On March 26, Tom Bracken, President and CEO of the New Jersey Chamber of Commerce, testified before the Senate Budget and Appropriations Committee at the New Jersey Institute of Technology in Newark. In his remarks, Bracken expressed concerns about Governor Phil Murphy’s proposed $58.1 billion budget, which is the largest in the state’s history. He argued that the budget does not adequately address the state’s long-term economic challenges and called for more investments that support businesses and foster economic growth.
Concerns Over the Proposed Budget
Bracken emphasized that while the proposed budget represents a significant financial commitment, it falls short in addressing the fundamental issues that could hinder New Jersey’s economic future. The Chamber’s testimony highlighted concerns over the lack of strategic investments in the state’s business climate, which could potentially discourage job creation and innovation.
One of Bracken’s primary points was the need for a budget that not only sustains current economic conditions but also sets a path for sustainable growth. He stressed that without policies that incentivize businesses to thrive and expand in New Jersey, the state risks undermining its competitive edge in the region.
The Need for Pro-Business Investments
Bracken specifically urged the committee to consider more pro-business policies in the budget, focusing on tax relief, workforce development, and infrastructure improvements. He argued that investing in these areas would help create an environment conducive to business expansion and job creation. With rising costs and economic uncertainty, businesses in New Jersey are looking for stability and support from the state to continue their growth and to attract new companies to set up operations in the Garden State.
One key area of focus was the need to prioritize tax policies that do not burden businesses. Bracken advocated for reducing the tax burden on both small and large businesses in the state, which he argued would allow them to reinvest in their operations, hire more employees, and contribute more to the state’s economy.
Addressing Long-Term Economic Stability
Beyond immediate budget concerns, Bracken called for long-term strategies to ensure that New Jersey remains competitive and economically resilient. He pointed to the need for robust workforce development programs to help prepare New Jersey residents for the evolving job market, particularly in high-demand sectors like technology, health care, and green energy.
Bracken also stressed the importance of investing in the state’s infrastructure, including transportation and broadband, to enhance business operations and quality of life for residents. Improved infrastructure, he argued, would not only make the state more attractive to businesses but also help create jobs and stimulate local economies.
A Call for Collaboration
The testimony highlighted the importance of collaboration between government officials and the business community. Bracken urged the Senate Budget and Appropriations Committee to work closely with stakeholders to ensure that the final budget is one that promotes economic growth, business sustainability, and job creation across the state.
In closing, Bracken reiterated that while the size of Governor Murphy’s proposed budget is notable, it is the allocation of funds to the right priorities—particularly pro-business investments—that will determine New Jersey’s economic trajectory in the years to come. The New Jersey Chamber of Commerce remains committed to advocating for policies that foster a thriving business environment, helping the state’s economy grow in a sustainable and inclusive manner.
