Jon Corzine for Governor

A few more reasons

If you have come across my other pieces (Re-Elect Jon Corzine) on the upcoming race for governor in the great state of NJ, you know that I am a big supporter of quick and peaceful termination for any governmental entity that is in it’s last stages of life. New Jersey most definitely qualifies for my sanctioned version of euthanasia. It leads the nation in many categories, none of which we can be proud of. Property taxes, insurance rates, corporate desertions and corrupt politician arrests are only a few of the areas where we can claim title to being first. These are indicators that the heartbeat of the Garden State is weak and in need of action, but it may be too late and stopping the unnecessary suffering of its constituents may be the best course of action.

Putting an end to the existence of one of the original thirteen colonies, one that was established in 1664, is not a decision that comes without serious consequences. Our primary concern needs to be the manner in which the end comes. Stop the suffering as humanitarianly as possible is a must but for an entity as large and diverse as ours, this could take an eternity if we do not act correctly. That is why we must re-elect John Corzine as Governor. I doubt it would even take four years. He could probably accomplish the goal in less than two years. Then he can move on to become a Kervorkian at a federal level.

What are his credentials?

If you have been watching his campaign advertisements, Big Jon ( AKA- King Jon, Carla’s Jon) would have you believe that not only did he see this economic downturn coming long before anyone else but that he also had a plan developed that addressed it. And that his Wall Street Wizardry is just the ticket to save the state. Well now, I believe that his performance in his current reign is proof enough that he can “do the deed” to the state quicker than a hooker at a union officials convention. And with a lot less pain for all concerned! But don’t take my word for it, look at these tidbits.

In July of 2006, King Jon, forced a budget showdown that literally and effectively, shut down the state of NJ. Few would deny that tourism is one of the primary revenue sources for the Garden State. So his failure to reach a budget accord that year, not only shut down the states functions and ability to generate revenue but also closed the casino industry during the busiest week of the year. Loss of tax revenues during the budget impasse is almost incalculable. With a few more financially astute tricks like that up his sleeve, the governor could end our suffering for once and for all.

My second example of why we should re-elect Jon C. is closely related to my first example. In order to dig ourselves out of the hole that the budget crisis of 2006 caused, our own Wizard of Wall street imposed a 1 percent adjustment to the sales tax, raising it from 6 to 7 percent. State economists were quick to point out that it was only a one percent rise and would generate an estimated 1.1 billion in additional revenue for the state coffers, an effective way to reduce not only our burgeoning budget deficit, but also a means to reduce the property tax burden for us poor working stiffs. Forget that it wasn’t really a minor increase in the sales tax (effectively a percentage point increase is actually a 16%change) but he promised that at least half of that increase would be used to decrease property taxes. Fast forward to May 2009 when the former Goldman Sachs leader announced that he would in fact be forced to reduce the scope of the property tax rebates to a exclude many home owners. Gee, I guess that financial crystal ball of his must have been adversely affected the bad vibes of this economic downturn. With insight like this, he will surely be able to not only kill the state should he be re-elected, but also bury us so deep that resuscitation won’t even be attempted.

Still not convinced that Jon can do enough to put the GardenState six feet under? Worried that he may drag it on to a long lingering death dance? Well here is some additional evidence that he is the man for the job. Take a look at the NJ pension fund. As we speak, this fund is approximately 60 billion dollars below necessary funding levels. Yes, I know that this was a problem that he inherited, not one of his making. But, if he wants to be considered for his financial expertise, then he has to provide results. So, I looked into publicly available information to see how the plan has benefited during his tenure. As near as I could determine, Mr. Corzine’s only public plan to reduce this massive shortfall has been his well publicized, miserably failed, plan to sell off public assets including the two primary road systems. Finally, under the current governor’s watch, the pension plan administrator invested 188 million dollars in Lehman Brothers in June of 2008. At the time of the investment, the administration hailed this move as a two for one deal of a life time. Really? In only four months, that investment turned into dust, evaporating in the September meltdown. Good thing we had a Wall Street Superstar looking after the store. Otherwise those 188 million dollars would have lasted less time, maybe only two months.

So there you have it folks. The choice is yours. Chances are, the state is not going to make it much longer. Chris Christie may be able to perform radical surgery and extend the prognosis. But based on his past performances, Jon Corzine can end all the suspense. No more wondering if and when the state will collapse or implode upon itself. It most certainly will. And while we are at it, can someone introduce a measure to give the man more fiscal authority? Think about it. That would insure a quick, painless passing. And the quicker the inevitable occurs, the quicker we can get in line for our federal bailout. A long, drawn out death waltz could mean that President Obama will have run the country into ruin before we even have the chance to get our piece of the pie. Now wouldn’t that be a shame?