>>> THIS WEEK AN NG BUSINESS BUSINESS BEAT.

WHAT THE PRESIDENT WANTS LAWMAKERS TO DO TO FIGHT INFLATION AT THE PUMP.

>>> PLUS, DOWN TO THE WIRE IN ATLANTIC CITY.

WHAT EXPERTS BELIEVE WILL HAPPEN IF UNION CASINO WORKER WALK OFF THE JOB AT THE END OF THE MONTH.

AND WE'RE PUTTING THE STATE BUDGET IN FOCUS, COUNTING DOWN TO THE NEW FISCAL YEAR AND HIGHLIGHTING WHAT BUSINESS OWNERS WANT FROM LEGISLATIVE LEADERS.

THAT'S AHEAD ON "NJ BUSINESS BEAT."

♪ >>> THIS IS "NJ BUSINESS BEAT,".

>> HELLO.

THANKS FOR JOINING US ON NJ BUSINESS BEAT.

IF YOU'RE WATCHING ON YOUTUBE, MAKE SURE YOU SUBSCRIBE TO OUR NJ SPOTLIGHT NEWS YOUTUBE CHANNEL TO GET ALERTED WHEN WE POST NEW EPISODES AND CLIPS.

WE BEGIN WITH TALK OF A TEMPORARY TAX BREAK, BUT DON'T GET TOO EXCITED.

RIGHT NOW IT IS JUST TALK.

PRESIDENT BIDEN THIS WEEK CALLING FOR A GAS TAX HOLIDAY, ASKING CONGRESS TO SUSPEND THE 18 CENTS A GALLON FEDERAL GAS TAX FOR 90 DAYS.

AND HE SAID STATES SHOULD CONSIDER SUSPENDING THEIR GAS TAXES AS WELL.

THE U.S. GAS TAX IS USED TO FUND TRANSPORTATION PROJECTS, BUT THE PRESIDENT SUGGESTED THAT THE GOVERNMENT COULD TAP OTHER REVENUES TO FUND THOSE PROJECTS FOR NOW.

THE PRESIDENT ALSO CALLED ON OIL COMPANIES AND REFINERS TO BOOST CAPACITY AND OUTPUT TO GET MORE GASOLINE SUPPLY ON THE MARKET.

MEANTIME, CONGRESS IS SKEPTICAL OF THE PRESIDENT'S REQUEST, EVEN AS GAS PRICES HOVER NEAR $5 A GALLON.

PRESIDENT BIDEN SAYING GAS PRICES CLIMBED NEARLY $2 A GALLON FOLLOWING RUSSIA'S INVASION OF UKRAINE.

>> I FULLY UNDERSTAND A GAS TAX HOLIDAY ALONE IS NOT GOING TO FIX THE PROBLEM, BUT IT WILL PROVIDE FAMILIES IMMEDIATE RELIEF, JUST A LITTLE BIT OF BREATHING ROOM AS WE CONTINUE WORKING TO BRING DOWN PRICES FOR THE LONG HAUL.

>> THERE IS ANOTHER TAX BREAK YOU CAN COUNT ON HERE IN NEW JERSEY.

GOVERNOR PHIL MURPHY JOINING DEMOCRATIC LEADERS IF THE STATE LEGISLATURE IN ANNOUNCING A SUMMER SALES TACK HOLIDAY FOR BACK TO SCHOOL SUPPLIES.

THE LEADERS SAY THIS WILL GIVE FAMILIES A BREAK IN RISING PRICES.

THEY PLAN TO WAIVE NEW JERSEY'S SALES TAX ON SCHOOL SUPPLY FOR 10 DAYS STARTING ON AUGUST 27th.

>> AS INFLATION -- I NEED NOT SAY, BUT I'LL REPEAT -- IS A CENTRAL WORRY AROUND ALL OF OUR STATE'S KITCHEN TABLES, NOW IS THE TIME TO DO IT.

WE CAN MORE THAN AFFORD TO GIVE OUR FAMILIES AND STUDENTS THIS TAX BREAK.

>> MAKE NO MISTAKE, THIS IS A LEGISLATIVE DIRECTION ATTACK ON INFLATION.

THIS IS ONE OF THE THINGS OUR LEGISLATURE CAN DO TO ATTACK RISING COSTS ACROSS THE STATE IN A LIMITED NUMBER OF GOODS.

AND THIS IS SOMETHING THAT WE HAVE THE MONEY TO DO, AND THIS IS GIVING THAT MONEY BACK TO TAXPAYERS ONCE AGAIN.

>> REPUBLICANS CALL IT A GIMMICK.

