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Buono Statement On Governor’s Economic Special Session Address

Senator Barbara Buono (D-Middlesex)

TRENTON – Senator Barbara Buono, D-Middlesex, who chairs the Senate Budget and Appropriations Committee, released the following statement today, regarding the Governor’s economic special session address.

“The federal government’s rescue of the financial industry has attempted to quell the panic on Wall Street but it does precious little for families who can’t pay their mortgages and as a result have been or are on the verge of being foreclosed. The Governor’s initiative should reassure people that New Jersey will do whatever it takes to keep people in their homes. After all, this is the heart of the economic crisis. This is where it all started – people defaulting on their mortgages. We need to stem the rate of foreclosures. As long as home prices continue to drop, the economy will not begin to recover.

“The goal of the federal rescue plan is to free up credit, but it comes too late for ordinary people who have lost their jobs or had their paychecks shrink as their hours have been cut, and as a result, can’t pay their doctor bills, credit card bills and other ordinary expenses of daily living.

“The economic stimulus this initiative provides will create new, good- paying jobs and should be a welcome response to our economic plight. It provides a measure of relief to those who are on the precipice of a financial abyss.

“It should provide reassurance that New Jersey is doing what is necessary to re-build confidence and set the stage for economic growth.

“We are a ‘ can – do ‘ people here in New Jersey. Don’t expect us to be immobilized by the crisis. This plan provides a clear blueprint for immediate relief and long-term economic recovery.”