Earlier today, the New Jersey Legislature passed its Fiscal Year 2020 budget. The proposal foregoes sustainable sources of revenue, including the millionaires tax, and instead relies on rosy revenue projections. In response to the budget, NJPP releases the following statement.

BRANDON McKOY, PRESIDENT, NEW JERSEY POLICY PERSPECTIVE:

“The budget passed today by the Legislature fails to live up to the challenges that face New Jersey. While it funds public assets and programs that were ignored for far too long, it does not secure reliable and sustainable sources of revenue to support those investments in the long-term. This short-term thinking repeats the mistakes of the very recent past by relying on rosy revenue projections and one-time gimmicks. Without reliable revenue, these investments are also unreliable.

“Instead of turning the page on years of trickle down policies of the Christie administration, lawmakers have allowed this failed budgeting approach to become the new norm. They’ve accepted the idea that the wealthy do not have to pay their fair share, and that barely getting to next year is all that is necessary in a budget, rather than setting a foundation for success well into the future.

“By zeroing out the investment in the rainy day fund and refusing to restore taxes on the richest residents, New Jersey remains the least prepared state for an economic downturn. Whether it is another superstorm or recession, the state will have no choice but to make painful cuts that will hurt families already struggling to get by, especially New Jerseyans of color. We know this because we’ve seen it play out time and time again. Despite the investments made, this is not a responsible budget.”