The Bottom Line… The VERY Bottom

THE CORZINE ECONOMY
With Fiscal Policy That “Reads Like A ‘What Not To Do’ For Policymakers,” Corzine Is Architect Of New Jersey’s Economic Doldrums
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CORZINE HAS BEEN A DISASTER FOR NJ ECONOMY

Since Jon Corzine Took Office, Unemployment In New Jersey Has Climbed Nearly 80 Percent. (Bureau Of Labor Statistics Website, data.bls.gov, Accessed: 6/1/09)

Since Jon Corzine Took Office, New Jersey Has Lost Over 60,000 Jobs. (Bureau Of Labor Statistics Website, data.bls.gov, Accessed: 6/1/09)

In October 2008, Gov. Corzine Received An “F” From The CATO Institute’s “Fiscal Policy Report Card On America’s Governors.” (Chris Edwards, “Fiscal Policy Report Card On America’s Governors,” CATO Institute, 10/20/08)

“It’s Hard To Imagine New Jersey Could Do Much Worse.” (The Tax Foundation Website, www.taxfoundation.org, Accessed: 6/1/09)

“Fiscal Policy In The Garden State Reads Like A ‘What Not To Do’ For Policymakers And Stakeholders.” (The Tax Foundation Website, www.taxfoundation.org, Accessed: 6/1/09)

The Tax Foundation Ranked New Jersey As The “Least Business-Friendly State” In The Nation. (The Tax Foundation Website, www.taxfoundation.org, Accessed: 6/1/09)

For The Second Year In A Row, New Jersey Was Ranked Last In The Nation In State Business Tax Climate. (Josh Barro, “2009 State Business Tax Climate Index,” The Tax Foundation, 10/08)

In 2008, New Jersey Had The Highest State-Local Tax Burden in U.S. (The Tax Foundation Website, www.taxfoundation.org, Accessed: 6/1/09)

New Jersey Was Ranked 46th In The Nation In Economic Outlook By The American Legislative Exchange Council. (Arthur B. Laffer, Stephen Moore & Jonathan Williams, “Rich States, Poor States,” American Legislative Exchange Council, 2009)

NEW JERSEY IS FARING WORSE THAN ITS NEIGHBORS

At 8.4 Percent, New Jersey Has The Worst Unemployment Rate In The Region. (Bureau Of Labor Statistics Website, www.bls.gov, Accessed: 6/2/09)

New York (7.7), Pennsylvania (7.8), Delaware (7.5), Connecticut (7.9) And Maryland (6.8) Have All Faired Better. (Bureau Of Labor Statistics Website, www.bls.gov, Accessed: 6/2/09)

Since 2005, New Jersey Has Seen The Second Worst Change In State Per Capita Real GDP In The Region. (Bureau Of Economic Analysis Website, www.bea.gov, Accessed: 6/2/09)

Only Delaware Has Performed Worse. (Bureau Of Economic Analysis Website, www.bea.gov, Accessed: 6/2/09)

IN 2005, CORZINE PROMISED TO PROMOTE GROWTH, NOT RAISE TAXES …

“[C]orzine Said He Would Not Increase Taxes And Was Confident That He Could Balance The Budget By Cutting Waste And Scaling Back Spending.” (David Kocieniewski, “Corzine Says He’s Running For Governor,” The New York Times, 12/3/04)

“Corzine … Said He Would ‘Do Everything To Avoid Net New Taxes.’” (Joe Donohue, “On Budget, Candidates All Sound The Same,” The Star-Ledger, 5/30/05)

“Corzine Pledged To Replace The State’s Old Model Of ‘Tax-Borrow-Spend’ With ‘Invest-Grow-Prosper.’” (Kathy Matheson, “Corzine Vows To Make N.J. ‘Affordable,’” Asbury Park Press, 6/8/05)

… AS GOVERNOR, CORZINE IMMEDIATELY RAISED TAXES …

“Governor Corzine’s first budget proposed a spending increase of more than nine percent and large increases in sales, cigarette, and vehicle taxes. The enacted budget raised taxes $1.9 billion …” (Chris Edwards, “Fiscal Policy Report Card On America’s Governors,” CATO Institute, 10/20/08)

The 2006 Government Shutdown Was Over Corzine’s Demand For Increase To State Sales Tax. “Budget talks became heated this year as Corzine proposed increasing the state sales tax from 6 percent to 7 percent to help overcome a $4.5 billion … budget deficit. The proposal would cost the average New Jersey family $275 … per year, according to experts.” (“New Jersey Government Shutdown Continues On First Workday,” Fox News, 7/3/06)

…  AND WOULD RAISE MORE IF HE COULD

In 2008, Corzine Proposed 50% Increase To Highway Tolls. “Drivers in New Jersey would pay at least 50 percent more in highway tolls, starting in 2010, under Gov. Corzine’s new plan to raise up to $38 billion to pay down debt and fix roads and bridges. In his annual State of the State speech yesterday, Corzine finally hung a price tag on his proposal to bail out the state by hiking tolls on the New Jersey Turnpike, the Garden State Parkway, and Atlantic City Expressway. His plan was remarkable for its scope.” (Craig R. McCoy, “Corzine Calls For 50% Toll Increase,” The Philadelphia Inquirer, 1/9/08)

