Pennachio: Murphy budget will be the anchor that sinks New Jersey families

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“Since taking office, Murphy has increased spending by an outlandish 40 percent. He is trying to hide behind what he calls the ANCHOR Property Tax Program, which comes far short of delivering any real relief to residents. The only anchor today is the unsustainable spending plan that will sink families deeper and deeper into the muck of New Jersey unaffordability.”

Pennacchio, in a statement released on Tuesday, cited the shortcomings of Murphy’s prized ANCHOR scheme, noting the overly optimistic projected savings of $550 million pale in comparison to the $3 billion in savings that would be delivered by the Senate Republicans’ Give It Back tax relief plan.

“The Republican approach would provide five times more tax relief, putting more money back into pockets of twice as many struggling New Jersey families,” Pennacchio said. “It would yield more money now when people need it the most.

“Instead, Murphy gives them a supersized budget showing spending of $48.9 billion. If you factor in $3 billion of off-budget federal aid and $600 million unfactored capital spending accounts, the increase is insane. What family runs their budget like Governor Murphy runs the state budget?” questioned Pennacchio.

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