BETTER CHOICES FOR NEW JERSEY: GET THE FACTS

On February 11, Governor Christie unveiled a sweeping list of nearly $2 billion in devastating cuts to the FY 2010 budget that come on top of the $4 billion in initial budget cuts implemented last June. Instead of choosing a balanced approach that combines limited cuts and responsible revenue measures, he has left $1 billion in funding on the table by cutting taxes for the very wealthiest New Jerseyans. In a time when so many New Jersey residents are suffering economic hardship, the state is proposing cuts to vital programs our working families rely on instead of investing in our future.

Under these new cuts:

·         Our schools will suffer and our property taxes will go up as the state cuts $473 million in aid to public school districts.

·         Our bus and train fares will increase by as much as 30% even as service is cut because of the $32 million in cuts to New Jersey transit.

·         Our public colleges and universities will lose $62 million in funding, causing tuition to rise and driving our best and brightest students out of state after high school.

·         Our children will be less safe as after school programs are slashed by $5.2 million, which means 1,100 layoffs for after school educators and 11,000 children put out on the street.

·         Our young adults will lose a chance to find good jobs as all state aid to programs that offer GED or job training are slashed.

·         Our hospitals will close their doors and health care costs will rise as charity care is cut by $12.6 million.

·         Our working families will lose access to affordable health care as $8 million in cuts prevent 14,000 parents from enrolling in NJ Family Care and force 11,700 legal immigrants from the program.

In this economic crisis we can’t afford to balance the budget with cuts to services like these alone, or our youth, seniors, and working families across our state will bear the brunt of the burden. There are better choices that would spread the pain of this recession and give the people of New Jersey a fair shake. By extending the income tax rate hike on the very wealthiest New Jerseyans to June we could recoup nearly $500 million in revenue and avoid some of these devastating cuts.

We urge New Jersey’s elected officials to make Better Choices for New Jersey.

Some say that asking the wealthiest and corporations to pay their fair share in a budget crisis will cause them to leave the state. This is not true.

•    In May over 40 of New Jersey's top economists sent a letter to Governor Corzine making the case for increasing revenue for high-income residents rather than making cuts to services that help lower and middle class families weather the recession.

http://www.newjerseynewsroom.com/commentary/leading-nj-economists-weigh-in-on-budget-debate 

•    In 2008, a Princeton study conducted by Charles Varner, Cristobal Young, and Douglas Massey looked at whether residents making above $500,000 left the state in response to the 2004 'half-millionaire's tax.' They found that the overwhelming majority remained in the state. Read the full report here:

http://www.princeton.edu/prior/PRIOReconomy-Final-(2).pdf 

•    A survey of 150 of New Jersey's top executives conducted by the Edward J. Bloustein School of Planning and Public Policy found that over 95% of them were committed to staying in New Jersey. The reasons they listed for remaining were: our well-trained workforce, great schools, and access to quality health care. 

http://www.njchamber.com/Advocacy/Issues/NJEPF%20Survey%20Results%2012.08.pdf

The solution to getting out of this fiscal crisis and weathering the recession is not short-sighted cuts, but investing in areas that make New Jersey a good place to live and do business. It's the better choice for our state and our future.