Check out NJ Working Families Director Analilia Mejia op-ed advocating for a state bank. It was originally published in the Star-Ledger.
Murphy’s state bank would help working families, boost local economy
By Analilia Mejia and Dan Fatton
New Jersey has an investment problem.
The Garden State’s numerous credit downgrades, budget shortfalls, crumbling infrastructure, chronic underfunding of critical programs and priorities are well known. The source of these issues isn’t a lack of capital or wealth. New Jersey is among the nation’s wealthiest states with a growing millionaire population.
Many argue that Jersey’s credit woes stem from former Gov. Chris Christie’s continuation of ill-advised tax cuts that weakened state coffers, along with an underfunded pension system dating back to the Gov. Christie Whitman years. This irresponsible fiscal policy reinforced backwards, yet persistent notions that hedge funds and enormous corporations should be appeased before tax dollars are invested in small businesses, public services, and working families. New Jersey deposits taxpayer funds directly into Wall Street and foreign banks, coupling tax giveaways with misdirected investments and high fees.