Holzapfel, McGuckin & Catalano: ‘Governor’s Budget Proposal Is the Worst We’ve Seen in Decades’

Senator Jim Holzapfel and Assemblymen Greg McGuckin and John Catalano today called Governor Murphy’s budget one of the worst budget proposals they have seen in decades.

The Governor has announced a budget which includes $1 billion of new tax increases and $4 billion in debt.  One of the most glaring proposals would provide $1,000 state-financed bond for most babies born in 2021 to narrow the wealth gap.

“Government is not in the business of creating savings plans for children.  These ‘Baby Bonds’ are going to cost our state $80 million a year,” said Senator Holzapfel.  “This is just another scheme by our Governor to ignore the real problems in our state, such as high property taxes, severe school funding cuts and a failing economy because of his extended executive orders.

“It is crazy to imagine any New Jersey family that would want to take out a loan with interest to turn around and put the money in a bank account. But that’s exactly what Murphy wants to do. It’s a reckless fiscal gimmick and waste of taxpayer dollars,” Holzapfel continued.

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 state they will absolutely vote against any proposal that wastes money on partisan issues and perpetuates the frivolous spending at the hands of our taxpayers.

“The irony is that the Governor wants to give handouts to newborns and pre-K students while neglecting the children that are already enrolled in public education,” stated Assemblyman McGuckin. “Once again he continues to ignore formula funding and any federal funding these schools already receive.  Instead 150 school districts will benefit from the money that Toms River and Brick Township rightfully deserve. Playing politics with our children’s education is wrong on every level.”

The 2021 budget proposal from ordinary State revenues and new taxes is an additional $1.2 billion increase from the 2020 enacted budget.  That doesn’t include another $5 billion of increased federal funds the State is spending from the CARES Act.

“The Governor just wants to spend his way out of his problems until the next election,” added Assemblyman Catalano.  “We could think of a thousand other ways to spend the money the Governor wants to dedicate to ‘Baby Bonds.’ Small businesses and restaurants are on the verge of bankruptcy and that means a loss of jobs.  Schools in our district have cut programs for students and laid off teachers because of Murphy’s deep funding cuts. These proposals hurt our taxpayers, our Main Streets, and our children.  We’ve suffered enough.”