Regarding the Oct. 12 editorial, "Public Question No. 1/Support N.J. colleges":
I cannot help but wonder what the rationale behind The Press endorsement of Public Question No. 1 is.
Could it be "we're already so deeply in debt, another three-quarters of a billion dollars won't matter"?
Or is it that even though every other "investment" in our future hasn't paid off, we'll do it again and see what happens this time?
Albert Einstein defined insanity as doing the same thing over and over again and expecting different results. If we fall into another "invest in our future" scheme, we will surely be committing fiscal insanity.
New Jersey is already deeply in debt. Using 2011 figures, the state's taxpayer-approved, legal debt exceeds $33.7 billion. Our other obligations - pensions and medical care for teachers, law enforcement and state employees - exceed $110 billion. This doesn't include the $888 million that the state has borrowed from the Unemployment Trust Fund.
And that's not all, folks. The colleges will have to raise the requisite $250 million in not-quite-matching funds. How? Most likely by issuing bonds and, of course, another tuition increase. Added to the cost of this imprudent borrowing is the interest on the debt for the next 20 or 30 years, plus a cost of about $35 million in broker and lawyer fees.
What will this taxpayer largess buy us? More temporary, high-priced union jobs? More taxpayer and tuition-funded teaching jobs? How coincidental is it that the resulting jobs will fall into the laps of the unions and politically connected construction firms who contribute the most to politicians' campaigns?
Whose idea was this anyway? Certainly not John Q. Public's.
Help stop the insanity. Join groups such as Americans for Prosperity and Liberty and Prosperity in helping to combat the fiscal insanity that is destroying our prosperity and shackling our liberty by stifling New Jersey's economy.
Vote "no" on Public Question No. 1.
DOUGLAS H. STROZ
Egg Harbor Township