||"A historical political resource."
|Last Edited||RP Feb 27, 2008 03:28pm|
|Media||Newspaper - New York Post|
|News Date||Wednesday, February 27, 2008 11:00:00 PM UTC0:0|
|Description|| "Frankly," Corzine said, "New Jersey has a government its people cannot afford. This budget declares the time of living beyond our means is over." |
His analysis is dead on.
New Jersey's structural spending has long eclipsed reasonable expectations of revenue growth - even as vital needs, such as roadwork and other infrastructure, have gotten short shrift.
Meanwhile, the state's mind-boggling per-capita debt load (and other encumbrances) have dogged taxpayers, throttled economic growth and, ironically, hamstrung reform itself.
Let's face it: Trenton's been headed full-speed for a fiscal cliff.
So what's the governor's prescription?
A budget he calls "cold-turkey therapy for our troubled spending addiction."
Corzine wants to spend less, in actual dollars, next year than this year - something Jersey's managed only three other times since 1951, he said.
Some outlays, as for schools, would jump - but others would fall, with overall spending dipping by $500 million.
But if the governor means what he says, if he stands up to the special interests and Big Spenders and follows up next year with more reforms (and without raising taxes!), he may well pull off the impossible: setting one of America's most fiscally unfit states on a path toward soundness, once and for all.