TRENTON N.J. – Assemblyman Robert Auth blasted Gov. Phil Murphy for his spending plans despite the state’s nation-worst fiscal position.
“The smoke and mirror State of the State address was another example of Governor Murphy’s abject denial of our current financial situation,” said Auth(R-Bergen). “We are currently fifty out of fifty in fiscal stability, two-hundred-nine billion dollars in the red and he’s extolling the virtues of excessive spending and bloated government. Even members of his own party were incredulous after the speech.”
Truth in Accounting, a think tank that reports on states’ finances, has ranked New Jersey as worst in the nation for several years. New Jersey’s $208.8 billion financial hole can only be covered if each taxpayer pays the government $65,100.
Spending has increased by $4 billion since Murphy took office, but only $401 million has gone to the rainy day fund. Moody’s found a recession could cut revenue by $4.5 to $6.4 billion; and Pew found that New Jersey would last only 8 days at best during a recession.
“New Jersey can do much better,” concluded Auth.