New Jersey's 26th Legislative District

Senator Joe Pennacchio

Senator Joe Pennacchio

Pennacchio Disappointed Unemployment Insurance Reform Delayed Another Year

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Senator Joe Pennacchio, a member of the Senate Labor Committee, issued the following remarks regarding the watered down Unemployment Fund Reform bill released by the Senate Labor Committee today:

“I am disappointed that the Senate Labor Committee did not choose to release my bill, S-1854, that would have provided for the long-term structural reform of the state’s bankrupt UI fund. To date, New Jersey has borrowed more than $1.4 billion from the federal government just to meet current obligations.

“The bill that cleared committee today is nothing more than a tax increase that will only delay the problem for another year. The adoption of S-1854, which mirrors Governor Christie’s proposed reforms, would return the UI fund to solvency in a few short years.

“Neither I nor Governor Christie created this mess by raiding the UI fund for years. Unless we implement real, basic structural reforms to the UI fund New Jersey will continue to drive businesses away and trail the region in job creation.”

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