Archive for the ‘Budgets’ Category

NJ Trying to Tax Wall Street

New Jersey democrats want Wall Street to come up with $500 million for two years (though originally they wanted $1.25 billion forever through A4402) and on Monday there was a hearing of the Assembly’s Committee on Financial Institutions and Insurance Committee where Chairman John McKeon recited the party line:

The standard objections were reported but I have two to add.

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NJ budget process showed a complete lack of governance, transparency

So was titled an opinion piece in app.com by Michele Siekerka, CEO and president of the New Jersey Business & Industry Association, but was this year really that much worse of a budget season? Whose voices were silenced?

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One-Man Drool

Republicans in the New Jersey Legislature are reduced to tweeting to air frustrations:

What we are getting from this nonsense is record spending, record taxes, record debt, and even a return to record covid cases, as even leftists notice:

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Truth on NJ Financial State 2020

Truth in Accounting (TIA) today released its eleventh annual Financial State of the States with New Jersey still at the bottom:

New Jersey’s elected officials have made repeated financial decisions that left the state with a debt burden of $189.6 billion. That burden equates to $57,900 for every state taxpayer. New Jersey’s financial problems stem mostly from unfunded retirement obligations that have accumulated over the years. Of the $225.6 billion in retirement benefits promised, the state did not fund $95.7 billion in pension and $76.8 billion in retiree health care benefits.

New Jersey did not have enough money set aside to weather the current pandemic and fluctuations in the market. According to rough estimates by Truth in Accounting, New Jersey is projected to lose $14 billion in revenue as a result of this crisis. The uncertainty surrounding this crisis makes it impossible to determine how much will be needed to maintain government services and benefits, but New Jersey’s overall
debt will most likely increase.

It was primarily the Cheiron gimmicks that brought that liability number down from last year:

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“Incredibly Dumb” Murphy Move On Pension Payment

The New Jersey Legislature website has posted Fiscal Year End 6/30/21 budget documents including a scoresheet. For now, let’s see how good Murphy’s word is:
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According to nj.com:

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NJBIA on NJ Public Pensions

The New Jersey Business & Industry Association (NJBIA) puts on this show:
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where this week they looked at the upcoming FY21 budget with some suggestions as to public pensions.

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“Cut the fiscal year 2021 public employee pension contribution”

That is the recommendation of Michele Siekerka, president of the New Jersey Business & Industry Association and Tom Bracken, president of the New Jersey Chamber of Commerce, in an njspolight op-ed blasting the Murphy budget.

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Pension cuts on the table in NJ

No, not those kinds of pension cuts.

According to newjerseygolobe:

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NJ FY21 Budget

First, the mindset:
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And when asked about the logic of borrowing at a high rate to save at a low rate:
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More color at today’s briefing/rally:
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My takeaways form the FY21 budget:

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Whoa Lives Matter


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Pathetic is the word that often comes to mind when watching sports on TV these days in an empty stadium or arena. It came to mind again when I tuned into Murphy’s budget address this morning and the first thing I saw was:
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It got worse. After the expected self-congratulatory remarks on his administration’s response to the “ill winds of this pandemic” we got a blast of reality that comes with operating by whim without adequate advance planning.

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