Someone Take Away Adler's Credit Card... Now!

Someone Take Away Adler's Credit Card...Now!

Myers slams opponent on news that state debt nearly tripled in last decade, resulting in higher taxes and damaging the state's economy

          Mount Holly, August 21, 2008-According to the NJ Department of Treasury, New Jersey's state debt has nearly tripled in the last decade to $37 billion, and career Trenton politician John Adler's big spending, big borrowing ways are responsible for the vast majority of the increase in just the last six years, said successful businessman and congressional candidate Chris Myers (NJ-3).

          Myers, while critical of the Whitman Administration's pension bond measure, charged that outstanding bonded indebtedness left to the Democrats incurred by prior administrations totaled approximately $15 billion.  Since taking control, Adler and the Democrats have more than doubled outstanding bonded indebtedness to $37 billion-an amount three times the growth that occurred in the eight years prior to their taking control-resulting in higher taxes on families and seniors, damaging the state's economy and forcing jobs to flee the state.

          "Under career Trenton politician John Adler, state debt grew by $4 billion per year between 2002 and 2006-most of it incurred without direct approval by the voters-and now New Jersey has the third highest debt load in the nation, behind only much larger states like California and New York, and by far the highest debt per person of any state," said Myers, who earlier this year was critical of Adler's vote against an amendment by Senator Leonard Lance which would have placed the $3.9 billion school construction bond, passed by the legislature, on the ballot this November for voter approval (see release attached).  "John Adler's ‘government by credit card' policies will force future generations-our children and grandchildren-to pay off his debt with more than $40 billion in higher taxes, forcing the continued mass exodus of residents and businesses from the State."

          Myers also said that Adler and his cronies violated the Balanced Budget Clause of the State Constitution by borrowing funds to pay for operating expenses, forcing the State Supreme Court to step in and stop it, and mismanaged the state so badly that NJ's credit rating was reduced twice.

          "New Jersey families and seniors on a fixed income know they must run their households by living within their means," said Myers, who as a successful businessman helped to create thousands of jobs and cut property taxes this year as Medford's Mayor.  "Unfortunately, career Trenton politicians like John Adler don't understand that, and their excessive borrowing is costing taxpayers nearly $3 billion per year in debt payments, while stealing money that should be going towards property tax relief, mass transit, education and healthcare."

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