The state is literally running out of money, and the Legislature refuses to do anything about it. The focus, especially in the Senate, is entirely on the politics of next year's elections.
Between now and then, they will have to produce a new budget for 2010-2111, when there will be no alternative to major spending cuts along with tax increases. The least harmful tax increase is probably adding new income tax brackets of 9.97 percent at $750,000 (up one percentage point from the current top bracket at $500,000) and 11.0 percent at $1 million. That would still leave the top rate four percentage points lower than it was a generation ago.
And yet SNL mocks the "cluelessness" of the governor???
Posted by: Brian | November 27, 2009 at 09:15 AM
I remember when NJ ran out of money - last year? 2 years ago? I remember years ago when we lived in PA, the state ran out of money and none of the folks at the state colleges got paid!!!! So, what's the answer?
Posted by: Mary Cafarelli | November 27, 2009 at 06:41 PM