Attacking State Debt

With the State of New Jersey in dismal fiscal condition and facing even greater dire consequences for future, Governor Corzine has taken a business approach -- not a political one – toward righting the state’s financial ship.

In his State of the State address today, Corzine, the former chief executive of Goldman Sachs, will announce details of his plan to utilize revenue from the state’s toll roads for needed road maintenance and infrastructure improvements and to pay down the massive state debt that has spiraled to historic levels in recent years.

From a purely political standpoint, the proposal is wrought with danger signals. Republicans have been denouncing it since he first broached the idea a year ago, and members of the Governor’s own party have been less than warm to the concept. Meanwhile, New Jersey motorists aren’t likely to take kindly to anticipated increases in toll rates.

From a business standpoint, the plan reflects Corzine’s knowledge and experience in the fiscal industry. We can agree or disagree with the Governor’s recommendations. That is our right and our responsibility, but at least he has put a proposal on the table for debate and discussion -- instead of following in the paths of others who have taken politically expedient approaches. Two years after taking office, Jon Corzine’s experience as a successful Wall Street executive is finally taking center stage.