June 25, 2008
 | MERKT: ‘SON OF MONETIZATION’ LURKING IN THE WINGS AS CORZINE PREPARES ANOTHER ‘RESTRUCTURING’ SCHEME |
With the signing of the state’s new budget a foregone conclusion, Governor Jon Corzine is turning his attention to another debt reduction and transportation funding plan which Assemblyman Richard Merkt anticipates will be nothing short of “Son of Monetization.”
“The governor’s original monetization plan was an overwhelming disaster,” stated Merkt, R-Morris. “Based on his record, I fear his second attempt will be much like a bad movie sequel. The question is will there be another Corzine road show to accompany his yet to be released proposal, this time without pigs floating over the Statehouse?”
Millennium Radio News reported today that Corzine said he will unveil another plan to pay down state debt and fund transportation projects within the next four to six weeks. But he refused to say if the proposal will include a gas tax increase or toll hikes or if he will conduct his version of town hall meetings as he did the first time around when residents came out in droves to oppose the road tax.
The governor’s original monetization plan called for a gradual 800 percent hike in state highway tolls by the year 2022.
“Monetization never was dead,” explained Merkt. “It’s just been dormant. Governor Corzine always had every intention of breathing life back into that monster. In a few weeks ‘Son of Monetization’ will rear its ugly head and you can be sure it will be another devastating blow to New Jersey’s overtaxed families and businesses who are already reeling from out-of-control gas, food and electricity costs.”
Merkt pointed out that Senate and Assembly Republicans provided Corzine and Democrat leaders with an alternate fiscal plan that includes a proposal to fund the state’s transportation needs. The GOP’s “Common Sense Plan for an Affordable New Jersey” includes a proposal that would constitutionally dedicate $500 million of existing motor vehicle fees, offset with $500 million of structural budget savings, to:
1) Fully fund an annual $1.9 billion Transportation Trust Fund program through 2014 with $1.5 billion of pay-as-you-go funding;
2) Provide the full state match for the trans Hudson tunnel project;
3) Leave the TTF with a $700 million surplus account and an uncommitted $300 million annual revenue stream in 2014; and
4) Do it all without raising the gas tax or increasing other taxes or fees.
“Shamefully, this governor flat out rejected every aspect of our plan calling it ‘make believe math,’ said Merkt. “This is a comprehensive, fiscally-sound proposal that was crafted with the help of legislative budget experts with decades of experience in state budgeting matters. It has been endorsed by several media outlets throughout the state who have said it is exactly what our residents have been demanding and what is needed to jump-start New Jersey’s stagnant economy.
“This state and its people are desperate for reform and sound fiscal policy,” he continued. “Unfortunately, Mr. Corzine thinks the taxpayer’s wallet is the only source of revenue this state has. All he ever offers is more gimmicks, more taxes and higher tolls. That, however, is not a solution, it’s a cop-out. Our residents are intelligent folks. They said ‘no’ to the parent monetization scheme and they’ll say ‘no’ to its offspring as well.”