SENATOR MINORITY LEADER STEVEN ORAHO SAYING I DON'T THINK 13 CENTS IN SAVINGS ON A 2$2 BOX O PENCILS AMOUNTS TO RELIEF FOR NEW JERSEY FAMILIES.

HE URGED THEM TO ACT ON A TAX PROPOSAL FROM REPUBLICANS THAT INCLUDES $1,500 IN IMMEDIATE I UNPRECEDENTED LEVELS, NOT JUST IN NEW JERSEY BUT IN THE COUNTRY.

THERE ARE A FEW REPORTS THIS WEEK, AND THE ONE THAT CAUGHT OUR EYE WAS FROM THE NATIONAL ASSOCIATION OF REALTORS, WHICH TRACKS SALES OF PREVIOUSLY OWNED HOMES.

THE REPORTS SHOW THAT IN MAY, THE NATIONAL MEDIAN HOME PRICE JUMPED NEARLY 15% FROM THE PRIOR YEAR, REACHING $407,600.

THAT IS AN ALL-TIME HIGH ACCORDING TO DATA GOING BACK TO 1999.

THE SAME REPORT FOUND PRICES ARE RISING EVEN THOUGH HOME SALES FELL FOR THE FOURTH STRAIGHT MONTH.

>>> IN ATLANTIC CITY, THE CLOCK IS TICKING TOWARD A POTENTIAL STRIKE BY CASINO WORKERS.

AT THE TIME OF THIS RECORDING, NEGOTIATIONS BETWEEN CASINO REPS AND THE LEADERSHIP OF UNITED LOCAL 54 WERE CONTINUING.

BUT THE RANK AND FILE HAS AUTHORIZED A WALKOUT AFTER JULY 1st IF THEIR DEMAND FOR HIGHER PAY IS NOT MET.

THAT WOULD PERSONALLY DISRUPT A BUSY HOLIDAY WEEKEND FOR THE CASINOS.

THE LAST MAJOR CASINO WORKER STRIKE IN ATLANTIC CITY WAS IN 2004.

THE FACULTY DIRECTOR OF THE LLOYD D. LEVINSON -- WAS WORKING IN THE CASINO INDUSTRY WHEN THAT LAST STRIKE OCCURRED.

>> MANAGEMENT EMPLOYEES, NONUNION EMPLOYEES AND UNION EMPLOYEES WHO CROSSED THE PICKET LINE KEPT THE HOTEL AND RESTAURANTS OPERATING EVEN DURING THE STRIKE.

THEY NEVER CLOSED THE WHOLE 34 DAYS.

SO IT WILL IMPACT OPERATIONS, HOWEVER, BECAUSE THEY ONLY OPENED LIMITED AMENITIES.

SO THEY DID CUT BECOME ON THE SERVICES THAT WERE OFFERED.

HOWEVER, THE CASINO FLOORS CONTINUED TO OPERATE BECAUSE THOSE WORKERS ARE EITHER PART OF A DIFFERENT UNION OR NONUNION.

>> IF YOU ARE A BLACK MAN OR WOMAN LIVING IN NEW JERSEY, IT IS VERY LIKELY YOU ARE IN FAR WORSE FINANCIAL SHAPE THAN YOUR WHITE NEIGHBOR.

RECENTLY AN ASSEMBLY COMMITTEE HEARD TESTIMONY ON A REPORT FROM THE NEW JERSEY INSTITUTE FOR SOCIAL JUSTICE, WHICH FOUND THERE IS A HUGE WEALTH GAP OF HUNDREDS OF THOUSAND OF DOLLARS BETWEEN BLACK AND WHITE FAMILIES IN OUR STATE.

GIVEN THAT NEW JERSEY'S TAX REVENUE HAS GROWN TO RECORD LEVELS, SOME BELIEVE THE OPPORTUNITY TO CLOSE THE WEALTH GAP IS HERE AND NOW.

I SPOKE WITH ASSEMBLYWOMAN WHO PROPOSED -- BORN FROM SLAVE ARE I ENTER GENERATIONS OF DISCRIMINATION.

ASSEMBLYWOMAN, AT A RECENT COMMITTEE HEARING YOU SHARED, THERE WAS A DISCUSSION ABOUT THE EXTENT OF THE WEALTH GAP IN NEW JERSEY BETWEEN BLACK AND WHITE RESIDENTS.

SOME OF THE NUMBERS IN THERE ARE REALLY ASTOUNDING.

WHAT STOOD OUT TO YOU IN TERMS OF THE DEPTH OF THE PROBLEM?

>> A STARK NUMBER IS A $300,000 WEALTH DISPARITY GAP FOR AFRICAN AMERICAN VERSUS A WHITE NEW JERSEYAN IN THE STATE OF NEW JERSEY.