“The Democratic Governor Said The Toll Hikes Would Be Controversial And A Form Of ‘Tough Love.’  … But Corzine Said He Had No Alternative But To Urge ‘Significant Toll Hikes.’” (Craig R. McCoy, “Corzine Calls For 50% Toll Increase,” The Philadelphia Inquirer, 1/9/08)

Plan Could Have Raised Tolls By 800 Percent In 2022. “The governor’s approval numbers plummeted in January, when he announced a plan that could have raised highway tolls by 800 percent by 2022.” (Alan Guenther, “Poor Performance Marks For Corzine,” [Cherry Hill, NJ] Courier-Post, 7/27/08)

In 2003, “[Corzine] Lamented The Failure Of Gov. [McGreevey] … To Carry Out A Proposed [State] Increase In The Gasoline Tax … ‘I Get Frustrated, And I Think The Public Gets Frustrated, That People Don’t Stick With What They Argue For,’ [Corzine] Said.” (Laurence Arnold, “Interview: Senator Says Dean ‘Credible’ But Has Questions To Answer,” The Associated Press, 12/22/03)

CORZINE NOT SERVING INTERESTS OF NEW JERSEY HOMEOWNERS

In 2005 Campaign, Corzine Said He Was “Troubled” By High Property Taxes; Said He Supported Call For Constitutional Convention To Deal With Them. “Corzine said that he was ‘troubled’ by any move that would worsen the burden of property taxes, and that ‘cutting rebates would not have been my first choice.’ He said he supported the call for a constitutional convention on property taxes. In the meantime, he said, he would convene a special session of the Legislature next year to deal with the issue.” (Robert Moran, “Candidates Tell How They’d Balance State Budget,” The Philadelphia Inquirer, 3/17/05)

From 2006 To 2007, Mean Property Taxes Paid By New Jersey Residents Increased By Forty-Seven Percent. (The Tax Foundation Website, www.taxfoundation.org, Accessed: 6/2/09)

During That Same Period, New Jersey Went From 9th (5.76%) To 1st (7.08%) In The Nation In Mean Property Taxes Paid As A % Of Household Income. (The Tax Foundation Website, www.taxfoundation.org, Accessed: 6/2/09)

New Jersey Is Ranked Last In The Nation In Property Tax Index By The Tax Foundation. (Josh Barro, “2009 State Business Tax Climate Index,” The Tax Foundation, 10/08)

Corzine’s Original FY 2010 Budget Proposed Scaling Back The Property Tax Rebate To Households Earning Less Than $75,000. “Corzine proposed in March as part of his Fiscal Year 2010 budget to eliminate the income tax deduction for property taxes for all filers, except senior and disabled citizens, and scale back the property tax rebate even further to households that make under $75,000 per year.” (The Tax Foundation Website, www.taxfoundation.org, Accessed: 6/1/09)

“The ‘Double Whammy’ Of Eliminating Both The Property Tax Rebates And Deductions Proved Unpopular, And The Proposal Was Recently Modified.” (The Tax Foundation Website, www.taxfoundation.org, Accessed: 6/1/09)

CORZINE WAS RESPONSIBLE FOR 2006 GOVERNMENT SHUTDOWN

In 2006, Corzine’s Budget Dispute With His Own Party Led To The First Government Shutdown In State History. “Corzine and his splintered Democratic Party were nowhere near a budget agreement. The stalemate would lead, three days after the flood’s onset, to the first government shutdown in state history. No lottery. No new drivers licenses. No courts. No state parks or beaches. No work for 45,000 state employees. For a time, no horse racing and no casinos.” (Jeff Whelan, “How A Budget Dispute Became A Brawl,” The Star-Ledger, 7/9/09)

“[New Jersey Assembly Speaker Joseph] Roberts Thundered That Corzine Was ‘Trying To Strong-Arm A Tax Increase Upon The Citizens Of This State.’” (Jeff Whelan, “How A Budget Dispute Became A Brawl,” The Star-Ledger, 7/9/09)

Corzine’s Autocratic Style Helped Lead To The Impasse. “[Those involved] found Corzine’s approach to the process autocratic, confirming their assumptions about a man who served as a chief executive on Wall Street. Some complained they were treated like ‘junior traders.’” (Jeff Whelan, “How A Budget Dispute Became A Brawl,” The Star-Ledger, 7/9/09)

Senate President Richard Codey Criticized Corzine For Not Studying “Politics Of The Budget At All.” “‘Unfortunately, he didn’t study the politics of the budget at all,’ Codey said. ‘He should have realized early on that it’s not Goldman Sachs. You can’t do a budget by yourself. Other people have opinions and values. There’s nothing wrong with that. The more ideas you have, the better off you are.’” (Jeff Whelan, “How A Budget Dispute Became A Brawl,” The Star-Ledger, 7/9/09)

“The standoff cost New Jersey dearly. It wound up depriving the state of $3 million in tax revenue from the three days that Atlantic City’s 12 casinos were shut down, according to the Casino Control Commission. … The shutdown also cost the state $13.3 million in lottery revenue, according to the Department of Treasury.” (Elisa Ung, “N.J. Officials Offer Wisdom On Budget Crisis,” The Philadelphia Inquirer, 7/10/07)

A Product Of The RNC Research Department