Senate Budget Committee Member Urges Gov to Compromise & Save NJ by Enacting Major Fiscal Reforms
O’Scanlon responds to Gov’s budget: We can’t tax our way out of this mess. (SenateNJ.com)
“This budget won’t lift up the middle class. It will leave generations of New Jersey residents with no hope for a prosperous future.
“Even if the Governor’s rosy projections – of both revenue and savings – are accurate, we are still only a fraction of the way out of the hole we’re in.
“We can’t tax our way out of this mess. Without major reforms, it is a very real possibility that young public workers won’t even have a pension by the time they retire.
“I urge Governor Murphy to come to the table and hammer out a compromise with us. There is no other option,” Senator Declan O’Scanlon (R-Monmouth) said.
“The Governor’s incessant call for higher taxes is itself destructive, never mind whether the policy is enacted or not. Just last week, Warren Buffet warned business owners not to set up shop in states with unfunded pension liabilities, because they will eventually turn to job creators and high earners to fill government coffers. Governor Murphy’s rhetoric today will lead to a lower standard of living for our children. It’s devastating.
“We’ve already seen the impact of Governor Murphy’s first income tax hike last year. Revenues are actually down, but he’s back again with the same failed solution. It’s like a line one would expect in a Dr. Seuss story: ‘If some is bad, more must be better!’ You don’t need to take Republicans’ word for it. Even Governor Cuomo thinks a millionaire’s tax drives people out of state.
“The Governor’s statement that no one in the middle class will pay the increased income tax isn’t true. The middle class will suffer from reduced job creation, increased tax pressure and unrealized economic growth that simply won’t happen because we’ve driven our highest paying taxpayers and job creators out of the state. So yes, we will pay for the bad choices we make today.
“Bottom line – all of the governor’s ideas to save money are a drop in the bucket compared to pension and health benefit reform.
“I won’t stand by and let Governor Murphy continue to lead our state over the cliffs of fiscal insanity. I hope those who have advocated for a ‘path to progress’ will fight alongside me.”