New Jersey has been in my view the poster child of what happens when liberal tax and spend runs amuck. Eventually the money runs out in a downturn, and that appears to be happening in the Garden State.
Governor Jon Corzine proposed a budget that he described as “…cold turkey therapy for our troubled spending addiction.” The new budget is $33 billion, a $3.2 billion cut from the current year. Three departments will be permanently eliminated. Property tax rebates will be capped based on income and reduced for those who rent. No tax increase was proposed.
However, remember that Governor Corzine also proposed a huge fee increase last week—50% increase in the tolls on New Jersey’s toll roads. But those aren’t taxes….
In any case, residents of other states will soon be seeing similar stark reality budgets. Most Americans consider themselves overtaxed, and come this Fall there will likely be many government workers looking for employment elsewhere.