Rustle up 13 billion dollars or so for New Jersey

The State of New Jersey is facing a double digit deficit in the billions of dollars.  A weekend protest by thirty-thousand mostly public sector workers sought to convince Gov. Christie they should not feel the pinch in meeting that deficit.

This video shows the psychology prevalent today in New Jersey and beyond, some would call it global with France seeking to raise the retirement age from 60 and Greece suffering with riots as the public sector has squeezed its way into every crevice of private sector’s production.  At a certain point, it’s not sustainable.

This reporter captures the disconnect quite well.  If you haven’t noticed, Hoboken will be facing the exact same situation here.  The results will probably be the same except the discussion in Trenton over the weekend may appear quite civil in comparison.

Protesters offer their suggestions to try and close the 13 billion budget gap

Related: Here’s a fine article discussing the potentials for trouble in the global economy due to a lack of political will to control government spending and describes the problem “as moving from private debt to public debt….But rising public debt is never a free lunch, eventually you have to pay for it.”
Economist Nouriel Roubini – the man who called the housing boom bust.

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