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1st Principle – Repudiate (refuse to pay) unconstitutional debt not approved by voters

February 5, 2013

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  1. Democratic Governor Jon Corzine was right to say in 2008  that our state government debt of $117 billion ($43,000 per family) could not be sustained.   But his plan to hock the  Turnpike and Expressway and raise tolls by 700%  was wrong.
  2. Today, state government debt is $240 billion ($90,000 per family) and Republican Christie wants to borrow and spend even more!
  3. It’s time to cut spending money we don’t have, and stop borrowing.   It is also time to stop paying debts we have no obligation to pay.
  4. In 1844, New Jersey got out of America’s first economic depression (The Panic of 1837) by adopting a state constitution that stopped the state from borrowing money without voter approval. During the past 30 years, Republicans and Democrats set up “dummy” state agencies that borrowed money without voter approval.
  5. However, in the “Steve Lonegan” case of 2003, the NJ State Supreme Court ordered Wall Street to warn investors that NJ taxpayers have no legal obligation to pay any bonds not approved by voters.
  6. So far, NJ voters only approved $4 billion of  NJ’s $240 billion of debt.   Let’s do like Donald Trump and make the state debt free by paying only 17 cents on  the dollar!
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