THAT STARK DIFFERENCE IS HARD TO SWALLOW, IF YOU WILL, SO THERE'S WORK THAT NEEDS TO BE DONE TO CREATE EQUITY.

IN OUR STATE.

>> AND YOU ACTUALLY HAVE SEVERAL BILLS TO TRY TO DO THAT.

I WANT TO KIND OF TICK THROUGH THEM ONE BY ONE.

ONE DEALS WITH REPARATIONS.

THIS IS AN ISSUE THAT'S BEEN TALKED ABOUT ON THE FEDERAL LEVEL.

WHAT WILL IT TAKE FOR THE CONVERSATION TO REALLY ADVANCE, DO YOU THINK?

>> SO, ONE OF THE BILLS IS 938, AND I'M THE SPONSOR, IS FOR REPARATIONS TASK FORCE.

IT'S WHERE WE STUDY THE IMPACT OF SLAVERY IN NEW JERSEY, ONE OF THE LAST STATES IN NEW YORK TO END SLAVERY.

NEW JERSEY HAS A HISTORY THAT'S STEEPED IN INDENTURED SERVITUDE, REPELLING THE RIGHTS TO BE EDUCATED WHERE A PERSON CHOOSES TO BE EDUCATED, RED-LINING.

THE LIST GOES ON AND ON.

HAVING A REPARATIONS TASK FORCE IS PUTTING THOUGHT LEADERS TOGETHER TO TALK THROUGH SOME OF THESE CHALLENGES THAT WE FACE IN THE NEW JERSEY.

>> YOU MENTIONED RED LINING, AND THERE IS ANOTHER PIECE OF THE LEGISLATION THAT LOOKS AT WHAT'S HAPPENING IN THE REAL ESTATE MARKET IN NEW JERSEY, AND IT'S IMPORTANT BECAUSE A LOT OF THE PERSISTENT WEALTH GAP HAS TO DO WITH HOME OWNERSHIP, SO HOW WOULD THAT BILL TRY TO TARGET THAT INEQUITY?

>> ESSENTIALLY WE WANT TO BE SURE THAT PEOPLE ARE RECEIVING FAIR MORTGAGE VALUES, THAT THEY'RE ABLE TO SELECT THE COMMUNITIES WHERE THEY CHOOSE TO LIVE, WHERE THEY WANT THEIR FAMILIES TO THRIVE IN.

NEW JERSEY HAS BEEN KNOWN TO LOCK OUT AFRICAN AMERICANS FROM CERTAIN NEIGHBORHOODS, FROM CERTAIN SCHOOL DISTRICTS BASED ON THEIR RACE, OUR RACE.

IT'S IMPORTANT THAT WE REMOVE THOSE BARRIERS AND PILLARS, HOME OWNERSHIP IS A BIG PART OF BUILDING WEALTH.

>> YOU ALSO ARE INTERESTED IN TRYING TO SEE BABY BONDS APPROVED IN NEW JERSEY.

SENATOR CORY BOOKER WAS FIGHTING FOR THIS ON THE FEDERAL LEVEL.

HOW DO YOU CONVINCE PEOPLE THAT AN UPFRONT EARLY INVESTMENT IS MONEY WELL SPENT COMPARED TO WHAT MIGHT HAVE PAID DOWN THE LINE?

>> THIS CROSSES NOT ONLY AFRICAN AMERICANS BUT ANY PERSON AND BABY BORN INTO POVERTY.

THIS ALLOWS THEM TO HAVE THAT OPPORTUNITY WITH A BOND TO SECURE THEIR FUTURE, HAVE FINANCIAL SECURITY AS THEY MOVE INTO THEIR ADULT YEARS.

ONE OF THE FUN FACTS OF NEW JERSEY IS THAT WE HAVE BEEN NUMBER ONE FOR TWO YEARS RUNNING FOR OUR PRIMARY EDUCATION SYSTEM, AND THEN WE LOSE OUR STUDENTS TO OTHER STATES BECAUSE THEY CAN'T AFFORD TO GO TO COLLEGE HERE IN NEW JERSEY.

SO, AGAIN, DECREASING THAT WEALTH GAP, BABY BONDS, HOME OWNERSHIP, FOCUSSING WITH PRECISION ON THESE ISSUES WILL HELP OUR ECONOMY TO GO, AND IT WILL ALSO ENHANCE THE QUALITY OF LIFE AND BUILD STABILITY FOR ALL IN NEW JERSEY.

>> IT'S BEEN A PLEASURE SPEAKING WITH YOU ON THESE INITIATIVES.

THANK YOU FOR YOUR TIME.

>> THANK YOU SO MUCH FOR HAVING ME.

