AFP Urges No Vote on Assembly Open Space Bill
Moody’s Downgrade of NJ Debt Outlook Should “Serve as a Stern Warning against Any Further Borrowing”
MONMOUTH JUNCTION, NJ – Americans for Prosperity, the state’s leading grassroots, free-market organization, is calling on Assembly legislators to oppose a proposal to authorize $200M in bonds to fund open space. Assembly Bill A4541, entitled the “Green Acres, Water Supply and Floodplain Protection, and Farmland and Historic Preservation Bond Act of 2014”, would require voter approval prior to being enacted.
“Today’s report that Moody’s Investors Service is downgrading New Jersey’s debt outlook from ‘stable to negative’ should serve as a stern warning against any further borrowing by the State,” said AFP state director Daryn Iwicki. “New Jersey is in a deep enough hole and it’s time to stop digging.”
“Unfortunately, the answer in Trenton always is to borrow more and to spend more. AFP believes it’s long past time to break this cycle. New Jersey taxpayers have had enough and the State cannot afford to be amassing even more debt on top of the tens of billions we’ve already racked up.”
“When you factor in the interest on these bonds, taxpayers would be on the hook for four times the stated amount, upwards of $800 million, not $200 million. This is just fiscally imprudent to put it mildly and puts our state at further fiscal and economic risk.”
Iwicki also warned that A4541 would drive up property taxes on New Jersey residents.
“The simplest of applied economics is at play here. The more land the State owns, the less is available for development. The end result is inflated values for existing properties and a narrower tax base that will drive up our insanely high property taxes even higher,” said Iwicki.
“Legislators need to find a way of tackling this issue without inflicting more pain on property taxpayers and worsening our state’s fiscal condition. That’s exactly what this bill will do.” concluded Iwicki.
The pro-taxpayer group sent a letter to legislators this morning urging them to vote no on the legislation which is on the docket tomorrow, Dec. 19, before the full Assembly. AFP also alerted legislators that their vote on the legislation will be included on the group’s Taxpayer Scorecard, the state’s premier fiscal legislative scorecard for Trenton lawmakers.
Americans for Prosperity (AFP) is a nationwide organization of citizen-leaders committed to advancing every individual’s right to economic freedom and opportunity. AFP believes reducing the size and intrusiveness of government is the best way to promote individual productivity and prosperity for all Americans. AFP educates and engages citizens to support restraining state and federal government growth and returning government to its constitutional limits. AFP is more than 2 million activists strong, with activists in all 50 states. AFP has 34 state chapters and affiliates. More than 85,000 Americans in all 50 states have made a financial contribution to AFP or AFP Foundation. For more information, visit www.americansforprosperity.org
Americans for Prosperity does not support or oppose candidates for public office.