CHRISTIE’S FISCALLY RECKLESS BUDGET IS DISHONEST WITH NEW JERSEY

CHRISTIE’S FISCALLY RECKLESS BUDGET IS DISHONEST WITH NEW JERSEY

“You cannot promise all things to all people and call yourself honest”

TRENTON- Senate Budget Chair Barbara Buono and Assembly Budget Chair Louis Greenwald today held a press conference on Republican gubernatorial candidate Chris Christie’s fiscally reckless budget that would make New Jersey’s financial situation dramatically worse. They noted that Christie’s budget is a series of political promises that would blow a $7.4 billion hole in the budget.
 
“Every time Christie talks to a group of potential voters about the budget he spends more money or gives away more tax breaks,” said Buono.  “He tells Fox News that he’d cut income taxes for the wealthiest, promises college newspapers he’d increase money for higher education and told Shore residents that he’d spend more on beach replenishment.  Christie’s pandering creates a $7.4 billion gap in the budget. Chris Christie knows he is not being honest with the people of New Jersey.”
 
Christie has stated repeatedly he would not use over $2 billion in federal stimulus funds to help balance the budget.  He has said he would eliminate the Millionaire’s tax increase, creating an additional hole of $900 million and roll back the state sales tax to eliminate over $1.1 billion in state revenue.  This is at the same time he says he would fully fund property tax rebates at almost $1 billion.
 
“Everywhere Christie goes he makes promises he can’t keep,” said Greenwald.  “The more Christie campaigns the more it will cost taxpayers.  You cannot promise all things to all people and call yourself honest.”

Greenwald noted that Christie ignored budget realities in order to curry favor with groups whose votes he needs.  “Given all the promises Christie has made, he’d have to cut more than 25% of the state budget to make up the difference.  Even Republican Christie must know that his plan would be impossible and the pain would be unimaginable.”
 
The proposed FY 10 budget put forward by Governor Corzine and currently working its way through the Senate and Assembly is totaled at $28.6 billion, $7 billion less in inflation adjusted growth from last year, representing a 20 percent reduction.  It is $4.3 billion less in real dollars from last year, representing a 13 percent reduction.  It makes the right choices to protect seniors, children and the most vulnerable.

The various spending increases and reductions to existing revenue sources Christie has advocated for would amount to a $7.4 billion budget hole.  This includes his statements that he would buy open space with state funds at $600 million, restore cuts to beach replenishment at $6.25 million, restore cuts to arts to the tune of over $5 million, increase higher education spending levels to 2002 levels at $111 million and increase pension payments to almost one billion dollars.
 
However, this number does not specifically account for Christie’s contention that he would cut business taxes “for bigger businesses to encourage them to stay here” and income taxes “at the very top of the wage scale” while increasing school aid and state grants to encourage local government consolidation by an undetermined amount.  These measures, along with Christie’s vague proposal to increase money to pay down state debt by an undisclosed amount result are, at best, a fantasy and, at worst, a lie to people across New Jersey.

Buono said that Christie must be getting his economic advice from his former colleagues in the Bush Administration.  “Christie’s budget is Bush economics- irresponsible tax cuts coupled with spending increases that leave taxpayers with budget deficits and middle class families hurting.”

“Every family knows these are tough times,” Greenwald stated.  “But Christie’s political pandering will only make things worse.  Christie’s budget is a dishonest disaster.”