KYRILLOS: GOVERNOR AND HIS ALLIES SHOULD ACKNOWLEDGE THE DEPTH OF NJ’S FISCAL CRISIS

Senator Joe Kyrillos, a member of the Senate Budget and Appropriations Committee, expressed disappointment today in comments made by the governor and Legislative leaders concerning this year’s budget:

“I am extremely disappointed with the comments concerning the state of New Jersey’s financial situation. One has to wonder what statistics are the governor and his allies in the Legislature referring to that support the contention that the state’s is doing better economically than her neighbors

“The truth is: New Jersey has the highest unemployment rate in the region and New Jersey will have fewer private sector jobs at the end of the decade than at the beginning of the decade. That hasn’t happened since the Great Depression.

“The budget that Governor Corzine will sign today will make matters an order of magnitude worse next year. This year’s budget is just a continuation of the job-killing Democrat policies of the last eight years. The Fiscal Year 2011 budget will start off with an estimated $8 to $10 billion structural deficit. To put that number in perspective, one-quarter to one-third of the next budget will be in red ink.

“When this year’s budget is signed, New Jersey will have the highest property taxes, one of the highest marginal income tax rates, the second highest sales tax and no property tax rebates for many middle-class taxpayers. In fact, this budget will cost a middle-class family making the state median wage an estimated $1,500 in additional taxes this year.

“Higher unemployment, higher taxes on the middle class, negative private sector job growth and a budget that will only make matters worse. Yes, Governor Corzine the situation is that bad, and you should acknowledge the facts.”