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It has become evident in today’s society that individuals as well as governments wish to spend money that they don’t have. Whether it is individual consumer with high credit card debt or the federal government with constant budget deficits, spending has become out of control and cause for major concern. Even state governments are forced to reevaluate their spending and control costs so that they can better manage their budgets.
Governments, like businesses, are operating under certain budgetary constraints with a limited amount of funds. Though a budget outlines a strategy for achieving a long-term goal, short-term sacrifices must be incurred to achieve those goals. Businesses are able to control costs though a variety of cost saving methods, such as shrinking the size of the workforce or eliminating products or services. Businesses can also raise prices of products or services to boost revenues to offset rising costs. And governments are no different. This fact has become all to clear in the state of New Jersey, where recently, due to years of overactive spending and increasing costs, the government has been forced to restructure their fiscal policy.
In a recent address to legislators, lobbyists, and state officials, New Jersey Governor Jon S. Corzine presented a plan that would reallocate state resources and eliminate costly spending. During his speech, Corzine cited the various reasons why New Jersey has been constantly plagued by a deficit in the budget over the last decade. Primarily, the Governor declared that spending has become a rampant problem that has crippled New Jersey and led to increasing debt. Next, Corzine notes that increasing employment costs such as healthcare benefits and pensions to state workers has become a primary concern (Chen, 2008).
Though the problems have been addressed, action is still a necessary part of changing fiscal policy. Corzine has outlined harsh but feasible steps that the New Jersey government needs to take to fix the problem and not just put a temporary fix on the situation. According to state Assembly Speaker Joseph J. Roberts Jr, New Jersey residents are not ready for increases in taxes or tolls until all possible budget cuts are addressed (Chen 2008). With this constraint in place, The New Jersey governor’s plan consists of cutting about 3,000 jobs, and three state departments, as well as limiting aid to state colleges and universities. The proposed budget cuts would amount to roughly $500 million (Dopp, 2008). However, according to Chen (2008), more important than the actual cost cuts are changes in culture with respects to spending.
New Jersey’s recent problem is symptomatic of the fact that governments need to be more responsible with their spending and act in a more efficient manner with respects to cost management.
Work Cited
Chen, David W. (2008, February 28). Corzine seeks to cut N.J. budget and work force. The New York Times.
Dopp, Terrence. (2008, February 26). New Jersey’s Corzine Proposes Budget That Cuts Jobs. Retrieved on March 17, 2008 from http://www.bloomberg.com/apps/news?pid=20601087&sid=aDXfbuuYPQ0g&reer=home
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