state borrowing scheme - THE RIDGEWOOD BLOG.

cliff wide 054d76bca17db78df42b4c95905b64cdc48bfe2a s800 c85

Statement by Ralph Albert Thomas, CPA (DC), CGMA, CEO and Executive Director

New Jersey Society of Certified Public Accountants

ROSELAND NJ, We are deeply concerned that the proposed $9.9 billion borrowing plan announced by Governor Murphy and currently moving through the Legislature will have far-reaching consequences, affecting New Jersey’s ability to grow and attract business.

There is no doubt that New Jersey will require additional resources during this COVID-19 crisis. To address this, we need a comprehensive fiscal strategy that includes all tools at our disposal. Absent that, any plan for borrowing now is premature.

Continue reading New Jersey Can’t Borrow Its Way Off This Fiscal Cliff

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’