New Jersey Governor Phil Murphy spoke before hundreds of New Jersey’s elected officials in Atlantic City on Thursday at the annual League of Municipalities conference.
During his speech, Murphy acknowledged the financial burdens and struggles of New Jersey residents. Under his leadership, New Jersey is the most expensive continental state to live in. It boasts among the highest tax rates, highest cost of living, and highest property taxes and has become so unaffordable that many are fleeing the state.
New Jersey’s longtime problems were exacerbated in 2020 and 2021 when the governor enforced multiple shutdowns of local small businesses during the pandemic. Many of those businesses and large chain providers shut down in New Jersey, making matters worse for workers and small business owners alike.
Murphy blamed the state’s downfalls on COVID-19, the supply chain crisis, global warming and global instability.
“As municipal leaders, you stand on the front lines of public service. And whenever our residents have complaints or concerns—you are also among the first to provide them with an open ear and an open mind,” he told the elected officials. “So in many ways, you understand our neighbors’ challenges better than anyone. And like me, I know you have heard—time and again—that there is one challenge, in particular, that remains at the top of list for so many of our families: Affordability.”
Murphy blamed economic issues on a ‘post-COVID’ reality where everyone feels a financial squeeze.
“In our post-COVID reality, everyone is feeling the financial squeeze. Taxpayers, business owners, workers, renters—you name it.
“This challenge stares us in the face every time we walk through the grocery store, and every time we pull into a gas station,” he said. “And as mayors and municipal leaders, you have a rare vantage point into understanding how rising costs harm our communities. You see the pain first-hand, which means you also have keen insights into how we can help alleviate that pain.
That is exactly why this conference is so important.”
During the speech Murphy said many affordability factors plaguing New Jersey are out of his control and above his paygrade.
“Of course, when it comes to affordability, it is important to note, there are factors out of our control. Back in my banking days, we referred to this as “systematic risk”—the notion that, no matter what you do, you are going to face disruptions and challenges in the market,” he said. “
Well, in just the past few years alone, we have endured a number of global challenges: a once-in-a-century pandemic. Supply chain snarls. A war in Europe, and now, a war in the Middle East. These are all global disruptions that—inevitably—have a local impact, here in the Garden State. Some, in the form of higher prices. That is a reality we cannot change.”