Gov. Seeks To Borrow Another $2.5 Billion For School Construction

Quick, you're a homeowner and you are under the burden of such crushing credit card debt that you plan to sell the family car, what do you do? Most of us would start by cutting up their credit cards. If you're the State of New Jersey...

In a last-minute bid to head off Supreme Court action, the Corzine administration announced yesterday it would ask lawmakers for at least another $2.5 billion to restart the troubled school-construction program in the state's poorest districts.

The plan to borrow another massive infusion of cash follows controversy about how the initial $6 billion was spent and comes just weeks after Corzine lectured lawmakers in his State of the State address on New Jersey's burgeoning debt.

All two of you regular blog readers know that on January 8 the Governor said our state was in such poor fiscal shape that we must exchange toll revenue for the next 75 years for upfront cash. Then, to be sure that investors who give us that cash are paid back, we must increase tolls 800% on New Jerseyans.

Remember that the first $6 billion spent by the School Construction Corporation (a government entity)failed to build half of the schools it was assigned to and that they spent an average of 45% more on school construction than the going rate. Now taxpayers are supposed to shrug this off and give a new government entity $2.5 billion because,

"We knew this was looming, and, frankly, if the governor didn't do something, the court would," Senate President Richard Codey said.

Checks. Balances. Scapegoats.