Posted by
rycK on Saturday, January 19, 2008 3:53:08 PM
A Sad Story Of Tax Whoring From The New York Times And A New Reason To Raise Taxes.
The New York Times, aka the Walter Duranty Papers, has a reasonable assessment as to why taxes, in the form of tolls, ought to be raised to get more money to the nearly bankrupt state.
To wit:
“Gov. Jon Corzine wants to shore up his state’s troubled finances by sharply raising tolls. If he gets his way, the cost of driving most of the turnpike could eventually rise from $5.85 to $48, providing money for both debt reduction and public transportation.”
Oh! Is that all?? Well, that sounds reasonable. If they might raise the tolls to $480 from $48 couldn’t they raise 10 times as much??
Now, how did this happen?:
“New Jersey is drowning in $32 billion in debt, a legacy in large part of previous governors and legislators who approved generous public-employee contracts, and other costly programs, without paying for them.”
Gee, isn’t California in that same financial latrine with a new unfunded socialized medicine bill soon to be on Arnold’s desk??
This is all very nice. Let us read some more:
“Mr. Corzine has called for raising tolls by 50 percent every four years between 2010 and 2022. One mitigating factor for New Jersey residents is that about half of the turnpike’s drivers are from out of state.”
Well, that is just fine. But, would a trip to NYC from Baltimore using the NJ Turnpike be worth it?? Would such ‘soak the gringos’ tactic work? What if they take the train or use other roads to escape the tolls??
And the financing?
“Rather than handing the state’s roads to an unaccountable private entity, as Indiana did in a hugely controversial 75-year lease, he is proposing to turn the highways over to a highly regulated public corporation. It would sell $38 billion in bonds, which would be paid off by toll revenue. Almost half the money would pay down the state’s debt. The rest would go to transportation, including a large chunk for mass transit.”
Gee, without some supernatural number twisting advice by Paul Krugman, the non-economist economist of the Old Gray Lady, we could be so offensive to ask: what is the interest rate on the bonds that might be charged on idiots who are nearly bankrupt?? Duh?! Way above normal??
And now, the promise:
“The Legislature, controlled by Mr. Corzine’s fellow Democrats, will have to sign off. Legislators need to make sure that there are sufficient guarantees that the public corporation will work in the public interest. They should also work with Mr. Corzine on the other part of his proposal: putting in place measures to end the irresponsible spending that produced this financial mess.”
This is so funny I just fell off my ‘pooter stool.
Imagine, the New York Times critiquing some financial ‘genius’ from Wall Street,( their own idiot tax-whoring governor), for signing legislation passed by the infantile, Marxist-inspired tax-whoring Democrats in Trenton and driving the state into debt.
When Democrats criticize Democrats the times are getting very sour, at best. At least Arnold is a Republican in the Golden State, whose best products are dope and massage parlors. They could recall him as they did for Gray Davis.
But, one thing they did get ‘left’ with the tax increases is that is the ONLY solution to social problems as the krugmaniacal Paul Krugman reminds about twice a week.
Raise taxes!! Tax New Jersey upward and onward to prosperity!!
Such crap. These people are such losers.
rycK
Comments: ryckki@gmail.com