>> A STATE AUDIT OF NEW JERSEY'S DEBT IS RAISING CONCERNS AMONG REPUBLICAN LAWMAKERS.

IT SHOWS NEW JERSEY'S DEBT LOAD IS INCREASING AND NOW TOTALS CLOSE TO $250 BILLION.

THE REPORT FINDS THAT THE STATE'S NONBONDED DEBT ROSE BY MORE THAN $40 BILLION DURING FISCAL YEAR 2021.

NONBONDED DEBT INCLUDES PUBLIC WORKER PENSION OBLIGATIONS AND RETIREMENT BENEFITS.

YOU BUDGET AND FINANCE WRITER JOHN RITEMYER SAYS HERE IT HAPPENS EXPLANATION BEING OFFERED.

>> TREASURY OFFICIALS ARE TELL US THIS REPRESENTS ONLY A, QUOTE, SNAPSHOT IN TIME, BECAUSE THE STATE HAS BEEN MAKING EFFORTS TO IMPROVE ITS PENSION CONTRIBUTIONS, AND SOME OF THE CHANGES ON THE HEALTH BENEFITS SIDE COULD REFLECT EXPERIENCES THAT OCCURRED DURING THE PANDEMIC, WHICH MAY EASE OVER TIME.

>> BUT REPUBLICAN LAWMAKERS ON THE SENATE BUDGET COMMITTEE WANT MORE ANSWERS, SAYING THE STATE TREASURER SHOULD APPEAR BEFORE THE COMMITTEE NEXT WEEK TO EXPLAIN FURTHER.

>>> LESS THAN A WEEK FROM NOW, NEW JERSEY LAWMAKERS NEED TO REACH AN AGREEMENT ON A NEW STATE BUDGET SOME FAR WE HAVEN'T SEEN ANY HIGH DRAMA HEADING INTO THE JUNE 30th DEADLINE, BUT IN THE DAYS AHEAD, WE'LL LEARN WHAT DEALS HAVE BEEN MADE TO GET A SPENDING PLAN TO THE GOVERNOR'S DESK, AND THEN WE'LL KNOW WHAT IT MEANS FOR OUR WALLETS.

WITH THE NEW FISCAL YEAR JUST DAYS AWAY, WE'RE PUTTING NEW JERSEY'S NEXT BUDGET IN FOCUS.

GOVERNOR MURPHY PROPOSED A $48.9 BILLION BUDGET WHICH INCLUDES A SURPLUS OF MORE THAN -- ONE HIGHLIGHT IS A TAX RELIEF PLAN FOR RESIDENTS.

THE ANCHOR PROGRAM IS AN EXTENDED VERSION OF THE HOMESTEAD REBATE PROGRAM.

UNDER ANCHOR, 870,000 HOMEOWNERS WOULD GET A $1,500 TAX CREDIT.

290,000 HOMEOWNERS WOULD RECEIVE A $1,000 CREDIT, AND $900,000 RENTERS WOULD RECEIVE $450.

THE PROPOSED BUDGET ALSO INCLUDES A FULL PAYMENT THE STATE PENSION SYSTEM.

AND WITH WORKERS SCARCE, SOME FUNDS ARE TARGETING WORK FORCE AND BUSINESS DEVELOPMENT PROGRAMS.

THERE'S $60 MILLION IN TAX CREDITS TO SUPPORT A VENTURE FUNDING PROGRAM KNOWN AS THE INNOVATION EVERGREEN FUND.

MORE THAN $22 MILLION FOR APPRENTICESHIP AND JOB TRAINING, $10 MILLION FOR A PROGRAM TO HELP MINORITY ENTREPRENEURS AND ANOTHER $2.5 MILLION FOR A PROGRAM KNOWN AS PAY IT FORWARD TO SUPPORT LOW INCOME JOB SEEKERS.

THROUGHOUT THE LAST FEW MONTHS, STATE LAWMAKERS HELD BUDGET HEARINGS WITH VARIOUS STAKEHOLDERS WHO ALL WANT A PIECE OF NEW JERSEY'S BIGGER REVENUE PIE.

THEY PLEADED, BEGGED, CAJOLED, DEMANDED, REQUESTS, AND ASKED VERY NICELY FOR MORE MONEY, RECOGNIZING THAT NEW JERSEY THIS YEAR IS UNIQUELY FLUSH WITH CASH.

BUSINESS GROUPS HAVE A FEW SPECIFIC DEMANDS, INCLUDING LOWER TAXES.

I SPOKE WITH ANTHONY RUSSO, PRESIDENT OF THE COMMERCE AND INDUSTRY ASSOCIATION OF NEW JERSEY TO HEAR WHAT'S ON HIS MIND.

