The state’s $10 billion loan to help it get through the budget deficits created by the coronavirus pandemic will lead to a religious enlightenment, Jim Gearhart says in his latest weekly Jim Gearhart podcast and Facebook Live show, presented every Thursday at 10:30 a.m. Facebook.com/NJ1015.

Gov. Phil Murphy quickly signed a bill passed by lawmakers on July 16 that would enable the state to borrow the money to fill deficits in its operating budgets. The constitutionality of the loan is being argued by Republicans in the state Supreme Court.

And you can expect plenty of political interests — and political power players — to be angling for that money, Jim says.

"There’s going to be an army of consultants and lawyers," he said.

Jim predicts "there’s going to be a whole lot of people with not only fingers in the pie, they’re going to be in there with whole heads,” Jim said. “This is why they like to borrow the bond money.”

Jim said the Republican lawsuit against the bonding based will likely fail because he expects the state Supreme Court to uphold an emergency clause in the state constitution.

The state constitution has a "debt limitation clause" that limits long-term debt to 1% of the state budget, unless it’s approved by voters. The state could borrow as much as 25% of what it will spend. However, that limit includes exceptions for debt created due to war, invasion, insurrection or “to meet an emergency caused by disaster or act of God.”

“One of the hallmarks of liberality and progressiveness is that you don’t believe in a god, at least in the traditional sense. But they’re certainly going to be quoting him and doing a lot of pretending.”

Jim pointed out the hat he has worn for 30 years that reads “GRIP,” which stands for “get rid of incumbent politicians.

“How many people out there wish you had listened?" Jim asked.

Previous reporting by Michael Symons was used in this report

Is Jim right? Be sure to tell Jim and Bob Williams what you think: The Jim Gearhart show is LIVE on Facebook every Thursday at 10:30 a.m., at Facebook.com/NJ1015. Got an idea for an upcoming installment of Jim's show? Meet Jim at Facebook.com/NJ1015 to suggest it in the comments, or email Jim@nj1015.com.

The Jim Gearhart Show podcast is available every week on New Jersey 101.5 and in the New Jersey 101.5 app. You can also subscribe with your favorite podcasting app for iPhonesAndroid devices or your computer:

That's just part of what Jim and Bob Williams take on in the latest installment of his show, also available as a podcast. Check out the full episode to hear the rest.

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The post above reflects the thoughts and observations of New Jersey 101.5's Jim Gearhart. Any opinions expressed are Jim's own.

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