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!
www.JerseyShoreViews.com
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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?