TONY, WELCOME TO "NJ BUSINESS BEAT".

GOOD TO SEE YOU.

>> THANKS FOR HAVING ME.

>> WE'RE IN THE FINAL DAYS BEFORE NEW JERSEY HAS TO DELIVER A STATE BUDGET THAT IS APPROVED BY THE STATE LEGISLATURE.

AT THIS POINT IN THE BUDGET NEGOTIATIONS AND FROM WHAT WE'VE SEEN AND HEARD, IS BUSINESS GETTING THE FAIR SHARE OF MONEY?

>> GOOD QUESTION, AND, YOU KNOW, OUR POSITION IS, WITH THE STATE BEING SO FLUSH WITH MONEY, WHICH I THINK EVERYONE ACKNOWLEDGES FOR A LOT OF REASONS, WE'RE HOPING -- THE ONE TARGET WE'RE FOCUSED ON IS THAT THE UNEMPLOYMENT INSURANCE TRUST FUND, SOME OF THE SURPLUS MONEY WILL BE USED FOR THAT AND ALSO SOME TRAINING GRANTS FOR WORK FORCE DEVELOPMENT.

SO, YES, THE MONEY IS COMING IN, SO SO THE GOVERNOR DESERVES CREDIT, THE LEGISLATURE, OBVIOUSLY THERE ARE GRANTS TO MEDIATE, BUT WE COULD ALWAYS USE MORE.

>> ONE THING I WANTED TO TOUCH ON RIGHT AWAY THAT YOU ACTUALLY SUGGESTED -- AND THIS IS SOMETHING THAT WOULD HELP BEYOND BUSINESSES IS A FUEL TAX HOLIDAY.

DO YOU THINK THERE'S ANY APPETITE FOR THAT?

>> WHEN YOU THINK ABOUT $5 A GALLON, YOU KNOW, OUR TAX IS ABOUT 40 CENTS PLUS, BUT I THINK IT WILL GO A LONG WAY, AT LEAST FOR THE SUMMER MONTHS.

AND AGAIN, REALIZE THAT THE REASON FOR THAT GAS TAX IS WE NEEDED TO RAISE $2 MILLION A YEAR FOR TRANSPORTATION PROJECTS.

BUT BECAUSE WE'VE GOTTEN SO MUCH IN ECONOMIC STIMULUS FROM THE FEDERAL GOVERNMENT IN THE AMERICAN RESCUE PLAN ACT AND ALSO THE INFRASTRUCTURE ACT, I THINK THE MONEYS ARE THERE TO DEVELOP AND INVEST IN OUR INFRASTRUCTURE.

I THINK ANY RELIEF WE CAN GIVE OUR BUSINESS ON THE GAS TAX FRONT WOULD DEFINITELY BE WELCOME NEWS.

>> YOU MENTIONED THE NEED FOR MORE JOB TRAINING AND MONEY FOR THAT.

DO WE NEED A MORE HOLISTIC APPROACH TO JOB TRAINING IN THE STATE?

OR IS IT A MATTER OF PUTTING OUT MORE MONEY TO EXISTING PROGRAMS?

>> I THINK THERE HAS TO BE A STAKEHOLDER DISCUSSION AROUND THIS ISSUE, AND IT HAS TO INVOLVE OUR HIGHER ED COMMUNITY.

IT HAS TO INVOLVE OUR LEGISLATORS DOWN IN TRENTON, BUT ALSO OUR BUSINESS COMMUNITY, AND WE ALL HAVE TO SIT AROUND THE TABLE AND REALLY TRY TO BETTER UNDERSTAND WHAT WE MEAN BY, WHEN WE NEED WORKERS, YOU KNOW, SHORT-TERM AND LONG-TERM, BECAUSE RIGHT NOW THERE'S A SHORT-TERM PROBLEM THAT A LOT OF OUR COMPANIES CAN'T FIND THESE EMPLOYEES.

BUT WE'RE ALSO CONCERNED THAT LONG-TERM WE WANT TO HAVE THAT SUSTAINABILITY THAT THERE'S A PIPELINE OF WORKERS 10, 20 YEARS FROM NOW.

>> TONY, I WANT TO JUMP BACK TO TAXES FOR A MOMENT.

SEEMS CALLS TO LOWER THE CORPORATE BUSINESS TAX WHICH HAVE BEEN GOING ON FOR A WHILE CONTINUE TO FALL ON DEAF EARS.

WHY IS IT A NONSTARTER WHEN I KNOW IT COMES TO ROLL BACK SOME OF THE CBT?

>> I THINK IT'S BECAUSE THE RATE IS GOING TO SUNSET IN A YEAR OR TWO.

