NJ budget suffers another setback with $600M hole in April

NJ budget suffers another setback with $600M hole in April (via NJ.com)

TRENTON — New Jersey’s budget will take a big hit in April to the tune of $600 million, state officials announced today, warning that one of the best months for tax collections has been seriously behind Gov. Chris Christie’s expectations. The…

Posted: April 29th, 2014 | Author: | Filed under: Chris Christie, Economy, New Jersey State Budget | Tags: , , | 4 Comments »

4 Comments on “NJ budget suffers another setback with $600M hole in April”

  1. Compare Our Situation said at 10:40 am on April 29th, 2014:

    With that of Wisconsin, which now has an over $1 Billion rainy day fund. And that happened in practically a “blink of an eye” politically.

    But then, that’s what happens when you have Republican leadership and a Republican Legislature. But, we are doomed to compromising with the Democrats due to redistricting that limits our ability to win seats.

  2. Mike Harmon said at 11:52 am on April 29th, 2014:

    “…State officials said their estimates were blown off course by the “fiscal cliff” agreement struck by Congress last year, explaining that New Jersey underestimated “the impact of the imposition of higher federal taxes at the end of calendar year 2012….”

    They don’t seem to understand the basics of economics. Every dollar of increased taxes we send to DC in reduces economic activity in NJ.

    Every dollar out of my pocket to DC means less discretionary spending: less meals out, less vacations, less hiring of people for jobs I can (sorta do) on my own.

    Note when Bush cut taxes, many states raised their state income tax rates. When the Bush tax cuts were partly reversed by Obama, few states cut their rate.

    Have to wonder if Toyota’s move out of California to Texas could be the start of the avalanche.

  3. Bob English said at 2:27 pm on April 29th, 2014:

    If anything, Bush needed to raise taxes to pay for the unpaid for wars.

  4. Do they ever think said at 9:00 am on April 30th, 2014:

    that we are already paying too much now, and that there are too many programs which funnel the money away endlessly, without much positive result? Do they realize that their continual buying of votes with all these promises,will end up eventually forcing the makers to cheaper states, leaving the takers to bleed those left, to death??