Vote NO to more debt. Vote NO on Public Question #1
By State Senator Michael J. Doherty
On November 6th, New Jersey voters should vote NO on Public Question #1, which seeks authorization for the state government to borrow $750 million “to build, equip and expand higher education facilities.” The New Jersey Constitution does not allow our state government to borrow money unless the voters approve. As a result, the state legislature was forced to put the $750 million borrowing plan on the November 6th ballot in the form of a public question.
The United States federal government is drowning in debt. Earlier this year, our national debt surpassed $16 trillion. According to the Congressional Budget Office, this debt problem will only grow worse in the future.
Like the federal government, New Jersey state government is also drowning in debt. According to its Comprehensive Annual Financial Report, New Jersey state government has over $40.5 billion in outstanding debt. According to www.StateBudgetSolutions.org, when other obligations such as future pension and health benefit payments for public employees are included, New Jersey state government has a total debt of $258 billion. New Jersey’s total debt is now the fifth highest in the nation after California, New York, Texas and Illinois. That debt burden comes to about $30,000 per resident, or about $120,000 for a family of four. County and municipal debts add even more to the total government debt burden facing New Jersey residents.
Posted: October 24th, 2012 | Author: admin | Filed under: Mike Doherty | Tags: Senator Michael Doherty, Vote NO on Public Question #1 | 7 Comments »