NJPP Testimony: Legislators Should Vote NO on $11.5 Billion Corporate Subsidy Bill

Today, NJPP Senior Policy Analyst Sheila Reynertson testified at the Assembly Appropriations Committee hearing to urge lawmakers to vote “no” on the new $11.5 billion corporate subsidy proposal. You can read her full remarks here.
Sheila Reynertson, Senior Policy Analyst, NJPP:

“Ultimately, this bill represents a doubling down on the failed strategy of the 2013 Economic Opportunity Act and will weaken our ability as a state to afford our existing obligations and emerging needs — especially as we recover from the COVID pandemic and recession. The proposal is not sufficiently targeted to the areas of New Jersey’s economy that will need the greatest support and will weaken our ability to bolster proven economic drivers and pay down our oversized obligations.

“A vote in favor of this legislation says you have confidence that the state will have enough resources in 10 years to simultaneously pay down the recently borrowed $4.5 billion and dole out tax subsidies by the billions. It’s the height of irresponsible stewardship of the public’s money.”

New Jersey Policy Perspective (NJPP) is a nonpartisan think tank that drives policy change to advance economic, social, and racial justice through evidence-based, independent research, analysis, and advocacy.
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