BUT I DO THINK ALSO THERE'S A SENSE THAT COMPANIES ARE AT AN ALL-TIME HIGH WITH PROFITS.

AND YOU KNOW, THAT'S JUST -- YOU KNOW, THE MONEY IS TOUGH.

YOU KNOW, WHEN WE THINK ABOUT THE COMPETITION WITH OTHER STATES, YOU KNOW, NOT ONLY ARE OUR PLANS -- SOME OF OUR COMPANIES THAT HAVE SISTER PLANTS IN OTHER STATES ARE COMPETING WITH THEMSELVES.

THEY TAKE A LOOK AT, WHAT IS THAT CORPORATE TAX RATE IN ANOTHER STATE COMPARED TO NEW JERSEY?

WE HAVE TO REMAIN COMPETITIVE.

WHEN WE HAVE THE HIGHEST IN THE COUNTRY, THAT JUST PUTS US AS AN ECONOMIC DISADVANTAGE.

>> TONY, THANKS SO MUCH.

GOOD TALKS TO YOU ONCE AGAIN.

>> THANKS, RHONDA.

>>> ADVOCACY GROUPS HAVE ALSO MADE THEIR THEIR VOICES ARE HEARD, ARGUING THE STATE SHOULD PRIORITIZE THOSE WITH THE GREATEST NEED.

NJ RECENTLY ANALYZED THE BUDGET -- INCLUDING USING FEDERAL RELIEF FUNDS TO HELP GIVING FAMILIES DIRECT CASH PAYMENTS, REFORMING THE STATE'S TEMPORARY ASSISTANCE FOR NEEDY FAMILY PROGRAMS AND MAKING GREATEGRE GREATGR GREGR GREGR GREATER INVESTMENTS IN HEALTH-CARE.

I SPOKE WITH PETER CHEN TO HEAR WHAT ELSE IS ON HIS ORGANIZE'S WISH LIST.

>> GREAT TO HAVE YOU ON "NJ BUSINESS BEAT" AND HERE WHAT POLICY PERSPECTIVE THINKS ABOUT THE BUDGET AS IT'S PROGRESSING.

EARLIER THE ORGANIZATION SAID GIVEN THE REVENUES THAT NEW JERSEY HAS RIGHT NOW, THERE'S AN HISTORIC OPPORTUNITY AND OBLIGATION TO PROVIDE SOME FUNDS TO THOSE WHO ARE STRUGGLING MOST.

WHAT DOES THAT MEAN FROM THE ORGANIZATION'S PERSPECTIVE?

WHAT DO YOU NEED TO SEE IN THE BUDGET?

>> THERE ARE A NUMBER OF PROPOSALS OUT THERE THAT WOULD SUPPORT WORKING CLASS AND MIDDLE CLASS FAMILIES DIRECTLY.

EXPANDING THE EARNED INCOME TAX CREDIT, A SUCCESSFUL ANTI-POVERTY PROGRAM, AND EXPANDING THE DOLLAR AMOUNT.

CREATING A STATE LEVEL CHILD TAX CREDIT, WHICH WOULD PROVIDE $500 CHECKS TO FAMILIES WHO ARE WORKING CLASS AND RAISING KIDS UNDER AGE 6.

REFORMING THE STATE'S WORK FIRST NEW JERSEY TANFF PROGRAM AND PROVIDING MORE FUNDS DIRECTLY TO FAMILIES WHO ARE IN VERY LOW POVERTY -- HIGH POVERTY, EXTREME POVERTY.

AND, YOU KNOW, ADDITIONAL FUNDS FOR WORKERS WHO PUT THEMSELVES AT RISK DURING THE PANDEMIC WOMEN HEARD FROM POLICY MAKER OVER AND OVER ABOUT HOW THEY WANT TO MAKE SURE THIS BUDGET INCLUDES PEOPLE LIKE TO GROCERY CASHIERS AND THE ESSENTIAL WORKER WHO IS HELPED KEEP THE STATE AFLOAT DURING THE PANDEMIC.

WELL, THERE ARE FUNDS AVAILABLE THROUGH THE AMERICAN RESCUE PLAN AND ALSO NOW THAT WE HAVE A SURPLUS IN THE STATE BUDGET TO GO TO ESSENTIAL WORKERS.

THERE ARE A LOT OUT THERE, BUT THE POINT IS WHEN WE THINK ABOUT THE ANTI-POVERTY PROGRAMS THAT NEED TO BE EXPANDED IN ORDER TO HELP FAMILIES WHO ARE STRUGGLING TO MAKE ENDS MEET, YOU KNOW, THAT'S WHAT WE WANT TO SEE IN THE BUDGET, AND IT'S STILL NOT IN THE FINAL PROPOSAL.

