The 10th District Legislators completely disagree with the Supreme Court ruling on the largest borrowing scheme in New Jersey history, spearheaded by Governor Murphy and his Administration. Senator Jim Holzapfel and Assemblymen Greg McGuckin and John Catalano have always opposed the record-setting plan which will borrow $10 billion to cover State spending.
Senator Holzapfel and Assemblymen McGuckin and Catalano said New Jersey taxpayers will be paying for the borrowing scheme approved by the State Supreme Court for decades. (©iStock)
The lawmakers note that the Supreme Court placed restrictions on the borrowing plan; however, they believe the economic damage from this scheme will affect New Jersey taxpayers for generations to come.
Senator Holzapfel and Assemblymen McGuckin and Catalano have released the following statement on the ruling which they believe is fiscally irresponsible and will ultimately hurt our residents the most in the form of high property taxes.
“We have always said that this plan will only further push our debt onto future generations. We are talking about billions of dollars of debt that won’t be paid off for decades. As if New Jersey wasn’t unaffordable before, how can our younger generations remain in this state if their taxes are higher than their paychecks? We would never support a plan that values partisan politics over the best interests of the people.
“It’s sickening. Our taxpayers will now be responsible for the repayment of this astronomical borrowing plan as well as billions of dollars in interest payments for the next 35 years.
“In times of great fiscal uncertainty for our counties and municipalities, borrowing plans like this are reckless and tone deaf to the needs of our residents.”
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