Governor Chris Christie on New Jersey’s Financial CrisisBy Capitalist in Chief
It’s no secret that the State of New Jersey is in deep financial trouble with a $2 billion budget deficit on a $29.8 billion budget for 2010, and a total debt amounting to over $33 billion as of 2009. In addition some project deficits as high as $11 billion for next year if the budget is not substantially cut.
New Jersey cannot solve this problem by raising taxes. “[W]e have revenue going down, not up even though we’ve raised taxes every year,” says NJ Gov. Chris Christie.
A major contributor to New Jersey’s bloated budged is state worker benefits. A state worker could retire after 25 years at age 49, contribute $124,000 toward retirement, and get back $3.8 million in pension and health benefits over the rest of his lifetime.
The money to finance this excessive retirement plan isn’t exactly money that’s going to save the poor from the evils of capitalism. Then why is a liberal state such as NJ spending it? Could this be because of socialist greed? Or perhaps it’s because once a state acquires money in the name of the poor it just spends it which ever way…
Watch the interview with Gov. Christie here: