Richardcyoung.com

The Online Home of Author and Investor, Dick Young

Bailing-Out Your Cities

By

U.S. Sen. Cory Booker (D-NJ)

You’ve read at richardcyoung.com about the fiscal problems hitting big cities and the dependency placed on an entire state’s taxpayers. Newark, NJ is in need of a bail-out from all of New Jersey thanks to the mess left behind by Mayor Cory Booker. Here Steve Malanga explains in his “Cross Country” column in The WSJ:

Newark’s backsliding means trouble for the entire state of New Jersey. For decades the state has had to subsidize heavily the operations of Newark and its school system—which Jersey officials seized from the city in 1995 amid charges of corruption. Last year alone New Jersey sent $800 million to the city and its schools to keep their finances afloat.

When he first ran for mayor, Mr. Booker said of his Central Ward neighbors who chose to stay in Newark, “I’ve been inspired by people who haven’t given up on their community.” He still is, officially at least, their neighbor. But in many ways he seems to have moved on, bequeathing the struggle in Newark to those who stayed behind.

The following two tabs change content below.

E.J. Smith - Your Survival Guy

Preparing your investments and family for when disaster strikes.
E.J. Smith is the Founder of YourSurvivalGuy.com, Managing Director at Richard C. Young & Co., Ltd., a Managing Editor of Richardcyoung.com, and Editor-in-Chief of Youngresearch.com. E.J. graduated from Babson College in Wellesley, Massachusetts, with a B.S. in finance and investments. In 1995, E.J. began his investment career at Fidelity Investments in Boston before joining Richard C. Young & Co., Ltd. in 1998. E.J. has trained at Sig Sauer Academy in Epping, NH, where he completed course-work in Practical and Defensive Handgun, Conceal Carry Pistol, Shotguns, Precision Scope Rifle and Kidnapping Prevention. E.J. plays a Yamaha Recording Custom drum set with Zilldjian cymbals. His first drum set was a 5-piece Slingerland with Zilldjians. He grew-up worshiping Neil Peart of the band Rush, and loves the song Tom Sawyer—the name of his family’s boat, a Grady-White Canyon 306. He grew up in Mattapoisett, MA, an idyllic small town on the water near Cape Cod. He spends time in Newport, RI and Bartlett, NH—both as far away from Wall Street as one could mentally get. The Newport office is on a quiet, tree lined street not far from the harbor and the log cabin in Bartlett, NH, the “Live Free or Die” state, sits on the edge of the White Mountain National Forest. He enjoys spending time in Key West and Paris. Please get in touch with E.J. at ejsmith@youngresearch.com. Sign up here to receive all the best content from Richardcyoung.com each week.

Latest posts by E.J. Smith - Your Survival Guy (see all)