This is the first in our 7-week budget series with the Anti-Poverty Network, Rethink the 2016 NJ Budget, with posts every Monday & Wednesday at noon. Jon Whiten is Deputy Director of New Jersey Policy Perspective. Promoted by Rosi.
We all know that one of the best antipoverty tools available is a robust, growing economy that offers wellpaid jobs to those who need them. In New Jersey, approaching full employment would work wonders for direct poverty reduction, while swelling the state’s coffers with new tax revenue, which would help pay for vital services to reach those left behind and shore up supports to help lift low-income families into the middle class.
We also know that everyone wants to grow New Jersey’s economy. But the singleminded emphasis on cutting taxes for businesses and offering corporations billions in future tax breaks to repair the devastation of the Great Recession has not worked. Our leaders promise us that the math equation is simple: Tax Cuts + Tax Breaks = More Jobs and Greater Prosperity. But in reality, this equation doesn’t add up.