qwertydude's blog

According to this article, the state with the worst deficit in the nation is New Jersey where a newly elected governor, Chris Christie, is trying to right New Jersey’s financial condition.

Some facts and figures pertaining to New Jersey include:

• New Jersey has the highest unemployment rate in the region.
• New Jersey has the highest overall taxes in the country.
• Losing 121,000 private sector jobs in 2009.
• K-12 enrollment rises 3% over the last eight years while education jobs increased by 16%.
• Property taxes increased 70% over the last decade.
• There were 115 times in the last eight years that taxes were increased.
• The top 1% of income earners in New Jersey pay 40% of the total income tax.

Is raising taxes a possibility?  Is it even wise to do so should more businesses and upper income people just decide to bolt?  Are the people of New Jersey willing to reduce overall government spending?  Perhaps we’ll know by June 30^th when New Jersey’s legislature must pass a budget.  Ultimately, what’s the alternative except greater amounts of debt if citizens don’t curtail their own government’s spending?