In previewing his budget address last week, Gov. Murphy said this is the time to put in motion a plan to spark New Jersey’s recovery and get our economy moving forward. He further said the details in his proposed 2022 state budget would supercharge our re-emergence from the pandemic.
The New Jersey Chamber of Commerce enthusiastically agrees with the governor’s goal.
Gov. Murphy’s proposed budget includes a number of positive elements that moves us toward economic recovery. Most importantly, he said he had no plans to raise taxes, fees or fares. That is great news for all New Jerseyans. The governor is also making necessary investments in small business, education, innovation and infrastructure modernization, all of which are critical investments in building a strong economy.
However the New Jersey Chamber of Commerce believes that to truly achieve the governor’s supercharged re-emergence from the pandemic, his administration should re-prioritize and enhance spending in areas that will alleviate the economic issues caused by the COVID-19 lockdown.
With the expected infusion of cash to the state from increased economic activity, federal aid and other sources, we believe there are more effective and aggressive investments the state can make that would jump start our economic recovery, help more New Jersey businesses open their doors sooner and put more of our citizens back to work more quickly. This is the best way to ensure more revenue will be available to address the other problems the governor cites in his budget.
With the medical data trending in the right direction and safety protocols in place, the N.J. Chamber believes there is every reason to be optimistic that New Jersey’s economy can see a supercharged re-emergence in 2021.
But to achieve it, we need a comprehensive fiscal recovery plan and a state budget that reflects smart investments in our short term economic revitalization. In fact, we cannot wait for the next budget to take this action. Many of our businesses need the money now or they will not survive. The right investments now and in 2022, will lay the groundwork for organic, self-sustaining economic growth that will make New Jersey more affordable and competitive.
We welcome the opportunity to discuss these investment priorities with the Murphy administration and state legislative leaders, and engaging in the budget deliberation process.