The New Jersey Chamber of Commerce welcomes the words of Gov. Phil Murphy during his budget speech today that New Jersey is getting back to normal after two years of the COVID-19 pandemic.
The N.J. Chamber further welcomes the governor’s pledge that there will be no new taxes or fees in the FY2023 budget, and acknowledges the strong investment this budget makes in education and infrastructure.
The Chamber also applauds the allocation of $50 million to the Main Street Recovery Fund and $30 million for the Strategic Innovation Centers.
In his speech, the governor cited the growth performance of the state economy and cited a number of indicators to support his claim. But the real question is how does New Jersey’s economic improvement compare to that of other states? That is the real measure of economic progress.
The pandemic has left lingering issues in the business community – capital shortage, labor shortage, and inflation – that we must address if New Jersey’s economy is to experience a full-throttle economic recovery. The budget address was silent on these.
The funding to provide the necessary level of help is available with the remaining American Rescue Plan dollars, yet the money sits unused.
If now is not the right time to invest American Rescue Plan dollars in the recovery of New Jersey’s businesses – when will the right time come?
The N.J. Chamber repeats again that it is the New Jersey business community that will create the jobs that will ignite our state’s full economic recovery, and it is the same New Jersey business community that will pay the taxes to fund the programs that represent the “fair” side of Gov. Murphy’s economic vision.
But what we heard today does little to make New Jersey’s economy stronger, which is the other side of Gov. Murphy’s economic vision.
In the coming weeks, as it deliberates the FY23 budget, the N.J. Chamber urges the state Legislature to take actions that will help our businesses get back on their feet.