Forbes: NJ begging for help for bad budget behavior

Forbes had an excellent article today about state governments going hat in hand to Washington to beg for relief for their bad practices in budgeting and spending.

Subsidies, whether broad or targeted, do not deliver recovery. They veil bad behavior and poor financial decisions, while encouraging more of the same--leaving the underlying causes for failure to fester. And once aid is handed out, it is hard to know when to stop. That's the Samaritan's Dilemma: when the expectation of subsidies leads to increased dependency upon them. Aid begets more aid.

The reality of this situation is that New Jersey, New York and California were is major trouble BEFORE the current business collapse. The real issue is that they all have liberal (Republican and Democrat) legislatures that can't wait to find something to throw money at or tax. And then, when a serious problem occurs, they are not prepared in any way shape or form. And here is the kicker that we at njtaxrevolution said all along:

Bad habits also persist. Gov. Jon Corzine of New Jersey found $600 million in cuts this June, only to borrow $3.9 billion for school construction projects, with another bond issue of $750 million for transportation projects underway.

This is like my wife and I deciding to tighten the belt and cutting spending on presents for the kids this Christmas. And then borrowing for a new pool, a new car and our next vacation. When will the people of this state wake up?

Read the entire article here.

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