NJBIA President & CEO Michele Siekerka issued the following statement regarding the passage of the FY2021 revised budget today by the full Senate and Assembly.
“The fiscal year 2021 budget is an irresponsible budget that will have long lasting effects on New Jersey’s continued inability to be regionally competitive and affordable. This budget will cost taxpayers for generations to come, as it exacerbates an already insurmountable debt load. And all this under the guise of providing tax relief.
“A budget that settles on needless borrowing, excessive spending and completely avoidable tax increases is yet another major hit to New Jersey’s business community, which again is expected to pick up the costs of the bill. Only this time, businesses are scratching to hang on in a COVID-19 impacted economy. Enough is enough.
“Right now, we need our policymakers to do everything in their power to get our economy back on track. This means opening our businesses to a reasonable capacity in order to survive the burdens that have been placed on them, and to get our workforce off unemployment and back to work. We also need to get the bipartisan reforms we so desperately need done now.
“We are out of time. New Jersey is at the fiscal cliff. Businesses are closing every day and our Unemployment Insurance Trust Fund is facing an iceberg. NJBIA has stood ready to assist in these efforts for two years. Let’s get this going, now!”