Christie’s creative accounting (or not doing the “big things”)

Chris Christie likes to claim that he’s doing “big things” and breaking with the past bipartisan tradition of kicking the can down the road.

But it’s hard to escape that his latest budget proposal for FY 2013 is – well – exactly what he criticized his predecessors for.

You see, his proposed budget is over $3 billion bigger than Gov. Corzine’s final budget. And in order to make it all work, it’s based on smoke and mirrors – one shot gimmicks and crazily optimistic revenue projections.

One could say quite a bit about this, but this article pretty much sums it all up, by giving us a choice of whose analysis to believe – independent Wall Street analyst Standard & Poor’s, who calls the budget “structurally unbalanced” – or Assembly Budget Committee Ranking Minority Member Declan O’Scanlon, who says “I respect S&P and they are some smart folks, but there are holes in their reasoning in this report that I don’t get.”

It does not appear that O’Scanlon has any background as a financial analyst – the closest he gets is having owned a small business. But, hey, if you want to take his analysis over an independent expert’s, go ahead.

Indeed, it was just last year that Christie accused Democrats of inflating revenue projects – even though at that point independent analysts (there, the non-partisan Office of Legislative Services) agreed with the Democrats.

It’s pretty hilarious to watch Christie propose a budget that was bigger than Corzine’s, based on unrealistic revenue projection. Perhaps he’s realized that he can’t keep cutting state aid, because he’s already caused property taxes to increase by 20%. To go along with this budget and especially the tax cuts Christie proposed as part of this would be patently irresponsible – as Chris Christie would have pointed out repeatedly and ruthlessly, if anyone else had proposed this.

Comments (5)

  1. monmouthhouse

    I have to agree with your assessment of Declan O’Scanlon. He’s always been a shill for his party and he’d be nowhere if Jennifer Beck and Rep. Cassagrande didn’t talk him up.  

    Reply
  2. brendanod

    non-partisan, 3rd parties criticizing our governor, I just can’t get over what scum bags these guys (S&P, Moody’s) are. They were implicit in destroying   our economy.  The fact that they have any credibility remaining is mind blowing.  

    Reply
  3. William Weber (WjcW)

    Isn’t the budget from 2012 more closely following the administration’s predictions than OLS and the Democratic projections?

    Not saying his budget this year isn’t overly optomistic, but that track record suggests his people are more accurate than OLS, doesn’t it?

    Reply

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