The Jaffe Briefing - April 5, 2022

TRENTON – The spending spree has gotta stop sometime. That’s the sober caution of the non-partisan Office of Legislative Services (OLS), expressing concern about the whopping amount of the state’s proposed $48.9 billion budget.  Yeah, this budget is big. But it is also balanced, as per the law. The humorless OLS is quick to note the spending plan relies on $1.7 billion in surplus, and there’s no way this can be sustainable from one budget year to the next. That’s all true, but the party somehow keeps going. Here’s why: OLS is forecasting $3.2 billion more in state revenues over the next two years than what the Murphy administration projected in developing the budget for fiscal year 2023. It’s hard to demand restraint when the cash just keeps on coming.

TRENTON – Despite all of these extra billions in the till, New Jersey employers are still getting socked with increased taxes. Sigh, and why? During the pandemic, the state’s unemployment fund took a record hit. Under the law, there needs to be payroll tax increases to restore the balance.  The obvious solution that must be considered: use unspent COVID cash from the feds to cushion the blow, as businesses continue to dig themselves out of the losses sustained during the lingering pandemic. The backbone of New Jersey’s economy – small business – is facing inflation, supply-chain drama, higher workforce costs and employee shortages. For the governor to ignore the unemployment fund in his aid package is akin to a tax increase for the business community. With billions flying into state coffers, why?

BRIEFING BREATHER

The alphabet is called the alphabet because the Greek alphabet starts with the letters 'alpha' and 'beta'.

ON THE CAMPAIGN TRAIL – Bad news for candidates running for office – even they can be criminally charged with accepting bribes. An appellate court says a Bayonne mayoral candidate, who allegedly took $10,000 in the ol’ paper bag in a corruption sting, should face bribery charges. A lower court had decided that he was just a candidate for public office – not an elected leader – so he had no power to make any decisions about anything. But the higher court disagreed yesterday, saying there is no “loophole” in state laws governing public corruption.  So, remember, a bribe is still a bribe in Jersey, even before a politician is elected.

TRENTON – In the ongoing battle between New Jersey and New York, the Garden State wants the edge in the quest for cryptocurrency exchanges and blockchain startups. Forward-thinking Democrats in the state Legislature envision New Jersey as the hub for it all, pushing a bill that would establish the framework for “digital asset” businesses, featuring consumer protections. Politico reports the law is all about making New Jersey one tough competitor against New York, considered to have a burdensome and expensive licensing system for the crypto biz.  “We know that Bitcoin is not going away,” Assemblywoman Yvonne Lopez says. “Unlike approaches taken by other states,” she said, her bill’s licensing system for crypto businesses “does not impede the ability of businesses to grow and thrive in the state.” Can’t argue with any law that makes New Jersey more competitive.

IN OTHER IMPORTANT NEWS

MOAB, Utah – It will be tough for some careless workers to claim the customer is over-reacting, after they used heavy machinery to plow over dinosaur tracks from 112 million years ago.  Yeah, not really a big deal, right?  Well, the U.S. Bureau of Land Management thinks differently, enraged at the dumb-ass workers rebuilding a boardwalk at the Mill Canyon Dinosaur Tracksite. The numbskulls repeatedly drove a backhoe over an area where a prehistoric crocodile crossed a mud flat, the Salt Lake Tribune reports. The site just happens to have among the most important dinosaur track areas in the nation, containing tracks from at least 10 different species. Adding to the fury: the area was clearly marked, and work crews were briefed on where they can and can’t go. It would be interesting to hear the contractor’s plans to rectify the situation. How about some nice holly bushes?

THIS DAY IN HISTORY

No one dares to criticize Nancy Reagan, except for author Kitty Kelley, on this day in 1991.

WORD OF THE DAY

Chagrin – [shuh-GRIN] – noun

Definition: A distress of mind caused by humiliation, disappointment, or failure

Example: Plenty of chagrin in the UNC locker room last night.

WIT OF THE DAY

“You sumbitches couldn’t close an umbrella.”

-Sheriff Buford T. Justice

BIDEN BLURB

“Today, we hosted truck drivers and their families at the White House to discuss the progress we’ve made on our Trucking Action Plan.”

-Joe Biden

WEATHER IN A WORD

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