Sound Fiscal Management
While the previous administration doubled spending and tripled
the State's debt, the McGreevey Administration kept spending
below the rate of inflation for two consecutive years. Governor
McGreevey eliminated $14 billion in deficits without raising
the income or sales tax. He also dedicated over half of the State's
budget in 2003 to property tax relief. By forcing the State to
live within its means, he is bringing fiscal responsibility back
to the Garden State.
- According to Rutgers Economist, Joseph Seneca, New Jersey's
economy has been outperforming the national economy.
- Closed over $1 billion in corporate tax loopholes.
- Dedicating over one
half of the State budget - more than
$12 billion in 2003 - to provide direct property tax relief.
- Eliminated $14 billion in budget deficits without raising
sales or income taxes.
- Reduced state spending for two years in a row, keeping overall
government spending below the rate of inflation.
- Merged the New Jersey Turnpike and the Garden State Parkway
authorities to reduce bureaucracy and prevent a toll increase.
- Held open-ended forums around the State to find new ways
to reduce the property tax burden on New Jersey's working families.
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