Bonds in the Time of COVID-19

To the Editor:
The upcoming election should be a vote for a better future.
It is unfortunate that the media has succumbed to beautiful people reading from scripted teleprompters; in most instances, on the main news channels, it is the same stories and the same analysis of events.
The recent COVID-19 fiasco illustrates how the government continues to infringe on the “rights of the people.”
To illustrate: the virus edict limits most business operations to closure or minimal hours, percentage of patrons, additionally limiting personal gatherings, church services, sports of every venue, weddings/funerals, but no limits on protest gatherings, masked or otherwise.
Most affected New Jersey businesses have lower or no revenues (taxes), resulting in significant tax shortfalls. We, as taxpayers, recognize the obvious Trenton fix, just raise taxes.
We are aware that the “fix” our politicians forget to mention is issuing bonds (tax increases) that are quietly approved by them without voter approval.
An example of the New Jersey financial sidestep: the New Jersey Constitution restricts debt carry over to the following year. A deviation can be approved by a voter ballot; an act of God would be an exception.
Our governor is a Democrat, the New Jersey Senate has a Democratic majority, the Assembly has a Democratic majority, and the New Jersey Court system has been appointed or voted to office by the Democrats. The governor’s request for the “emergency bond” is a Constitution challenge sent to the New Jersey Supreme Court.
The Senate perceived the China virus (COVID-19) is an act of God. The governor’s initial $5 billion bond has grown and is now $10 billion for 35 years (no voter ballot approval).
New Jersey municipal bond interest rates are higher (poor credit rating), but $50 million is the average municipal bond interest for every $1 billion. New Jersey municipal bond interest rates or annual term length approvals were never required for legislative approval. If an “emergency occurs again,” the Senate is changing the constitutional procedure to an automatic approval of “emergency bond requests;” just saving you that worry.
The governor wanted a $5 billion bond if the court would approve. Democratic Sen. Paul Sarlo suggested a $10 or $20 billion bond. The Assembly wanted a $14 billion bond. Remember, the governor requested a $5 billion bond for 35 years, so your grandchild’s grandchildren can share with the virus debt payoff.
Now, the coming bad news: increases to gasoline and diesel prices (taxes), property taxes, and possibly a sales tax increase.
Just a note, the Democratic political giants are approving changes to the constitutional borrowing mandate. A court challenge or voter approval will never be required to permit future uncontrolled bond spending and higher taxes.
An unrelated thought regarding future taxes: when all vehicles go electric, will the missing $1 billion revenue from fuel taxes be applied to your “free energy” utility bill?