CORZINE REFUSES TO CUT SPENDING IN NEW JERSEY...

June 2007

Minutes before Jon Corzine's speeding car ran off the Parkway, the Governor was in Atlantic City promoting his plan to swap control of NJ's most important roads for billions of dollars of quick cash. Now that Corzine is feeling better, he is once again pushing that plan.

"Monetizing" the NJ Turnpike, Garden State Parkway, Route 287 and the Pulaski Skyway would be a catastrophe. But that is exactly what Corzine wants to do. It is the only thing he knows how to do.

When Democrat Jon Corzine was elected Governor, lots of Republicans in the business community were happy to see a "smart" businessman hold that office. Americans once had an expression:"If you're so smart, why ain't you rich?" We used to believe that in this land of freedom and opportunity, rich people earned their good fortune by being smart, and doing smart things.

But lots of today's super-rich make their millions by stealing, not creating and producing. Many hired Wall Street firms like Jon Corzine's Goldmann Sachs to do it. Their method is simple. Search out a successful and productive publicly owned business.

Borrow money to buy enough stock to take over the management. Then, when you are in control, make the company borrow lots of money and go deeply into debt. Use that money to give yourself obscene salaries and bonuses, and pay off the loan you used to take over the company. Of course, the business can't afford this debt, and is now losing money. But don't worry. Just fire or cut the salaries and benefits of the loyal employees who made the business a success in the first place! And don't forget to pay the folks who made all this "legal"--- the Wall Street lawyers and brokers like Corzine's Goldmann Sachs - and a bunch of politicians.

Then move on to your next deal. If you think this is "smart" business, you agree that "monetizing" New Jersey toll roads is a good idea.

John Corzine took over New Jersey government, like any other corporate raider. Corzine gave lots of tax deductible gifts to "charities" he controlled, and then had those charities give money to people who helped him get elected.

But this was just small change to get started. Corzine also promised blacks and Hispanics billions of dollars for 100,000 low income housing units. He promised the NJEA teacher's union billions for "free" preschool around the state. He promised billions for the bankrupt government employee pension system, and billions more to buy "open space" from rich landowners. He promised billions for new stadiums, schools, and stem-cell research labs to keep construction worker unions and their contractors busy. He promised billions for full funding for all existing programs, like Wildwood's "Doo Wop Museum" and Tuckerton's "Duck Decoy Museum." And, of course, promised a billion bucks to mail "tax rebate" checks to 85% of New Jersey voters this October.

Since there is no money to pay for any of this, Corzine has to "monetize" our state highways. Corzine knows that when the state "monetized" the tobacco settlement, the price of a pack of cigarettes went from 50 cents a pack to $5.50 a pack. But since most voters don't smoke, most voters didn't care.

The state can "monetize" the Parkway and Turnpike by either selling or leasing them. Both plans mean big toll hikes and messing up our U.S. Constitution.

Right now, tolls are low because the state can only use toll money to fix, clean, and patrol the roads. We can thank George Washington for that. In 1785, he pushed for a new Constitution to stop politicians in every state from taxing "interstate commerce" (people and goods moving from one state to another).

But if the state pays for Governor Corzine's pet projects by selling or leasing our state highways, then whoever buys or leases the roads will jack up the tolls as high as they want to get their money back and make a nice profit on the deal.

Yes, Governor Jon Corzine and his Wall Street lawyers are so "smart," that they figured out a way to undo the beautiful system George Washington set up for us 220 years ago.

For more information, visit www.libertyandprosperity.org or contact Somers Point attorney Seth Grossman at seth@dandy.net or 609-927-7333. Seth Grossman hosts a two way talk radio program on 1400AM Sundays Noon to 4PM and breakfast discussion groups every Tuesday at 8AM at Bayshores II Restaurant, 724 Bay Avenue in Somers Point.