Today the Bergen Record published an op-ed on the state budget crisis from our own Analilia Mejia. Key section:
Christie promised the public that his tax cuts for the well-off would pay for themselves through economic growth that would lead in turn to higher revenues. But his perpetually optimistic revenue projections were based on a “New Jersey comeback” that never arrived. In fact, all of the income gains made in New Jersey since the recession started have gone to the richest 5 percent.
Now New Jersey’s working families are paying the price for the failed policies of the last four years. Lower credit ratings make borrowing more expensive and are a further drag on the state’s finances. Meanwhile, Christie promised that “everything is on the table” to address the budget shortfall. That means even deeper cuts to schools and communities or a deferred pension payment that could make our credit problem that much worse.
Last week’s grim news should serve as a wake-up call for legislators. We can and must make better choices to restore some balance to our budget and economy as a whole.
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