New Jersey Business Coalition: Long-term Borrowing Should Not Be Leading Option for NJ

The New Jersey Business Coalition, which includes more than 100  leading business and nonprofit groups, released the following statement regarding the New Jersey COVID-19 Emergency Bond Act legislation heard today by the Senate Budget & Appropriations Committee. The bill authorizes nearly $10 billion in bonding.

“We are deeply concerned about New Jersey’s ability to withstand the consequences of the proposed borrowing plan announced by Governor Murphy and currently moving through the Legislature.

“There is no doubt that New Jersey will require additional resources during this COVID-19 crisis. To address this, we need a comprehensive fiscal strategy that includes all tools at our disposal. Absent that, any plan for borrowing now is premature.

“The state has numerous fiscal tools at its disposal right now, including the recently enacted, three-month budget that will carry New Jersey to Oct. 1, 2020. There are also currently unutilized federal CARES ACT funds already available to us, as well as the possibility of further aid from the federal government.

“New Jersey was already at the fiscal cliff prior to the COVID-19 crisis. New Jersey’s debt per capita is already sixth highest in the U.S. Further borrowing now will only exacerbate our role as a state lacking affordability and regional competitiveness, let alone the half a billion dollars of new financial strain this will place on New Jersey residents annually for generations to come.

“There certainly are scenarios where borrowing can and should be part of a comprehensive fiscal strategy. This comprehensive strategy should also include considerations regarding spending cuts and reforms. In this scenario and given New Jersey’s challenged fiscal history, any discussion of borrowing should only focus on short-term needs, versus the long-term debt under consideration today.

“Should this borrowing plan withstand a legal challenge, our policymakers must exercise restraint in how they proceed with any plan for borrowing. The proposed, legislative oversight panel must ensure that any contemplated borrowing only occur as part of a more comprehensive fiscal strategy.”

African American Chamber of Commerce of New Jersey, Inc.
American Camp Association NY/NJ
New Jersey Camps Government Affairs Project
American Council of Engineering Companies of New Jersey
American Physical Therapy Association of New Jersey
Bernards Township Regional Chamber of Commerce
Burlington County Regional Chamber of Commerce
Cape May County Chamber of Commerce
Capital Region Minority Chamber of Commerce
Chamber of Commerce of Greater Philadelphia
Chamber of Commerce Southern New Jersey
Chemistry Council of NJ
CLB NJ
Commerce and Industry Association of New Jersey
Downtown New Jersey
Early Childhood Education Advocates
Eastern Monmouth Area Chamber of Commerce
Fuel Merchants Associates of NJ
Garden State Pharmacy Owners, Inc
Global Business Alliance
Gloucester County Chamber of Commerce
Greater Atlantic City Chamber of Commerce
Greater Toms River Chamber of Commerce
Greater Westfield Area Chamber of Commerce
Healthcare Institute of NJ
Hoboken Chamber of Commerce
Home Care & Hospice Association of New Jersey
Home Health Services Association of New Jersey
Hudson County Chamber of Commerce
Hunterdon County Chamber of Commerce
Insurance Council of New Jersey
International Health, Racquet and Sportsclub Association
Jersey Shore Partnership
Mahwah Regional Chamber of Commerce
Marine Trades Association of New Jersey
Middlesex County Regional Chamber of Commerce
Meadowlands Chamber
Middlesex County Regional Chamber of Commerce
Meadowlands Chamber
Monmouth Ocean Development Council
Morris County Chamber of Commerce
NAIOP-NJ
National Federation of Independent Business (NFIB)
Newark Regional Business Partnership
New Jersey Asphalt Pavement Association
New Jersey Association of Osteopathic Physicians and Surgeons
New Jersey Association of Mental Health & Addiction Agencies
New Jersey Builders Association
New Jersey Business & Industry Association
New Jersey Campground Owners and Outdoor Lodging Association
New Jersey Civil Justice Institute
New Jersey Coalition of Automotive Retailers
New Jersey Concrete and Aggregate Association
New Jersey Council of County Colleges
New Jersey Food Council
New Jersey Dental Association
New Jersey Gasoline-Convenience-Automotive Association
New Jersey Hospital Association
New Jersey Hotel and Lodging Industry Association
New Jersey Independent Electrical Contractors Association
New Jersey Manufacturing Extension Program, Inc.
New Jersey Motor Truck Association
New Jersey Pharmacists Association
New Jersey Podiatric Medical Society
New Jersey Realtors
New Jersey Restaurant & Hospitality Association
New Jersey Retail Merchants Association
New Jersey Salon and Spa Coalition
New Jersey Self Insurers Association
New Jersey Society of Certified Public Accountants

New Jersey Society of Optometric Physicians

New Jersey State Chamber of Commerce
New Jersey State Funeral Directors Association
New Jersey State Veterans Chamber of Commerce
New Jersey Tourism & Industry Association
New Jersey Utilities Association
New Jersey Warehousemen & Movers Association
New York Shipping Association, Inc.
North Jersey Jewish Business Alliance
Ocean City Chamber of Commerce
Princeton Mercer Regional Chamber of Commerce
Recreational Fishing Alliance
Salem County Chamber of Commerce
Somerset County Business Partnership
Southern NJ Development Council
Southern Ocean County Chamber of Commerce
Statewide Hispanic Chamber of Commerce of New Jersey
Sussex County Chamber of Commerce
The New Jersey Leadership Council of the National Association of Professional Employer Organizations
The United Boatmen of N.J.
Union Township Chamber of Commerce
United Way of Northern New Jersey
Washington Borough BID