Is the nation at risk of a debt-induced coma?
For over two decades the state of New Jersey has been a financial joke. With constant increasing taxes and even further decreasing family incomes (if the family even attempts to stay in New Jersey), it seemed like there was no end. In 2005, New Jersey thought it saw the light at the end of the tunnel. Ex-Gov. Jon Corzine promised relief from taxes and financial assistance, seeming too good to be true to many.
However, once elected he immediately started scaling back on any relief promise and going as far as to reduce the few assistance plans such as property tax deductions. Already the state was in disarray financially and on his watch New Jersey fell even deeper. A man who got kicked out of his own business was given a blank check by the state and used it to fund everything but the state he was charged to lead. Increasing income taxes while the salaries and success of the state’s businesses declined, New Jersey plunged into a horrid coma.
Soaked in taxes, the state awoke and revolted. Many included the youth who once allowed Corzine’s first gubernatorial campaign to reflect ones such as President Obama’s race for the White House. While before his election was an at risk state, high taxes on small businesses and an inheritance of debt for college graduates among other things resulted in Chris Christie’s gubernatorial victory.
With an average of $7,300 annual property tax bill and beyond, Gov. Christie could not come too soon. Cutting taxes to improve the quality of life seems like a generic and obvious factor. With his budget pending, Christie has made history declaring a cut in taxes to the point of complete objectives such deletion a corporate tax in order to assist business in hiring new employees. The result: a 52 percent approval rating.
Bottom line: Christie gave New Jersey a reality check. The government cannot give money it does not have.
While Obama and his administration increase the national debt, giving college graduates a costly gift (why couldn’t he give us a pen set like everyone else?), our president wonders why his approval rating has declined faster than his Press Secretary evades tough questions. The upcoming budget will be no better. Allowing President Bush’s tax cuts to expire, limiting itemized deductions its clear to see that the president is cutting the wrong things. Hitting the same businesses he needs to keep the country going, especially with the just healing economic situation and increasing debt for generations to come. The result: a 24 percent approval rating.
In fact, although only one is currently out of office, the rebellion which assisted in Christie’s election reflects what Obama is experiencing from his youthful former supporters. The reason: as both groups grew up to see the debt Corzine and Obama are creating and are seeing its they who will be left with the bill.
President Obama needs to cut the right things and realize that his predecessor was not the taxing dictator Christie’s was. His administration and him needs to wake up just like New Jersey did. America cannot afford a fiscal coma like the one New Jersey suffered for so long.
Heather Bachman is a political commentator and broadcaster and a New Jersey native. More information can be found at www.HeatherBachman.com.