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CUT SPENDING
Cut Spending !
When the majority of NJ tea party organizations last gathered, one of the priority issues named was "Cut Spending."
Politicians buy votes by taking your money in hidden ways, spending it visibly, and telling you it's free. On this page, we'll try to set the record straight. Conservatives want politicians of all colors to CUT SPENDING !
The "Accounting Method" Game
Golden Rule of Government:
He who has the gold (i.e., is elected)
Writes the Rules
Governments, including both New Jersey and the federal government, lie to the people ALL the time.
One Key Lie by New Jersey is that its annual budget is balanced. Here's Why. While corporations must use "accrual" accounting, which counts debt when a contract is signed, states use a "cash" basis that only counts debt as an expense when it is paid out. Example:
Corporation XYZ:
Income & Sales $100,000
Expenses $ 40,000
Loan & Interest due* $ 40,000
*(entire amount of loan + interest)
Salaries & Taxes $ 20,000
NET: -0-
State ZYX:
Tax income $30,000,000
Expenses $25,000,000
Debt & Interest $ 5,000,000
(payments this year only)
NET: (Balanced !) -0-
*Actual amount of loan & interest, minus this year's $5,000,000 amount due = $145,000,000
Actual Status: -$145,000,000 in debt
Read all about it:
Link: Institute for Truth in Accounting
Link: StateBudgetWatch.org
New Jersey Specifics:
from data derived by Institute for Truth in Accounting from 6/30/10 Audited Comprehensive Annual Financial Report of State of NJ.
NJ Assets $78,352,064,000
Less: Capital Assets 42,200,715,000
Restricted Assets 9,851,992,000
Available Assets to Pay Bills 26,299,357,000
Bills 161,648,371,000
__________________
Money Needed to Pay Bills 135,349,014,000
Each Taxpayer's Burden 44,000
Statistics - New Jersey Rankings
- State & Local Tax Burden, as Percentage of State Income, 2008:
NJ: 11.8%, HIGHEST of 50 states
- State & Local Tax Burden, per capita:
- State Business TAX CLIMATE, 2010:
- Property Tax Ranking, 2010:
- State Debt, Per Person, 2008, comparisons:
- State & Local Debt, Per Person, 2007, comparisons:
Copyright 2011 - Morris Patriots!. All rights reserved.
"The only thing necessary for the triumph of evil
over good is for good men to do nothing - Edmund Burke
Based in Morris County, serving northern, NJ
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