From today’s Wall Street Journal on Gov. Christie’s reluctance to commit $14 billion to fund the construction of a passenger-train tunnel to Manhattan:
From 2001-2008, New Jersey government spending increased by nearly 59%…The Tax Foundation says New Jersey’s state-local tax burden is the nation’s highest and, at 8.95%, its income tax is among the highest.
In 2002, pension costs were 8.6% of the New Jersey budget. In fiscal 2011, they’re 16%, and that doesn’t include a $3 billion payment the state was supposed to make toward its $46 billion unfunded liability. Had that not been postponed, the pension share of the budget would have been 26.5%.
Here’s a modest proposal that Mr. Christie might consider making to his many liberal critics. If Democrats in Trenton and government unions will agree to his recent pension reforms, then he’ll go ahead with the tunnel.
