By Matt Rooney | The Save Jersey Blog
Skip the black coffee today, Save Jerseyans.
All you should need to wake up this morning is the fine print of Fitch’s latest New Jersey credit downgrade, this time from A+ to A:
The downgrade to ‘A’ of New Jersey’s GO bonds incorporates the absence of long-term, fiscally sustainable solutions to close identified budget gaps in fiscal years 2014 and 2015. Following significant revenue underperformance, the state relied upon the repudiation of its statutory contribution requirements to the pension systems to return to budgetary balance, exacerbating a key credit weakness. The resurgence of sizable one-time measures to balance its operating budgets at a time of economic recovery, driven by past overly optimistic revenue forecasts and maintenance of extremely narrow financial reserves, illustrates the fiscal pressure the state faces. New Jersey’s economic performance continues to lag that of the nation and a multitude of long-term spending demands are expected to prolong the achievement of sound financial operations.
How’s that for a kick in the chops?
But I don’t know what I can say that we haven’t said 1,000-times before. Fitch isn’t wrong; Trenton has by and large absorbed the ’09 Christie Revolution and, for a number of reasons which have been over-analyzed here at Save Jersey, is quickly returning to its old ways. To the extent it ever left them.
You and I know the only way to stabilize revenues is to lure back businesses and individual taxpayers by ending the Garden State’s second-worst-in-the-nation tax climate status, so levying new taxes (or raising current ones) is a counterproductive move. Spending (and borrowing) additional monies is also an asinine maneuver.
Sure as rain they keep doing it anyway, don’t they?
Almost no one under that God forsaken golden dome wants to broach serious spending cuts, Democrat or Republican, yet even some of the otherwise-reliable critics of the tax-and-spend status quo culture recently voted with the majority to bust open the “open space” ATM and add billions of new dollars to our debt column in the coming years.
Most days, I can count on one hand the politicians in Trenton who aren’t complete wastes of space. Sorry but it’s true.
I’m not trying to downplay the difficulty of the political reality, Save Jerseyans. I’m merely expressing my belief that there isn’t anyone currently present in the halls of state power who is willing to acknowledge (or capable of acknowledging?) the utter enormity of our problems and… this is the key part… act accordingly.
Everyone currently at the table had their chance. And they failed. Spectacularly.
Here’s an idea for a referendum (since governance by ballot question is all the rage right now): a constitutional amendment providing for automatically-triggered statewide elections whenever (1) our credit is downgraded or (2) a single tax is raised or (3) a new tax is proposed.
I don’t know what else to do to stop these unapologetically moronic losers masquerading as leaders. All I can say is that we’ll hold out here on this website, for as long as we can, before converting it to a Pennsylvania real estate portal. Fair warning.
Repost this next year when the State Assembly is up for reelection. We should start looking now for new names and new faces to fill the seats of those who aren’t serious about saving New Jersey.
decades in the making!!! Lovely being a “Blue” state
My dear and trusted friend, it’s time for you to lead the way, not just with your blog but with your leadership. Matt Rooney save our state!
I love where I live in the sticks of South Jersey but my husband and I are hoping to be out of here in 3-4 years and living down south. This governor has been such a disappointment.
Christie just plain gave up …witness his last two Supreme court nominees .I can’t say I blame him fighting tooth and nail with our legislature getting no where ,but seeing the same bills shoved in front of you day in and day out ,never addressing the biggest problems taxes ,Property taxes .I just can’t understand how these people keep getting reelected …Oh yeah gerrymandering at its best …I’ve lived here for 60 years were getting close to rock bottom and I don’t want to be here for the thud .
The Framer’s of NJ’s 1844 State Constitution gave us the solution. It is found in Article 8, Section 2 of our current State Constitution. No debts or “other obligations” of the state are legally binding or enforceable unless they were approved by voters. NJ voters never approved 90% of state debt or pension obligations. All we need is one Governor, or 21 State Senators, or 41 State Assembly members to honor their oaths of office and refuse to spend/appropriate money on those unconstitutional debts and obligations. Without borrowed money to fund the pay to play “public private partnerships” that poison NJ politics, a lot of other so-called insurmountable problems will fix themselves. Liberty and Prosperity
Not everything is voted on by the public. Our representatives vote for us. Nice try though