N.J. borrowing grew by 700 percent over past two decades (Trenton: unemployment, bankruptcy)

[Citizen Chin]

I especially like the part about how NJ politicians circumvented a clause which required voter approval in order to borrow money.

That was before Trenton politicians learned of — and began exploiting — a loophole that allowed the borrowing of billions of dollars without voter approval by using independent agencies such as the New Jersey Turnpike Authority and New Jersey Economic Development Authority.

NorthJersey.com: N.J. borrowing grew by 700 percent over past two decades

New Jersey taxpayers are awash in debt thanks to the spending habits of Trenton politicians — and voters themselves — who have driven up state borrowing by nearly 700 percent over the last two decades.

[The Michigan Man]

How come individuals have consequences if they don't live within their means, but governments don't?

[Citizen Chin]

Originally Posted by The Michigan Man

How come individuals have consequences if they don't live within their means, but governments don't?

Well, there is the possibility that NJ could end up defaulting on it's debt. If that happens, then there would be some serious reverberations. But it's true that up until that point, which is the equivalent of an individual declaring bankruptcy, there's little pain to discourage going further into debt.

[tceffo]

Nj BUSINESS that were polled- - only 9% said that they would expand within the state if they had the resourses to expand- -
Hmmmm 91 % - would expand elsewhere. My company choose Friggin Korea- - 13 yrs of loyalty -

"What do we have for the the winner Jay?? " 6 months severance and then unemployment. I knew I should have taken curtain #2 where Carol was standing

[Citizen Chin]

Yep, I personally know of a business owner who relocated his factories out of NJ, just over the PA border due to tax issues. He spent years meeting with government officials to discuss and negotiate the problems he was facing and made no progress. So, he eventually did what he had to do. It was either stay put and cut jobs, or move just a little ways into PA and save those jobs. He chose the latter.