Its been the talk of the town recently, so you might have heard that New Jersey has not been taking in quite as much money as people originally thought it would this year. The New Jersey economy continues to grow under Governor Christie, and usually that translates to greater revenues far faster than any inane tax increase pushed by the Assembly Democrats could. In a way, that is still true. Revenue projections were optimistic because the coming economic outlook for New Jersey in the coming year continues to be optimistic. But unfortunately, our optimism overshot reality by about 5.3 percent.
So now we have two warring sides in the budget battle. The Office of Legislative Services, the nonpartisan arm of the Legislature, are predicting a $1.3 billion shortfall. They were already short of the administration’s numbers by a bit more than $600 million when the FY2013 budget was released, and now after the April numbers, have essentially doubled their number.
In contrast, the administration is claiming a total of $676 million to be subtracted from their initial projections. In the administration’s defense, they have been pretty solid in their projections in previous years, which is why April’s numbers were so shocking to many people.
So let’s have a little vote among Save Jerseyans. Who do you trust more to set the basis for how the budget will be modified?