Shocking News: NJ Tax Receipts Down

The Star Ledger today reported that New Jersey tax receipts are down:

From January through September, New Jersey collected $20.34 billion in taxes — a loss of one of every seven dollars collected in the same period in 2008.

The decline in New Jersey mirrored the experience of state governments nationwide in 2009, according to the census bureau’s report. Collectively, the states absorbed a 13 percent drop in tax collections.

This news should not be filed in the "breaking news" category for most normal people in the State of New Jersey. One of the more interesting parts of the article was a photo of Jon Corzine with the following caption:

New Jersey is on pace to end the year with the first drop in state tax collections since 2002. Gov. Jon Corzine, seen here in a November photo, has tried to address revenue shortfalls by using federal stimulus money, deferring pension obligations and raiding surplus accounts and dedicated funds to offset the losses.

It is in this caption that the Star Ledger really captures the problem both with Jon Corzine and Trenton's approach to serious issues. Notice that the "solution" per Democrats in our state was:

1. Use Stimulus money (thereby not stimulating)
2. Deferring pension obligations
3. Raiding any department left that is fiscally responsible by taking their surplus money

Notice that NOWHERE does it mention two simple words. Cut. Spending.

Five years ago, our state ran just fine with a 20 billion dollar budget. We could have paid for the entire budget by September even in this terrible economic situation if the budget was 20 billion dollars. That is the real issue impacting New Jersey citizens. And until our politicians GET IT, we will continue to have issues.

Read the Star Ledger article here.

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