NJ Budget Fixes, Recovery?, Birthday, Covered Bonds

Here's a novel approach to save our state, county and local governments money: Stop accepting credit cards.

According to the State Budget, NJ will bring in roughly $361 million in DMV fees. Even though everyone used credit cards the last time I went to the DMV, let's say half of those are paid with credit card, $180 million. Based on standard rates charged to merchants, we could save between $3.6 and $5.4 million. That's just one department that collects fees, and enough money to restore some of the tax credits that Governor Chris Christie cut that actually create jobs. Granted, the state may get a discount, but it's worth looking at.

The funny numbers of economic reporting continued on the Friday before the holiday:

The jobless rate did come down in June from 9.7 percent the month before. But that was mainly because 652,000 people abandoned their job searches.

The practice of not counting people as unemployed who have given up has been an issue of mine for a while. It's bi-partisan idiocy, making claims of the economic recovery more in line with the Emperor's New Clothes.

The other thing that impacts the jobless numbers: when people's unemployment benefits have run out. If the Republicans like Representative Scott Garrett continue to vote against extending unemployment benefits; there will be millions off the roles and the unemployment rate will be something Democrats can point to in the fall elections as success. Like I said, this is bi-partisan idiocy.

Friday is the birthday of Representative Scott Garrett. Sincerely, I wish him a Happy Birthday. In a very real sense, it's nice that many years he gets the week "off" from being in Washington (due to the recess) and can spend his birthday with his family.

For his campaign staff, however, it's unfortunate that the gift may have been given to Garrett's opponent, Tod Theise. In what was an overall positive piece, showcasing Garrett's chances of claiming the Chairmanship of the Financial Services committee that was denied to his predecessor, Herb Jackson wrote the following:

Getting a pet project that neither house had approved into a conference bill that leaders of both houses want to pass is the ultimate Washington insider move.

In an anti-establishment year, you have to believe that makes a TV commercial or two.

It also should be of concern that without hearings, without having the idea vetted (though most articles seem to favor it), Garrett has been able to create his own financial trading market. That's not exactly how our government should work. Unfortunately, similar to earmarks it, seems to be the game being played with Garrett a willing participant (yes, I know he took 2010 off from them for the campaign).