The election of all 120 state legislators is a little more than two weeks away, but most voters haven't given them or the rest of the ballot much thought yet. Democrats, who have the upper hand in the Legislature and want to keep it, aren't talking much -- especially about promises of a more equitable way to distribute state school aid and about Gov. Jon Cor zine's asset monetization plan to ease the state's suffocating $33.7 billion debt. But discussion of New Jersey's precarious fiscal situation can't wait until after the election. It's right there on the Nov. 6 ballot.
Two major spending issues ask voters whether the state should go even deeper in debt. One would allow borrowing $450 million to fund stem cell research, while the second would okay borrowing another $200 million for open space programs. Before deciding on the merits of the questions, voters need to consider whether the state can afford to add $650 million to its already budget-crippling debt. This push to jack up the state's debt comes just weeks before Corzine is expected to unveil his long-time-coming asset monetization plan. The idea is to use state assets to raise money to reduce the state's staggering debt service payments, which come to nearly $2.7 billion in the current budget and are growing.
Right now, the $33.7 billion debt places New Jersey fourth on the list of states with the heaviest debt loads. It amounts to $3,317 for every man, woman and child -- a total that has tripled in 10 years. Obviously, something must be done to alleviate this fiscal fiasco. Corzine says his still-se cret asset monetization plan will do that. But how can you ask voters in the beginning of November to add another $650 million to the state's debt and then argue later that this debt is strangling the state and preventing implementation of much-needed programs? Perhaps this apparent contradiction would be easier to understand if voters could count on not being asked to approve another bond issue for a long time. But they can't. Voters' fears of profligate politicians are borne out by what happened with the stem cell program. Initially, the plan called for $100 million to construct a facility in New Brunswick, with another $50 million for equipment and technology. Then everybody wanted a piece. So lawmakers reverted to the Jersey solution. They agreed to spend $270 million -- out of the state budget -- on additional facilities in Belleville and Camden.
Now for the bond issue. The original proposal was for $230 million for research grants. It's up to $450 million after add- ons. The $200 million for preserv ing open space, improving parks and buying land to protect water resources is in tended to be a "bridge" loan -- until a more permanent source of funding can be identified. Corzine has suggested asset monetization could produce enough to cover future open space programs. If that's the case, why not wait a year? Making a case against preserving open spaces in the nation's most densely populated state is tough. Arguing against stem cell research while recognizing the hope it offers to millions is equally difficult. But New Jersey's taxpayers need to look at the numbers before walking into voting booths on Nov. 6.
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