Avoid Corzine's folly, stay off toll roads, reader says

Asset monetization is a folly of biblical proportions. The concept of paying off past debt by borrowing against future income is foolish, particularly when the income in question is generated by increased taxes or fees imposed upon an already overburdened citizenry.

Ethical misgivings aside, the electorate voted down stem-cell research because many of us realize the key to salvaging New Jersey's economy is to reduce spending. Gimmicks to generate increased revenue cannot sustain the rapid, unchecked expansion of our state government. We will be scrambling for new gimmicks in the future if the underlying problem is not addressed, which is simply that we spend more than we have.

This vicious cycle of tax, borrow and spend has almost become self-sustaining like a nuclear chain reaction, and our economy is rapidly reaching critical mass.

Our leaders in Trenton need to apply proven business models in the plan to achieve economic recovery. The Legislature should declare "Chapter 11." We could then implement a complete fiscal reorganization.

The state workforce should be downsized, with employees being required to contribute more money toward their benefits, commensurate with employee contributions in the private sector. Benefits for part-time employees, regardless of their position on the food chain, should be eliminated. Smaller municipalities should be consolidated and school-funding formulas recalculated.

We need a constitutional amendment that would prohibit the Legislature from borrowing money without voter approval. While we are at it, initiative and referendum would be an excellent means of shifting the balance of power from the legislative oligarchy back to the electorate.

If Gov. Corzine's folly becomes reality, there will be a revolution in New Jersey to which "Hands Across New Jersey" will pale in comparison. Those who don't pack up and leave will wage their protests by avoiding the toll roads. My navigation system has the option to choose "avoid toll roads" when planning a route. I intend to use that option exclusively if the governor has his way, and I'd be willing to wager that many other motorists will follow suit.

Caroline Visser

Brick