Garden State Patriot

I had to do a serious double take when I saw this headline: Plummeting gas prices / Time right to raise the gas tax. But that’s exactly what the Press of AC thinks we should do in the midst of the worst economic crisis since our President was a peanut farmer from Georgia.

The silver lining of this national economic crisis is falling gas prices. Fact is, some observers are wondering whether prices will plummet to $1 per gallon – which was what they were nearly 30 years ago.

It’s common economic wisdom not to raise taxes during a recession. Still, the one tax hike that does make some sense is an increase in the gasoline tax. A modest increase in the 14.5-cent state tax would barely be noticed by motorists who just a few months ago were faced with $4-per-gallon prices. Yet one penny on the gas tax raises an estimated $50 million.

Of course, they only want to see this in place temporarily. Yes, yes, no need to worry if the gas price suddenly spikes back up (which I bet it will) because Corzine, et al, will then rescind it. We just have to trust them.

We have long stressed that a gas tax is a user tax on motorists and should be channeled solely into the Transportation Trust Fund, not diverted into the general budget. But these are extraordinary times. Gov. Jon S. Corzine and lawmakers should explore the feasibility – on a short-term basis only – of diverting some revenue from a gas-tax hike into the existing budget to help fill the huge gap left by crashing sales- and income-tax revenues.

You know, I think I have a better proposal for the Press of Atlantic City. How about a 20% tax on every dumb article and proposal they have. I’m sure that would turn New Jersey’s deficit into a surplus in no time.