There were a lot of promises made by Governor Phil Murphy during his campaign. New Jersey is reeling under a massive budget deficit and there is no way how Murphy could fulfill his promises.
Murphy has been pleasing the NJ people since his term started in January. He has been making big announcements in sectors like healthcare, offshore drilling, women’s wages, climate change and immigration.
He and his Democrat friends are looking to control the legislature to upset the applecart of Republican Chris Christie’s policies. The first state spending that Murphy introduces is to get the millionaire’s tax to generate $1.3 billion to take care of the unfunded New Jersey schools. He is also looking at making efforts to enrich the pension and transportation systems.
The New Jersey state is facing serious budget constraints. Murphy will have to do a lot of things if he wants to close the gap between the revenue and expenses that is pegged at $8.7 billion. The millionaire’s tax will only account for a fraction of the budget deficit.
The treasurer of Murphy came out with a plan to raise the pension return rate to 7.5% to take care of the budget pressure. This move won praise from the local governments.