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Is Greenwich CT’s Housing Crash Predictive of NJ?

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file photo by Boyd Loving

Garden State Initiative’s president Regina Egea

Ridgewood NJ, While it news reports indicate that Phil Simms and Jon Bon Jovi are selling their high-priced, high-taxed New Jersey homes, possibly at deep-discounts, Garden State Initiative’s president Regina Egea recently authored on op-ed on how a crash of high-end real estate in Connecticut could be spreading to NJ – and what that means for Garden State taxpayers.

The Garden State Initiative is dedicated to making New Jersey a place where families and businesses can thrive. We are a nonpartisan research and educational organization that offers practical free-market solutions to the state and local challenges facing New Jersey.

A recent Wall Street Journal report “Wealthy  Greenwich Home Sellers Give in to Market Reality” on Connecticut’s real estate market should engender concern by all New Jersey residents.  

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Taxpayers just got handed a behemoth of a budget. Come November, give Republicans a chance to do better

By Doug Steinhardt

On June 20, 2019, legislative Democrats captured the state budget and held it hostage. Then, on June 30, Gov. Phil Murphy signed the ransom note, a $38.7 billion behemoth that did nothing to address the state’s pension crisis, reduce spending or provide meaningful tax relief. For the nearly 78 percent of registered voters who didn’t vote in 2015, you might ask, “who cares?” My answer: we all should, because 100 percent of us are paying the bill.

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NJ Chamber of Commerce President Tom Bracken : ” It is critical that our state leaders take additional steps to improve New Jersey’s economy and make our state more competitive and affordable.”

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the staff of the Ridgewood blog

Trenton NJ, NJ Chamber of Commerce President Tom Bracken’s
Statement on State Budget

The New Jersey Chamber of Commerce believes the 2020 state budget that Gov. Phil Murphy signed today represents a promising step toward the fiscal responsibility New Jersey needs to revitalize its economy.

Continue reading NJ Chamber of Commerce President Tom Bracken : ” It is critical that our state leaders take additional steps to improve New Jersey’s economy and make our state more competitive and affordable.”
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Assemblywomen Holly Schepisi, ” Instead of raising taxes AGAIN why don’t we try getting our fiscal house in order”

Assemblywoman Holly Schepisi

the staff of the Ridgewood blog

River Vale Nj Assemblywomen Holly Schepisi speculates , “It will be very interesting to see what appropriations are being held hostage and what got cut because I’m fairly certain it isn’t any of the new spending programs created under the Governor’s administration. Instead of raising taxes AGAIN why don’t we try getting our fiscal house in order, provide much needed property tax relief through additional school funding to any municipality where school funding accounts for more than 50 percent of the tax bill and take care of our struggling middle class residents. ”

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New Jersey Business & Industry Association :Data Supports Need for Structural Reforms, No New Taxes

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the staff of the Ridgewood blog

Trenton NJ, Behind its continued call for no more taxes and for structural reforms as part of the FY2020 State Budget, the New Jersey Business & Industry Association today re-released its budget data from this year to further underscore why the Garden State desperately needs to reverse course.

“With less than two weeks remaining before the state’s budget deadline, it’s imperative that our policymakers fully understand New Jersey’s fiscal standing,” said NJBIA President and CEO Michele Siekerka. “New Jersey’s debt and pension obligations continue to escalate at unsustainable rates and the FY2019 State Budget alone forced $1.6 billion in higher taxes on our businesses and residents.

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Senate President Sweeney on NJ Pensions: “We can’t grow our way out of it, we can’t tax our way out of it, and it won’t go away by ignoring it”

the staff of the Ridgewood blog

East Windsor NJ, Continuing to advocate for the fiscal and economic reforms needed to avert future financial crises, Senate President Steve Sweeney spoke at the joint New Jersey Business and Industry Associations (NJBIA) and New Jersey State Chamber of Commerce policy forum today where he emphasized the economic value of bringing fiscal reforms to public finances.

Senator Sweeney participated in “Meet the Decision Makers,” an event that features key New Jersey policy figures. Senator Sweeney spoke about the “Path to Progress” report issued by the 25-member study group that provides a working blueprint to achieve the operational and structural reforms needed to restore financial stability and affordable government.

Continue reading Senate President Sweeney on NJ Pensions: “We can’t grow our way out of it, we can’t tax our way out of it, and it won’t go away by ignoring it”
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“Path to Progress” First Step in Putting New Jersey’s Fiscal House In Order and Avoiding Pension Apocalypse

the staff of the Ridgewood blog

Trenton NJ, The legislative introduction of the fiscal reforms and cost saving initiatives from the “Path to Progress” report has already generated widespread support from an array of individuals and organizations throughout New Jersey, including:

“The state of New Jersey faces short and long term challenges. I was pleased to be part of the ‘Path to Progress’ team as several of our recommendations will significantly improve the fiscal health of the state – particularly those related to employee pension and health benefits, and school consolidation. Of particular note – even with the pension reforms – no current retiree or those employees already vested will be negatively impacted.” – Richard F. Keevey, former Budget Director and Comptroller for the State of New Jersey, former CFO, U.S. Department of Housing and Urban Development, and former Deputy Under Secretary for Finance, U.S. Department of Defense

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Sweeney Blasts CWA Leader on Mischaracterization of Fiscal Reforms

Steve-Sweeney-Atlantic-City-finances

the staff of the Ridgewood blog

Trenton NJ, Senate President Steve Sweeney today challenged the mischaracterizations of his proposed fiscal reforms by Hetty Rosenstein, the New Jersey area director for the Communications Workers of America, saying that her descriptions of the substance and impact of the proposals in the “Path to Progress” report are “flat out wrong.”

“Ms. Rosenstein is doing a disservice to the taxpayers and to public employees with her false characterizations of the reforms needed to restore integrity to public finances and prevent a future fiscal meltdown,” said Senator Sweeney. “Our hybrid pension plan will improve the fiscal stability of the pension system for current and retired public employees and save billions of dollars for taxpayers and the state budget.

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Senate President Steve Sweeney: “We have to face up to the reality of the deep fiscal crisis we are facing”

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the staff of the Ridgewood blog

New Brunswick NJ,  Speaking at a public policy forum at Rutgers University’s Eagleton Institute of Politics, Senate President Steve Sweeney discussed the cost-cutting reforms in the “Path to Progress” report, including those that will produce savings and efficiencies for municipalities, county governments, local school districts and their employees.

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NJ Budget Prognosis is Not Good

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the staff of the Ridgewood blog

TRENTON NJ, With revenues falling below expectations and spending holding steady, the state is in catch-up mode once again.  Governor Murphy is scheduled to give his budget message on Tuesday, and his administration has been sanguine about New Jersey’s revenue shortfall.  Assemblyman John DiMaio, the Republican budget officer, is not in denial – saying the prognosis is not good.

Continue reading NJ Budget Prognosis is Not Good