Tag: NJ fiscal crisis

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Governor Murphy Continues Dragging his feet Addressing New Jersey’s Economic Problems

the staff of the Ridgewood blog

TRENTON  NJ,  After announcing indefinite benchmarks for restarting the economy,no timetable to reopen and people continue to suffer socially, economically and mentally. Governor Murphy is clearly making this political as opposed to doing what is best for the people of New Jersey.

Assemblyman Brian Bergen wants Gov. Phil Murphy to put forth an actionable plan sooner rather than later.“Governor Murphy’s plan is telling us that it doesn’t matter how many people are becoming impoverished as long as they don’t get COVID-19,” said Bergen (R-Morris).

Continue reading Governor Murphy Continues Dragging his feet Addressing New Jersey’s Economic Problems

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Where is the tax money going to come from if nobody is working? 

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the staff of the Ridgewood blog

Jersey City NJ, according Jersey City Mayor Steven M. Fulop announcing  the first steps to confront the $70 million budget impact COVID-19 will have on the municipal budget of Jersey City.

The city will offer a voluntary separation package for those who have 15 years or more of service with the city. There are currently over 400 employees eligible for the voluntary package with a combined total salary of $22.7 million. Applicants will receive $20,000 or 25% of their salary, whichever is greater. Applicants must respond by April 20th and date of separation will be May 1st.

So one questions ,where is the tax money going to come from if nobody is working?

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Phil Murphy Ranks 34th Worst Governor and New Jersey Ranks 41st Worst Run State

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 the staff of the Ridgewood blog
Ridgewood NJ, some bad news for Governor Phil Murphy according to 24/7 Wall street  Phil Murphy was rated as the 34th lest popular governor  and New Jersey fared even worse by being ranked as the 41st worst run state . We are somewhat astonished the both Phil Murphy and New Jersey did as well as they did.

34. Gov. Phil Murphy (D) of New Jersey
> Approval: 46%
> Disapproval: 37% (16th highest)
> Don’t know: 18% (24th highest)
> In office since: Jan. 16, 2018
> New Jersey could run on only rainy day funds in FY 2018 for: 8 days (3rd least)
> Rainy day fund: $772.2 million (19th smallest)
> Dec. 2019 unemployment rate: 3.5% (20th highest)

Continue reading Phil Murphy Ranks 34th Worst Governor and New Jersey Ranks 41st Worst Run State

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New Jersey Taxpayers Face $130 Billion in Unfunded Liabilities for Government Retiree Health Care Benefits, Only California Faces larger

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the staff of the Ridgewood blog

 

Ridgewood NJ,  In terms of retired public employee health care benefits, New Jersey has greater unfunded liabilities – $130 billion – than every state but California, according to a new report from the American Legislative Exchange Council (ALEC). The new report, Other Post-Employment Benefit Liabilities, 2019, examines the unfunded liabilities in each state for other-post employment benefits (OPEB), which include health insurance, life insurance, Medicare Supplement Insurance and more for retired public employees.

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Assemblyman Robert Auth blasts Murphy “as out of touch with fiscal reality”

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the staff of the Ridgewood blog

 

TRENTON NJ , Assemblyman Robert Auth blasted Governor Phil Murphy for his spending plans despite the state’s nation-worst fiscal position.

“The smoke and mirror State of the State address was another example of Governor Murphy’s abject denial of our current financial situation,” said Auth(R-Bergen). “We are currently fifty out of fifty in fiscal stability, two-hundred-nine billion dollars in the red and he’s extolling the virtues of excessive spending and bloated government. Even members of his own party were incredulous after the speech.”

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New Jersey Economic and Fiscal Policy Review Commission Will Push Fiscal Responsibility at State Goverment

photo Senator Steve Oroho

the staff of the Ridgewood blog

Trenton NJ, Bipartisan legislation sponsored by Senator Steve Oroho that would establish the New Jersey Economic and Fiscal Policy Review Commission was advanced by the Senate and Assembly and now heads to the governor for final approval.

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Governor Murphy Remains committed to a “Millionaire’s Tax”

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the staff of the Ridgewood blog

Trenton NJ, Twice denied in his first two budgest, Governor Phil Murphy this afternoon told reporters that he remains committed to a millionaire’s tax. With Lieutenant Governor Sheila Oliver standing behind him, the Governor cited the tax as beneficial to prepare for a “rainy day.”

Continue reading Governor Murphy Remains committed to a “Millionaire’s Tax”

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The Unintended Consequences of $15 Minimum Wage Increases

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the staff of the Ridgewood blog

Ridgewood NJ, Governor Phil Murphy patted himself on the back for New Jersey’s second statewide minimum wage increase from $10 to $11 per hour, taking effect today, January 1, 2020. The increase is part of a gradual increase in the minimum wage to $15/hour under legislation signed by Governor Murphy in February 2019. When Governor Murphy took office in 2018, the State’s minimum wage was $8.60 per hour.

Perhaps if the governors failed policies of constant tax increases and taxes on everything did not destroy the already morbid New Jersey economy we  would celebrating  job growth like the rest of the country .

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Governor Murphy Pushes Sales Tax Hike

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the staff of the Ridgewood blog

Trenton NJ, Governor Murphy considers a $500+ million tax hike “meaninglessness”:

“Murphy also indicated he will seek to restore the state sales tax to 7% from the current 6.62%, criticizing the reduction as a gimmick, a public relations charade enacted to provide legislators with a self-described tax cutter talking point.

The reduction, the governor has contended, was a meaningless gesture, saving consumers pennies while depriving the state of crucial revenue”

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Upper Saddle River Moves to Sure Up Finances

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the staff of the Ridgewood blog

Upper Saddle River NJ, at the USR September council meeting questions, were raised concerning the annual municipal audit. Municipalities are required to undergo an audit on a yearly basis. Recommendations are made. These audits are very thorough and stringent. Each municipality’s audit must be reviewed, posted on the municipality’s website and sent to the Department of Community Affairs for their review. Our auditing firm, Lerch, Vinci and Higgins have completed the Borough’s 2018 audit. It can be found on www.usrtoday.org.

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New Jersey’s Fiscal Problems are Biggest Concern for Business Owners says NJCPA

Phil Murphy

the satff of the Ridgewood blog

ROSELAND NJ, The greatest issue impacting the operation of a business in New Jersey over the next 12 months is the state’s fiscal problems, according to nearly 30 percent of the 347 respondents in a survey conducted by the New Jersey Society of CPAs (NJCPA) earlier this month. State and local taxes ranked second at nearly 27 percent.

On a broader scale, respondents cited high taxes, pension and health benefits funding for public employees, and regulatory burdens as the top issues that are likely to hinder the state’s future economic growth. Rising health care costs and decaying infrastructure also rounded out their main concerns.

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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

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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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file photo by Boyd Loving

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. ”

Continue reading Assemblywomen Holly Schepisi, ” Instead of raising taxes AGAIN why don’t we try getting our fiscal house in order”