Steinhardt Comment On Murphy Borrowing Scheme

May 26, 2020

Steinhardt Comment On Murphy Borrowing Scheme


Trenton, NJ – Governor Murphy’s administration has announced that unemployment rose by nearly 12% from March to April to 15.3%, and that revenue is down $2.8 billion this fiscal year and an anticipated $7.4 billion for fiscal year 2021. Now Murphy is pushing a multi-billion dollar borrowing scheme as a solution.  


Sensible Democrats are understandably distressed over the Governor’s massive spending plan, but despite having handed New Jersey Republicans their biggest legislative gain since 1991, Assembly Speaker Coughlin jumped on board the Murphy plan. 


“Some politicians in Trenton will always be owned by the public sector labor unions,” said Chairman Steinhardt. “Governor Murphy and Speaker Coughlin would rather mortgage the State’s future with a multi-billion dollar borrowing scheme than make needed budget cuts that reduce spending and spare taxpayers the added crunch.”