Bad Math

Corzine, elected by a public that was fooled into thinking that his ability to gamble with other people’s money, a tactic that helped lead to the country’s current fiscal and mortgage crisis, was actually a businessman and had the acumen to lead New Jersey out of debt proves yet again that he is without clue.

New Jersey tax revenues fell short by 19% this year. We have long maintained that increased taxes always lead to decreased revenues. This fact has been borne out time after time. New Jersey’s corrupt Jim Florio proved it with his 10% “luxury” tax on boats and large trucks. Overnight, 3000 people were in the unemployment line, sales of trucks and boats ceased in the state as savvy people went across state lines to make the large purchases.

Corzine instituted high cigarette taxes, creating a black market, hurting small family retailers, and decimating what little revenue the state was seeing.

His sales tax increase – of which half he promised would fund property tax relief (another outright lie) fell short of expectations. With his track record of being wrong on almost every projection of income, can we really believe this fool when he says state tax revenue will be short by only 10% in 2010? If these great financial brains couldn’t predict the 19% shortfall this year, we have to imagine that next year’s shortfall will be more along the lines of 29%.

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