From Conservative New Jersey and totally endorsed by me.
2012, 8:00 PM, under Economics, Education, New Jersey.
Tonight Conservative New Jersey welcomes the opportunity to post a contribution from one of the leading conservatives in New Jersey, State Senator Michael Doherty. Senator Doherty represents the 23rd legislative district and has been the leading proponent of Fair School Funding, establishing casino gambling at New Jersey’s racetracks and trying to prevent the construction of a new toll bridge across the Delaware River on the current I-95 crossing.
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.
Like state government, New Jersey’s colleges and universities have accrued excessive debt levels. According to a report issued earlier this year by Moody’s Investors Service, Rutgers University has outstanding debt of $1.2 billion, University of Medicine and Dentistry of New Jersey (UMDNJ) has outstanding debt of $668 million, and Rowan University has outstanding debt of $517 million. Other state colleges and universities in New Jersey have hundreds of millions of dollars in additional debt, much of it facilitated by the New Jersey Educational Facilities Authority.
We must make New Jersey more affordable for all of our residents. People and businesses are fleeing New Jersey because we have the highest overall tax burden, the highest property taxes, and among the highest energy costs in the nation. These factors m