Let’s borrow our way out of debt!

From PolitickerNJ.com:

Governor Corzine’s administration is planning to borrow $175 million later this month. The borrowing was not approved by voters. No spending cuts or revenue streams have been identified to make payments. And in an interesting twist, in a “disclosure” document provided to bond buyers, the estimated “debt service schedule” is left blank.

“Governor Corzine hiked New Jersey Debt to almost $40 billion and some of it has payment schedules worse than what you get from a pawn and loan shop,” said Bucco, the Deputy Republican leader in the state Senate.

Which of Corzine’s banker cronies are getting rich off of this scheme? What ever happened to disclosure? is this even legal? Will our grandchildren ever be able to dig their way out of the debt Corzine has saddled New Jersey taxpayers with?

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