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Tuesday, July 20, 2010

Another $11 billion deficit for New Jersey

 Corzine with his Wall Street "brilliance" couldn't fix NJ's deficit, and now neither can Christie.

TRENTON — New Jersey faces a $10.5 billion budget deficit heading into next year — nearly the same size as the gap that opened up before this year’s spending plan passed, according to an analysis by a nonpartisan legislative office.

The internal report, obtained by The Star-Ledger, means next year’s budget challenges could be just as difficult as this year, when Gov. Chris Christie slashed funding for schools, municipalities and property tax rebates...

Christie closed the gap in the $29.4 billion budget that took effect July 1 largely by avoiding costs such as funding for schools and rebates, rather than making major policy changes. He put off a $3.1 billion pension payment; next year, that bill is expected to increase to $3.5 billion, the OLS report says.

The analysis said many of the big items that made up this year’s deficit would return for the next budget, noting that schools will be due $2.3 billion more, and the state will owe $2.1 billion in tax rebates.

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deebee said...

So when does our Stay-Puff Governor nut up and go after pensions and existing pensioners. Especially the double and triple dippers like the Chris Crispy himself. Even Sharpe James nailed a triple dip, AND HE'S A CONVICTED FELON!?! The math surrounding outrageous "entitlements" must be addressed. Not via all the in-coming suckers to public service, but the ponzi recipients that expect taxpayers to keep funding 2x & 3x pensions all the while coming back into the system and collecting again through consulting.

NJ is doomed...why did I move here again? Oh yeah, it's better than living in the bed bug infested swamp of NYC.

deebee said...

Also, the pension issue should be resolved by adjusting the pensions to be equal to an average of the last three years salary. No OT. No BS. No funny bidness. Salary. A buddy of mine ("retired" cop) is collecting $45,000 a year and $0 health benefits...WTF?!? Multilpy that by 1000's and 1000's of leeches, and the mess (read: bubble) starts to take shape very quickly.

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