Press Release
Senator Joe Pennacchio Senator Joe Pennacchio (R-26)
Home | Facebook | Twitter
Contact: Senate Republicans / (609) 847-3600
June 29, 2022
Pennacchio Statement on the Democrats’ $50.6 Billion Budget

Like This on Facebook  Tweet This

Senator Joe Pennacchio made the following comments on the Senate floor prior to voting against the Democrat’s record-spending budget, which passed with a 25-15 vote.

Sen. Joe Pennacchio spoke out against the Democrats’ $50.6 billion record-spending budget on the Senate floor prior to voting against the bill, which passed with a 25-15 vote. (Pixabay)

“The seeds of future State budget deficits and tax increases are sowed with this budget. As inflation rages on, New Jersey is doing its part to fan the inflationary flames.

“Since the Administration turnover, we have seen the State’s budget increase 40 percent. Forty percent is not sustainable. That’s not rocket science. Economies rise and fall as sure as the sun rises and sets.

“Recall the first year of former Governor Christie’s budget when a failing economy caused billions of dollars of deficit with the State’s budget which had to be made up by taxpayers.

“With all the one-shots and the enormity of the spending increases in this budget, the future pain to taxpayers will be great. It will require increased State taxes, and reductions in school and local aid which will increase local property taxes. Tax increases will be across the board.

“For those who have not noticed the first quarter GDP contracted and the second quarter no doubt will follow suit. That’s called a recession. The Fed is raising interest rates and tightening the money supply. Gas is $5 per gallon and food price increases are being reported deceptively low.

“The stock market and our pensions are in the collective toilet. Our economic future has arrived and the Democrats’ answer is ‘Keep spending.’ Take heed, New Jersey. All those who fail to learn from previous economic history are doomed to repeat it.

“Finally, the things we hear that this budget does, and that the Legislators claim credit for have nothing to do with us. It is all on the backs of the taxpayers.”

Related Tweet:
https://twitter.com/joepennacchio/status/1542214057146683397

Website Post:
https://www.senatenj.com/index.php/pennacchio/pennacchio-statement-on-the-democrats-50-6-billion-budget/57757