The Ridgewood Blog Brings a Free Market Laissez-faire Point of View to Local, New Jersey State and National Issues.
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Trenton NJ, The Republican members of the Senate Budget & Appropriations Committee — Senate Republican Budget Officer Steven Oroho (R-24), Senator Sam Thompson (R-12), Senator Declan O’Scanlon (R-13), and Senator Michael Testa (R-1) — issued the following background brief today on the Murphy Administration’s pending closing on $4 billion of emergency bonds:
Continue reading Critics Shred Governor Murphy’s “Crazy Eddie ” Budget and Bond Scheme
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Trenton NJ, Cato Institute Fiscal Policy Report Card on America’s Governors 2020. Governors receiving an A are those who have cut taxes and spending the most, whereas governors receiving an F have raised taxes and spending the most.
Four governors were awarded an A on this report: Chris Sununu of New Hampshire, Kim Reynolds of Iowa, Pete Ricketts of Nebraska, and Mark Gordon of Wyoming. Seven governors were awarded an F: Ralph (Black Face) Northam of Virginia, Andrew Cuomo of New York, Gretchen Whitmer of Michigan, Phil Murphy of New Jersey, J. B. Pritzker of Illinois, Kate Brown of Oregon, and Jay Inslee of Washington.
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Trenton NJ, Senator Michael Testa (R-1), a member of the Senate Budget & Appropriations Committee, issued the following statement on Governor Murphy’s unspoken, but obvious, reelection budget strategy:
“While Governor Murphy claims he needs to borrow billions of dollars to prevent layoffs and fund property tax relief programs, consider the following things in this year’s budget that the borrowing will really support:
Continue reading NJ Senator Calls Governor Murphy’s “Borrow and Tax” Budget a “Con”
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Trenton NJ, Business groups today urged Gov. Phil Murphy and the Legislature to work toward a more fiscally responsible FY 2021 budget that recognizes New Jersey’s economic realities.
Among the calls made by the groups were the elimination of $1 billion in new taxes and a large reduction of $4 billion in borrowing proposed by Governor Murphy.
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Trenton NJ, Senator Steven Oroho has sent a letter to Senator Paul Sarlo, chairman of the Senate Budget and Appropriations Committee, calling for at least one Senate Budget Committee meeting to be open to public testimony. The public is currently not allowed to attend any of the Budget hearings. Committee members, invitees, and staff will participate from remote locations using video conferencing technology. The public may view the meeting through the State Legislatures homepage.
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Middletown NJ, Assemblyman Gerry Scharfenberger (R-Monmouth) criticizes Governor Phil Murphy’s latest budget proposal as the state’s economy continues to sink further in the wake of unrelenting lockdown measures, colossal borrowing plans, and lack of effective cost saving applications pushing New Jersey ever so closer to Depression era fallout:
Continue reading Murphy’s Budget Balloon is Full of Hot Air & Ready to Pop
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Totowa NJ, Senator Kristin Corrado released the following statement in response to the revised Fiscal Year 2021 budget proposed today by Governor Murphy:
Senator Corrado said New Jersey’s governor needs to tighten his belt like residents and business have done, but Murphy’s budget proposal is increasing spending, taxing, and borrowing.
Continue reading State Senator Kristin Corrado: Murphy’s Budget Ignores Reality
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Morristown NJ, Garden State Initiative’s (GSI) president, Regina M. Egea, issued the following statement on the decision of the New Jersey Supreme Court in the case of New Jersey Republican State Committee v. Philip D. Murphy:
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Trenton NJ, Governor Phil Murphy attempted to blame New Jersey decades of irresponsible spending and corruption on Senate majority leader Mitch McConnell ,going as far to claim New Jersey needs a whopping $20 billion even after the New Jersey legislator agree to allow the Murphy Administration a $10 Billion no questions asked.
Continue reading Governor Claims New Jersey Needs a $20 billion Federal Bail Out
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Trenton NJ, The Department of the Treasury reported that June revenue collections for the major taxes totaled $2.92 billion, down $503 million, or 14.7 percent below last June. The June decline eclipsed last month’s decline of 13.5 percent over the previous May, indicating that the economic impact of the global pandemic shows little signs of abating. Fiscal year-to-date, total collections of $29.784 billion are now down $3.0 billion, or 9.2 percent below the same period last year.
Continue reading New Jersey Tax Collections Weaken Further , Down 14.7% in June
The following editorial by Senator Steven Oroho (R-24) on an unconstitutional plan proposed by Governor Phil Murphy to borrow $10 billion to fund State operating expenses over the next 12 months was published by NJ.com on July 15, 2020:
The Murphy Administration and the Democratic legislators are prepared to move forward with the largest borrowing scheme in state history. They are seeking to raise $10 billion through bonding to fund state spending over the next 12 months.
This fiscally irresponsible plan could cost New Jersey taxpayers tens of billions of dollars in debt and interest payments over the next 35 years, depending on the interest rate. They will say “it’s a good time to borrow because interest rates are low.”
Continue reading Murphy’s Unconstitutional $10 Billion Borrowing Scheme Is ‘Wacko on Steroids’
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Trenton NJ, Senator Declan O’Scanlon again sounded the alarm warning of the dire fiscal consequences of the Governor’s plan to borrow $10 billion to fill shortfalls in the State budget.
“This devastating scheme is fiscally indefensible and unconstitutional. There’s a legal opinion that says we cannot borrow without voter approval to fill a hole in our budget,” said O’Scanlon. “In the most unaffordable state in the nation, it is unfathomable the Governor and Democrats would propose a ‘solution’ of this magnitude.
Continue reading Governors Borrowing Scheme Impending Fiscal Disaster
“This is what happens when the Government becomes too large and has way to many programs of assistance. The highest income taxes, property taxes, sales tax, gas tax, toll roads. The cost of living is out of control. People run out of this State as soon ad they can yet the State insists on being a Sanctuary State. Giving away billions to those who were oppressed in their own country and catering to their wishes. With a small and nimble Government this State could be in a much better place. Take a five mile high look and you’ll see all the waste. It’s not an easy task nor should it be. Just do it and so it now.”
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Ridgewood NJ, As the effects of the COVID-19 pandemic on the State of New Jersey’s finances begin to emerge, residents of the state have a clear message to Governor Murphy and legislative leaders:
“Reform public employee benefits and reduce the cost of government
before you consider raising taxes”
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Trenton NJ, Murphy’s state Treasury Department revealed on Wednesday it had lowered revenue projections by $10 billion through next year, including $2.8 billion shortfall in the current fiscal year and $7.3 billion in the next. Without a big influx of cash through borrowing or federal aid, the consequences for public workers are dire, he warned Thursday.
Continue reading Massive State Worker Furlough Bill Heads to Governor Murphy’s Desk
