Friday, August 24, 2007

Broke Phi Broke

Jersey's broke, broke broke phi broke...we ain't got it.

The news that New Jersey is going to have to borrow $2 billion to give $2 billion of tax rebates begs the question: can we afford the rebates? Most reasonable people would say no; however I realize many politicians don't seem to concern themselves with the details.

Whether it be the Republican Congress in Washington granting the first tax cuts during war in our nation's history, ramping up debt at rocket speed (the Chinese thank them daily); or the Democrats in Trenton talking about leasing or selling the Turnpike while borrowing $2 billion to send "rebate" checks to voters right before election day, fiscal irresponsibility seems to be a truly bi-partisan issue.

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