Senate Republican Leader Leonard Lance, R-23, today issued the following statement regarding Governor Jon Corzine’s monetization plan:
“Governor Corzine’s remarks raise more questions than answers. The essence of his plan remains unchanged – reducing debt by taking on more debt. In exchange for roughly $16 billion dollars, the state will take on the biggest debt obligation in its history. Residents will be forced to pay this debt by the tripling of tolls on the New Jersey Turnpike and Garden State Parkway.
I expect there will be little resemblance between the plan outlined today and what is eventually enacted. During his two years in office, Governor Corzine has talked repeatedly about confronting New Jersey’s serious financial problems. So far, his words have not translated into action. He again today avoided the crux of the state’s fiscal problems, unrestrained spending.
No one is more concerned than I am about New Jersey’s exploding debt. For more than a decade I have been warning that New Jersey has been mortgaging its future. While I appreciate the Governor’s recognition of the issue, his proposal only addresses the symptoms and would likely aggravate the problem by ignoring the spending side of ledger.
All monies realized from any monetization proposal should be used to pay down state debt. If any new programs are funded from the proceeds of monetization, they must receive voter approval. This is essential if we are ever going to return to fiscal sanity in this state.
At last year’s League event, Governor Corzine criticized the reform proposals that emerged from the Special Legislative Session on property taxes. I, and others, commended him for imploring Democratic legislative leaders to take “bold, bold, bold action” to reform our property tax system. A few months later, the Governor embraced a property tax proposal that included only the mildest reforms suggested and an unsustainable election-year rebate program.”
Link to Post:
http://www.senatenj.com/index.php/lance/borrowing-our-way-out-of-debt/152
Similar Posts:
- O’Toole Unearths That PBC Would Have Uncontrolled Debt Allowance
January 24, 2008 - O’Toole Calls On Corzine To Release Toll Road Details
January 16, 2008 - All Republican Senators Will Vote No On Corzine’s Road Tax
February 7, 2008 - Kean & O’Toole: Corzine Kicking Can Down the Road & Middle-Class Taxpayers in the Teeth
November 21, 2008 - Beck: Hard Work Needed to Keep New Jersey Affordable
January 9, 2008
