Government
New Jersey’s Murphy Defends $10 Billion Rainy Day Fund as State’s Economy Slows
- With 19% set aside for emergency, state in good spot, he says
- Democrat says property-tax relief, schools would be in danger
Governor Phil Murphy said New Jersey’s economy will be caught in a global downturn that could force the state to tap the record $10 billion rainy day fund he is proposing.
“I worry about what is around the corner,” Murphy said Friday on Bloomberg Television’s “Balance of Power With David Westin.” Any drop wouldn’t be as severe as the 2008-2009 financial crisis, he said, “but we will soften. I’m certain of that. As a country, probably as a world, but certainly New Jersey will not be immune.”