Getting New Jersey Right – The Murphy Economic Agenda

“The solutions to nearly all of our state’s problems are rooted in a stronger economy that works from the middle class out. When we get this right, we get New Jersey right.”

Phil Murphy is a proven leader who understands how economies grow and create jobs.

The path forward starts with our economy. The solutions to nearly all of our state’s problems are rooted in a stronger economy that works from the middle class out. When we get this right, we get New Jersey right.
The last seven years show us that applying old answers to a new economy won’t — and doesn’t — work. New Jersey’s economy is increasingly defined by special interests with a system that serves only the privileged few. Phil Murphy doesn’t owe them anything. He will put his economic know-how to work to build a 21st century economy that works for all New Jerseyans.

Reclaiming the Innovation Economy

Before there was Silicon Valley, there was New Jersey. Phil will restore our place as a leader in the innovation economy by:

  • Rebuilding our cities through critical investments in transportation infrastructure to take full advantage of our state’s geography to attract workers and get new advancements to market;
  • Re-investing in our institutions of higher education and community colleges to make them affordable;
  • Providing student loan relief for STEM employees and incentivizing employer matches;
  • Developing a STEM-oriented K-12 curriculum and expanding alternative pathways to success, including apprenticeship programs and vocational training; and
  • Expanding small business incubators to incentivize new businesses to start here in New Jersey.

A Public Bank to Invest Directly in New Jersey -- and for New Jersey

New Jersey currently deposits billions of dollars in state revenues in Wall Street and foreign banks — which overwhelmingly do not invest in New Jersey’s communities. Phil will take that money out of Wall Street and put it to work for New Jersey — creating jobs and growing the economy — through an innovative new public bank to make critical investments in our state and its people. By using state deposits to finance local investments, the Public Bank will support billions of dollars of critical investments in infrastructure, small businesses, and student loans — saving our residents money and returning all profits to the taxpayers.

Grow & Protect the Middle Class

Phil believes an economy simply works better when people can afford to participate in it — and that the best way to grow the economy is from the middle class out. Since the end of the Great Recession, New Jersey’s gains have gone to those at the top, with middle-class and working families getting even less than before. Phil will turn that around by:

  • Raising the minimum wage, mandating earned sick leave, and expanding the Earned Income Tax Credit;
  • Ensuring equal pay for equal work; and
  • Establishing a child and dependent care tax credit to ease the burden on families struggling with the high costs of care.

Bring Government Into the 21st Century

Phil will convene an Innovation Cabinet, bringing together people from inside and outside government, as partners rather than adversaries, to work towards a common goal of getting state government to move at the speed of innovation by:

  • Updating government technology to improve the “customer experience”;
  • Systematically reviewing all federal grants to fight for every federal dollar; and
  • Streamlining permitting processes and handling applications in a timely manner.