Governor Murphy’s Insane Budget Address , Borrow and Spend Like Crazy , Raise Taxes and Blame the Feds

the staff of the Ridgewood blog

Trenton NJ, Governor Phil Murphy today released his revised budget proposal for Fiscal Year 2021 (FY 2021), including targeted cuts across State government, fair and equitable revenue raisers, an emergency borrowing proposal, and additional plans to invest federal funding received to date to help close what would have been a nearly $6 billion budget hole as a result of the COVID-19 pandemic.

The plan calls for a millionaire’s tax, an extension of the corporate business tax, a proposed boat tax, and other small taxes, including a cigarette tax. The proposal also included a massive scheme to  add $4B in borrowing,

“Besides setting off an unprecedented public health crisis, the COVID-19 pandemic also unleashed an economic crisis that can only be rivaled by two other times in our state’s entire 244-year history – the Great Depression and the Civil War,” said Governor Murphy. “Over the past few months, we have learned hard lessons, but also important lessons: that the old answers won’t fix the new problems and that the old status quo didn’t work for too many New Jerseyans.  We must now have the unavoidable conversation about what it means to not only see our state through this emergency, but what we will look like when we emerge from it.”

“This budget proposal is not simply about getting New Jersey back to where it used to be, but moving forward to where we need to be by building a new economy that grows our middle class and works for every single family, while asking the wealthiest among us to pay their fair share in taxes,” said Governor Murphy.

Murphy said , “However, we can’t do this alone. Washington can’t walk away from the American people. Our job fighting this virus is not done, and neither is theirs.  We still need the federal government – especially the President and Senate Republican Leader Mitch McConnell – to join us as full partners.”

Critics were quick to condemn Murphy’s borrow , tax and spend budget ,Senator Anthony M. Bucco released the following statement in response to the revised Fiscal Year 2021 budget proposed today by Governor Murphy:

“The governor has called for higher income taxes, higher business taxes and billions in borrowing, while making no serious spending cuts. That’s unacceptable. Everyone recognizes that the pandemic has created fiscal challenges and unprecedented uncertainties, but the Governor continues to single-handedly dig us into a deeper hole that is leading to a greater generational fiscal mess.

“New Jersey cannot and should not be raising taxes with the fourth highest unemployment rate in America and one of the largest debt burdens of any state. This is why it’s so critical to have a check-and-balance on Democrat tax-and-spend policies that year after year make it increasingly difficult to afford to live here.

“This is made even worse for the businesses lucky enough to survive the pandemic, who are punished by this Governor with even higher taxes. Record taxing, spending and borrowing will not make New Jersey stronger or fairer, it will only lead to a more expensive state and a continued exodus of families, friends and neighbors.”