So Much for Responsibility

Hizonor released his final TTF proposal today. Heavy on glitz and spiffy, color pictures. Light on substance. And utterly devoid of "reform".

Nowhere an express apology for waiting five whole weeks before breaking a major campaign promise – doing away with gimmicks, one times, and similarly irresponsible projects.

It will certainly become law, and the Democrats, presumably, will start the spin about how illegally borrowing another eight billion is, really and truly, the fiscally responsible course of action to pursue. But it’s spinach.

First, the report lists a parade of horribles which will certainly ensue absent new revenues, including "shutting down core capital functions". As noted in a previous post, that’s just plain silly. If transportation projects require more revenue, the fact that we have already borrowed ourselves into insolvency with respect to the TTF simply requires spending restraint elsewhere. We could begin, for instance, by cutting aid to Newark by the $200 million they wasted on an arena. If they have the money for that, it’s clear they don’t require state aid to the tune of more than $20,000 for each and every household.

We could go on. In a $29 billion budget – let alone one which mushroomed by approximately a third in four short years – finding efficiencies and establishing priorities should not be too difficult for a real leader.

Instead, on this, his first really big initiative, Corzine punted.

On first down.

But, let’s take him at his word. Assume that we actually do what he wants us to do, we borrow another few billion, and it tides us over for five years. Then what?

Back in PRECISELY the same position, except, now, instead of being able to work our way out of it in seven to ten years, we’re in the hole for 30.

Perhaps Corzine figures he’ll be President by then and it will be up to the next Governor to dig his way out from under this mountain of irresponsibly, likely illegally incurred debt. Or, having ridden to re-election, he will have no fear about raising the taxes necessary to underwrite still more borrowing, to keep the fund gasping along.

The essence of responsible governance requires presenting the people with clear, concise options, then explaining the rationale for making the determination at which one arrives. It’s simply outrageous to – yet again – foist the solution off onto the backs of our kids, indebting them another $6 billion – almost certainly without permitting the electorate to vote on the debt (if a referendum is planned, it’s not mentioned) – and refusing to solve the problems one was elected to address, because the responsible solution might annoy powerful constituencies.

Let’s be clear; there are essentially two options: (a) cut spending in other areas in order to increase transportation funding, or (b) increasing taxes to increase that funding. Borrowing is simply NOT an acceptable, responsible option. Indeed, if we’re diligent, pay off the existing bonds, and absolutely refuse to borrow another nickel, in a few years, the problem will begin to resolve itself, as debt repayments consume progressively less of the gas and motor fuels tax revenue. We will have "solved" the problem as adults should, without leaving it to our kids.

Although this report accurately asserts that "reform" of the TTF is required, the only "reform" it mentions is yet another mountain of debt.

Politicians – if they do their job correctly – are akin to physicians treating a patient. They're chargeed with making an accurate diagnosis and prescribing a responsible course of action to address society’s needs. A physician commits malpractice if he, to please the patient, conceals the true state of affairs, or refuses to prescribe a necessary, albeit unpleasant treatment. Just so, Governor Corzine commits political (and financial) malpractice by crafting a "solution" to a present problem, which "solution" is expressly designed to explode in five years. Such constitutes the very antithesis of responsibility and "reform".

Dr. Corzine SHOULD tell those feeding at the public trough – however desirable and beneficial their particular favored programs might be – that we can’t increase already obscene taxes and, sadly, other priorities necessitate painful cuts. He should make a list of spending proposals, adding up to about $24 billion, prioritize that spending, and lop off anything which falls below the line. If he wants suggestions, I’m available.

But he won't. And why should he? The voters don't seem to mind outrageous taxes, an Everest of debt, astronomical spending. If they did, Corzine would be a private citizen, mulling an unprecedented electoral thumping. Over the past four years, the Democrats crafted a record of shameless fiscal irresponsibility almost unparalleled in history -- outside of Washington. And, yet, the people overwhelmingly elected their gubernatorial candidate and increased their legislative majority.

Given these hard, cold facts, the people will clearly get precisely the sort of government they deserve. Taxes will skyrocket, spending will balloon, borrowing will mushroom, while the stage is set for a worse crisis tomorrow. Having voted for more of the same, that's exactly what the people are about to get.

Corzine promised to be different, but he spectacularly failed his very first test. Like McGreevey before him, it simply means that nothing he said during the campaign can be taken seriously, as he never meant it as anything more than bluster. It will a long, expensive four years.