Senator Kevin O’Toole, a member of the Senate Budget and Appropriations Committee, issued the following statement concerning the Fiscal Year 2010 budget:
“One of the first political lessons taught to me was – your constituents are your first concern. I have to ask myself does this budget serve my constituents. The answer is that the budget voted on by this body tonight does not, for several reasons.
“For one thing, this budget does nothing to reverse eight years of bad governance that began when Governor James McGreevey took the oath of office. The State of New Jersey did not become an economic basket case overnight. It took eight years of fiscal mismanagement and bad decisions to arrive here tonight governing a state that’s near insolvency. If not for the $2.2 billion in federal stimulus aid, New Jersey would be bankrupt. That’s a fact, not hyperbole.
“Make no mistake. This budget is a Band-Aid that has stopped the bleeding for maybe a year. This budget contains seven new taxes that will cost the taxpayers well over $1 billion – on top of 103 new taxes added over the past seven years This budget contains nearly $5 billion in ‘one-shot’ revenue that won’t be there next year. The budget that we vote on tonight just pushes costs into future years.
“The Fiscal Year 2011 budget is a looming disaster. When the next governor gives his budget address in March of 2010, he will tell the joint session of the Legislature that the budget has an $8 billion to $10 billion structural deficit. That’s right, New Jersey will start off the next budget $8 billion to $10 billion in the hole, and Uncle Sam may not be around to bail us out.
“This state is in such dire straits that people, jobs and businesses are fleeing in record numbers. According to Rutgers economists, Seneca and Hughes ‘the population outflow is real’ and it is hurting the state economy. Grandparents are leaving the state and their grandchildren behind because they cannot afford to stay, and it is killing them. It’s emotionally devastating.
“As a result of this budget, property taxes will certainly increase, making New Jersey more unaffordable and forcing more people out of the state. In fact, 1.4 million households that received a property tax rebate last year will not see any property tax relief this year.
“We have failed to invest in New Jersey. Our bridges and roads are crumbling. Our institutions of higher education are woefully underfunded. No wonder our No. 1 exports are our best and brightest students. They leave to get an education, and they never come back.
“The Wizard of Wall Street and his allies have failed the taxpayers of New Jersey. Wall Street greed and avarice have destroyed our pensions and 401ks and forced seniors back into the work force. Our pension systems are in freefall and our unfunded medical liabilities are approaching $90 billion.
“There is pain on Main Street. This budget fails in so many ways. Most importantly, it does not serve our constituents. That is why I voted no on this budget.”
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