After warnings that the proposed 2026 state budget would contain significant cuts, at first glance, it closely mirrors those in each of our last seven years. It includes additional spending and increases in programs bolstering the “fairer” side of our economy, but once again, little assistance to the business community to enable them to generate the sustainable revenue needed to pay for everything.
For years, the business community has warned that increasing state spending, plus a lack of recurring revenue, would lead us to fiscal imbalance. You cannot increase spending by more than 65% over eight years without a balanced emphasis on sustainable, organic revenue growth through expansion of our business community. That has not happened in the governor’s two terms and revenue is declining.
Expenses up-revenue down does not work and never will. Even though the governor is reducing some overhead, there is an old saying: You cannot cut your way – or tax your way – to prosperity.
We need pro-business legislation to create significant economic growth and the prosperity we deserve.
Tom Bracken, President & CEO, New Jersey Chamber of Commerce