>> THAT'S A PRETTY LONG WISH LIST FOR NOW.

WHAT'S THE LIKELY HOOD THAT ONE OR TWO OR ANY OF THOSE ITEMS MAKE IT IN?

>> WE KNOW THAT THERE ARE LOTS OF NEGOTIATIONS HAPPENING BEHIND THE SCENES.

BUT WE HAVE HEARD OVER AND OVER FROM LEGISLATIVE LEADERS, FROM THE GOVERNOR, THAT THIS BUDGET HAS TO ASSIST THE FAMILIES THAT ARE MIDDLE CLASS AND STRUGGLING TO BECOME MIDDLE CLASS, AND WE'RE HOPEFUL THE BUDGET IS GOING TO INCLUDE SOME PROGRAMS IN THAT REGARD.

WE'VE ALREADY SEEN, RIGHT, THAT THERE'S A PROPOSAL FOR EXTENSIVE PROPERTY TAX.

YOU KNOW, CREDITS AND REBATES AND WE'RE ALREADY SEEING THE PROGRESSION OF PROGRAMS THAT MIGHT GIVE BUSINESSES A BREAK ON UNEMPLOYMENT TAXES.

AND IF BUSINESSES AND HOMEOWNERS ARE GETTING BENEFITS THROUGH THE BUDGET, WE WANT TO ENSURE THAT MIDDLE CLASS FAMILIES GET THEIR PIECE AS WELL.

>> DOES THE ANCHOR PROPERTY TAX PROPOSAL, AS IT HAS BEEN RECENTLY ANNOUNCED, GO FAR ENOUGH?

>> SO, WE ARE HAPPY TO SEE THAT RENTERS WERE INCLUDED IN THIS PROPOSAL AND THAT THE AMOUNT HAS INCREASED SUBSTANTIALLY SINCE THE PROPOSAL, NOW REACHING ABOUT $450 FOR AVERAGE AMOUNTS FOR RENTER WHO ARE CLAIMING THE CREDIT.

AS YOU KNOW, RENTERS HAVE LOWERWELL AND INCOME IN GENERAL THAN HOMEOWNERS, HOWEVER, WE WERE CONCERNED ABOUT SOME OF PROPOSAL'S BENEFITS THAT GO TO HOMEOWNER WHO IS EARN MORE THAN $150,000.

>> PETER, I GUESS IF A LOT OF THESE ITEMS ARE NOT FUNDED IN THE BUDGET, IF WE CAN'T DO IT IN A YEAR WHEN THERE IS SO MUCH CASH AVAILABLE, WHEN WOULD WE DO IT?

>> IF THE LEGISLATURE AND GOVERNOR CAN'T PROVIDE FOR MIDDLE CLASS AND WORKING CLASS FAMILIES THIS YORE OF ALL YEARS, THEN IT SUGGEST S A NEED FOR MOE POLITICAL WILLPOWER TO ASSIST THESE FAMILIES AND WE'RE HOPING IT WILL HAPPEN IN THIS YEAR'S BUDGET.

>> PETER THANKS FOR YOUR TIME.

>>> INCREASED SPENDING IN PROGRAMS EASIER TO DO IN A YEAR WHERE THE BUDGET HAS A SURPLUS, BUT ONE FORMER LEGISLATIVE LEADER IS URGING LAWMAKERS TO BE CAUTIOUS.

FORMER PRESIDENT STEVE SWEENEY IS CHAIR FOR THE SWEENEY CENTER AT ROWEN UNIVERSITY.

A RECENT REPORT FROM THE CENTER FINDS DESPITE ALL THIS EXTRA REVENUE NEW JERSEY HAS NOW, DARKER DAYS ARE COMING, AND SWEENEY SAYS THE STATE NEEDS TO BE PREPARED.

WELCOME BACK.

IT'S GOOD TO SEE YOU.

>> IT'S GOOD TO SEE YOU, TOO, RHONDA.

>> THE SWEENEY CENTER RELEASED AN INTERIM REPORT RECENTLY THAT TOOK A LONG-TERM VIEW OF NEW JERSEY'S BUDGETING.

YOU AND I HAVE SPOKE BEFORE ABOUT THE NEED FOR MULLRY TIER BUDGETING.

AND THERE WERE A FEW RED FLAGS.

EXPLAIN TO ME WHAT THE REPORT INCLUDED IN TERMS OF GOOD SCENARIOS AND NOT SO GOOD SCENARIOS WHEN IT COMES TO NEW JERSEY'S REVENUES.

>> THERE'S AN 80% CHANCE THAT WE'RE GOING TO BE IN A SHORT FALL COME 2024 THROUGH 2027, AND WE -- THIS IS A TOOL I WISH I HAD WHEN I WAS SENATE PRESIDENT.

