fiscal year (which ended June 30th) the state accumulated nearly $32 billion in debt.
What that means is NJ ranks third in the nation in the heaviest debt load as a percentage of personal income. We rank behind Hawaii and Massachusetts.
New Jersey’s debt increased $2.1 billion over last year. Now there is a surplus fund with $650 million ready to be used to pay down the debt, but it’s likely that will be used for “unspecified one time expenses”. We won’t know how that will be spent til December 1st, according to the State Treasurer.
All this was part of a report to the NJ Commission on Capital Budgeting and Planning released yesterday.
If that’s not enough there’s talk that our Governor Corzine, whose administration ran up a huge portion of this debt, might be in the running for US Treasury Secretary.
WHAT?
The Governor, a former CEO with the Wall Street investment banking firm Goldman Sachs, was Barrack Obama’s front man on the economy during the last weeks of the campaign. It’s now been hinted he’s a possible choice for Treasury Secretary!
Let’s hope this is just the media talking and NJ’s big spender isn’t headed to DC! On second thought…
Keller Williams
Atlantic Shore
Laura Giannotta
Waretown Homes, Barnegat Homes, Manahawkin Homes, Eagleswood Homes, Long Beach Island Homes, Little Egg Harbor Homes, Tuckerton Homes and homes in northern Atlantic County!
Little Egg Harbor REALTOR® Laura Giannotta
Your Jersey Shore real estate resource!
609.384.6121
www.JerseyShoreViews.com
Laura@JerseyShoreViews.com
Laura, We should teach the word budget to our politicians before we elect them, I can't run my home or business that way, can you?
Hi Laura,
And we as parents and even grandparents, wonder where the younger generation learned their spending habits. Not under our roof but assuredly from the outside powers to be.
Heaven help us!
Paul Government budgeting or the lack of never ceases to amaze! Thanks for your comments!
Hal Between the government borrowing and bonding and individuals using their homes as banks, we need heaven's help! Have a great day!
Okay, this time, I am speechless. Not sure if anyone knows what is next.
I wish I could run up a deficit and not have to pay it back like our government does. Most of that debt was accumulated by building new schools and road construction. Both are worthy things. We can always use new schools......and everyone knows Jersey needs to get rid of those "turn right into the jug handle to make a left turn"!!!!!!
These people just don't get it. We all need to tighten the belts...home and gov!
Laura, correct, New Jersey over spends and we the tax payer, pay time after time. Just look at the cost of our real estate taxes the highest in the country and lets not even go there with our auto insurance. That is why this state is having such a mass Exodus as it is cheaper to live in other states. Keep up the good work.
As of this morning I heard the Homestead Rebate program was very possible to be cut next year because of this big deficit.
Nancy, Craig, William, Julie and James..Well it looks like Governor Corzine will remain, but our Department of Environmental Protection chief is now on Obama's transition team for the environment. What happened to all this change he promised, seems like the same old players!
I think you governor and are governor like to talk, because we have the same stupid stuff happening here on the west coast where we can't pump our gas either.