10th District Legislators Again Blast Murphy Over ‘Baby Bonds’

Senator Jim Holzapfel and Assemblymen Greg McGuckin and John Catalano are once again blasting Governor Murphy’s proposal to give a $1,000 saving bond for every New Jersey infant born into qualifying families next year.  The proposal is under scrutiny by the 10th District Legislators who are calling this plan a complete waste of taxpayer dollars and a political move by the Governor to ensure his victory in the 2021 election.

“Instead of properly funding our schools or helping our small businesses and restaurants, the Governor is choosing to spend $80 million a year to give newborns a savings bond,” Senator Holzapfel said.  “Our state is facing one of the most challenging economic times in history and the Governor thinks that ‘Baby Bonds’ is an appropriate proposal for our deteriorating economy.   We are sick of his excessive borrowing schemes to fund these outrageous ideas in order to ensure his re-election next year.”

The plan would apply to children born into families earning less than $131,000 a year or 500 percent of the federal poverty level.  This includes about 70 percent of all New Jersey residents.  The 10th District Legislators will, without question, vote against any proposal that wastes money on partisan issues and perpetuates the frivolous spending at the hands of our taxpayers.

“What’s worse is this money should be sent to our underfunded schools such as Brick and Toms River Township, who have been severely impacted by the Governor’s funding cuts,” said Assemblyman McGuckin.  “For years the Governor has funneled millions of dollars of state aid into urban school districts while our delegation has demanded full transparency with funding formulas hidden away by the Administration.  He’s playing politics with our children’s education when his real focus should be on the kids currently enrolled in school, not infants.”

Toms River Regional has lost $5.3 million of state aid and most recently eliminated 240 jobs.  Brick Township Schools took a $4.2 million hit in state aid for the 2020-2021 school year. Both schools have had to adjust their spending by terminating staff in previous years because of the deep cuts to state aid.

“It’s appalling that our school children in Brick and Toms River have to suffer while our Governor redirects funding to urban districts and gives handouts to infants,” added Assemblyman Catalano.  “We will never support a plan like ‘Baby Bonds,’ especially when so many other areas of our state need help during this unprecedented economic time.”