08/24/2020 | Holding Wall Street Accountable
Pandemic Profiteers: New Jersey's Corporations and Wealthiest Individuals Reap Billions While Local Communities Suffer
New Jersey is facing unprecedented economic and public health crises as a result of COVID–19. Communities across the state need resources now more than ever. By some estimates, it will take at least $2.8 billion in 2020 and $7.3 billion in 2021 to fill New Jersey’s general fund revenue gap.
Governor Murphy’s preliminary estimate has put the overall budget shortfall at $10 billion.
If these budget gaps aren’t filled, New Jersey residents can expect a spike in public sector unemployment in addition to deep cuts to essential public services like public schools, healthcare, and housing. The COVID-19 pandemic and its ripple effects are impacting millions of people and communities around the country and world. We’re in this storm together but we aren’t all on the same boat. While New Jersey’s communities of color and immigrants face mass unemployment, a looming eviction crisis, and severe financial hardship, New Jersey’s richest billionaires are amassing enormous wealth and corporate profits are soaring.
New Jersey’s communities are reimagining a world with affordable housing, quality public education, well-paying jobs, and community investments that will enable people not only to survive but to thrive. In order to realize this vision, billionaires and corporations must pay more in taxes and finally put in their fair share. Download the report to learn more.