SO IT GIVES YOU THE ABILITY TO PROJECT OUT SO YOU CAN UNDERSTAND WHAT YOU'RE WALKING INTO.

AND WE'RE NOT SAYING TO L LEGISLATURE, DON'T SPENDLE WE'RE NOT SAYING THAT AT ALL.

WE'RE JUST SAYING, SPEND WITH BOTH EYES OPEN.

BE CAUTIOUS BECAUSE WE'RE WALKING INTO A VERY DIFFICULT TIME.

THERE'S A HIGH LIKELIHOOD OF A MILD RECESSION COMING, AND YOU KNOW, THE STARS KIND OF LINED UP.

WE HAVE ALL THIS REVENUE, EXTRA REVENUE.

THAT SHOULD HELP US DEAL WITH WHAT WE'RE GOING TO GO THROUGH, WHICH IS A HUGE SHORT FALL, ANYWHERE FROM $14 BILLION TO $24 BILLION OVER THOSE FOUR YEARS.

SO AGAIN, ALL WE'RE SAYING IS YOU NEED TO PAY ATTENTION TO WHAT YOU'RE DOING.

>> YOU DELIVERED YOUR MESSAGE, AND YOU'RE NOT SAYING, DON'T SPEND, TO THE STATE LEGISLATURE, BUT MORE OR LESS SPEND WITH YOUR EYES OPEN.

IS THAT HAPPENING RIGHT NOW?

WE'RE COMING DOWN TO THE WIRE WHEN IT COMES TO THE STATE BUDGET.

DO YOU THINK THIS IS BEING CONSIDERED?

>> WELL, SO FAR, NO.

AND THERE WAS JUST A STORY SAYING THAT OUR DEBT WENT UP $40 BILLION.

JUST RECENTLY.

SO, YOU KNOW, ALL THE INDICATORS THAT ARE COMING AREN'T GOOD.

INTEREST RATES ARE BEING INCREASED AND ARE GOING TO CONTINUE TO BE INCREASED BECAUSE THEY NEED TO SLOW DOWN -- YOU KNOW, THEY NEED TO SLOW DOWN INFLATION.

BUT NORMALLY, YOU KNOW, OUR EXPENDITURES ARE GOING TO CONTINUE TO GO UP AND OUR REVENUES ARE GOING DECLINE, AND THE FEDERAL MONEY'S GOING AWAY.

>> FINALLY, LET ME ASK YOU SINCE YOU HAVE BEEN THERE COUNTLESS YEARS WHEN WE WERE IN THESE BUDGET TALKS RIGHT UP TO JULY 1st.

DO YOU ANTICIPATE THIS YEAR THAT THE STATE BUDGET WILL BE SIGNED OFF ON WITHOUT ANY LAST-MINUTE HURDLES OR DRAMA?

JUST FROM WHAT YOU'RE LOOKING AT NOW?

>> YEAH, I WOULD BE VERY SURPRISED, RHONDA, IF THERE WAS AN ISSUE OF SHUTDOWN.

THERE'S JUST A LOT OF MONEY RIGHT NOW.

SENATOR SARLO, THE BUDGET CHAIR, HE WANTS A SURPLUS.

HE'S BEEN THE BUDGET CHAIR FOR A LONG TIME AND RECOGNIZES A LARGE SURPLUS IS PROBABLY THE WISEST THING WE COULD DO RIGHT NOW.

LEGISLATURES LIKE TO SPEND.

I AM SOMEONE THAT SPENT MYSELF, SO I CAN'T CRITICIZE.

ALL WE'RE SAYING, IS PLEASE BE CAREFUL THIS.

SURPLUS WILL BE GONE AND WE DON'T WANT TO SEE PROGRAMS HAVE TO BE CUT.

>> GREAT CATCHING UP WITH YOU AGAIN.

THANK YOU SO MUCH FOR YOUR TIME.

>> YOU THIS, TOO.

THANKS FOR THE OPPORTUNITY.

>>> THAT'S OUR SHOW FOR THIS WEEK, AND THAT'S OUR FINAL SHOW OF THE SEASON.

THANK YOU SO MUCH FOR JOINING US THROUGHOUT THE LAST NINE MONTHS.

WE WILL BE BECOME IN SEPTEMBER.

I'M RHONDA SHAFFLOR.

THANKS FOR WATCHING AND ENJOY NOUR SUMMER.

>>> FUNDING PROVIDED BY -- NYU SCHOOL OF BUSINESS, OFFERING PROGRAMS LIKE FINANCIAL TECHNOLOGY OR BUSINESS ANALYTICS AND DATA SCIENCE.

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