Pennacchio Calls Murphy’s Budget an Anchor that Will Sink New Jersey Families

Senator Asks Public if Their Lives Will be Better Off with a 40% Increase in the State Budget

After Governor Phil Murphy unveiled an almost-$50 billion budget, Senator Joe Pennacchio decried his ravenous spending, calling the fiscal plan an albatross around the necks of New Jersey’s weary taxpayers.

“Since taking office, Murphy has increased spending by an outlandish 40 percent. He is trying to hide behind what he calls the ANCHOR Property Tax Program, which comes far short of delivering any real relief to residents. The only anchor today is the unsustainable spending plan that will sink families deeper and deeper into the muck of New Jersey unaffordability.”

Pennacchio cited the shortcomings of Murphy’s prized ANCHOR scheme, noting the overly optimistic projected savings of $550 million pale in comparison to the $3 billion in savings that would be delivered by the Senate Republicans’ Give It Back tax relief plan.

“The Republican approach would provide five times more tax relief, putting more money back into pockets of twice as many struggling New Jersey families,” Pennacchio said. “It would yield more money now when people need it the most.

“Instead, Murphy gives them a supersized budget showing spending of $48.9 billion. If you factor in $3 billion of off-budget federal aid and $600 million unfactored capital spending accounts, the increase is insane. What family runs their budget like Governor Murphy runs the state budget?” questioned Pennacchio.

The Senator emphasized that the lack of affordability is driving people out of New Jersey as the Garden State has led the nation in outmigration.

“It seems the benefits of Murphy’s spending spree have not reached the hard-working citizens of New Jersey,” said the Senator.

“New Jersey’s citizens are being faced with the highest property taxes in the country, hyperinflation at the supermarket and at the gas pump. One third of businesses have gone bankrupt under Murphy with the remaining businesses facing massive increases on employer’s payroll taxes while the Governor’s response to affordability has been to increase rebate programs by only 2 percent of the total New Jersey State property taxes,” said the Senator.

“Inflation has already evaporated the limited benefits of the Governor’s tax relief ANCHOR. It will have little effect on improving the lives of New Jersey’s citizens, an example of yet another missed opportunity,” concluded Pennacchio.