Gov. Jon Corzine warns in January of 2008 that NJ taxpayers will be crushed by $30 billion of “unsustainable” state government debt. Today that debt is $230 billion! That comes to roughly $65,000 for every taxpaying household in NJ. Since 2012, NJ state politicians slowly converted some of that debt to enforceable “sovereign” debt which is like a super-first mortgage on all real estate in NJ. At first, they complied with NJ Constitution and persuaded voters to approve this through state ballot questions. Now, Gov. Murphy and Democrat majority in State Senate and Assembly are trying to borrow $10 Billion without voter approval because of coronavirus Covid19 “emergency”. (Photo by Cape May Herald)
We had to “monetize” or mortgage the Parkway, Turnpike and Expressway. That never happened. His plan was rejected and he was voted out of office. Since then, we had eight years of Republican Gov. Christie, and three years of Democratic Governor Murphy. Now NJ’s state government debt is more than $230 billion, and can’t possibly be paid back. Yet Gov. Phil Murphy and his Democratic majority in State Senate and Assembly just passed a law to borrow $10 Billion more!
Don’t worry about burdening our kids and grandkids. Do you think they will put up with massive tax hikes every year to pay these debts? Or will they elect people to do some sort of bankruptcy to pay pennies on the dollar when they get enough voting power? Or will have the government “pay” the debt back with some sort of fake paper or digital money that can’t buy anything. If that happens, the “millennials” won’t get hurt. “Boomers” will pay the price when their pension checks stop and their IRA and 401K investments crash.
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Seth Grossman, Executive Director