Courier-Post from Camden, New Jersey • A12

Gov. Phil Murphy and the Legislature are faced with chal- lenges. It is fair to say no one knows ex- actly what will happen to the state nances in the next 6 to 24 months. No one has a crystal ball and no one likely has all the correct answers. One thing for sure is that while we certainly need to address our immediate needs, we must also worry about the future.

Current solutions that create problems in subsequent years is a mistake. While other New Jersey governors faced times, the magnitude of this crisis is unprecedented. The chal- lenge must be handled carefully and limit one-time actions that will compli- cate and potentially ruin the nances for years to come. and unpopular decisions are needed, but not decisions that have negative impacts for many subsequent years. Economic and revenue considerations The nexus of the problem is the level of economic stress, the continuing de- crease in all state revenue sources and new spending needs associated with the pandemic.

Estimating revenue under any sce- nario is a task but are now sub- ject to more than normal uncertainty. Under the Federal Relief and Eco- nomic Security program, $2.5 billion was allocated to New Jersey plus funds for NJ Transit and Medicaid. A start, but much more federal aid is necessary. The governor has suggested the sale of 5 billion of bonds and perhaps up to $10 billion. In my judgment, that is a bad option.

Spending and revenue decisions Under any scenario the state must 12A SUNDAY, JUNE 28, 2020 COURIER-POST Regional News Director J. Staas Haught Established in 1875, the Post moved to Camden in 1879. It merged with The Telegram in 1899 to become The Post Telegram. In 1926, The Post Telegram and the Camden Courier consolidated. The Courier-Post joined Gannett in 1959.VOICES I had come to believe, that as a third- generation Yankees fan, that I had learned all the shortcuts to beat stadi- um-bound and all the cost-cut- ting strategies to a day trip without having to take out a second mortgage.

But that was before I was invited to a Saturday game by Nick Acocella, pub- lisher of Politifax New Jersey and a walking encyclopedia of Yankees lore, who died last week at the age of 77. Af- ter picking him up at his Hoboken home, I quickly realized I was a mere novice in the art of a Yankee-game pil- grimage. I was now in the presence of a mas- ter. First, there was the parking. Nick re- fused to consider paying the extortion- ate rates of a parking garage.

He guided me past the stadium entrance over to a hilly side street in a quiet South Bronx neighborhood. Free parking, he noted with glee. He swaggered down the hill with a cat- that-just-swallowed-the canary grin, although it was tough on his aching, bandy legs. Next was the hot dogs. The Sabrett vendor on the street corner had a far cheaper price as in to cheaper and a far tastier dog that trumped the overcooked ones inside.

But once we reached his upper-deck seats, just a shade to the right of home plate, and once the game (like all Sat- urday games of retelling) unfolded in the sunshine, Nick also imparted a dif- ferent wisdom about thing of as he called our mutual interest in covering New Jersey politics. It come in the form of an in- struction, as with the parking or hot dog directives, but from what I observ- ed and remembered from our day-long, nonstop-chattering-like-a-pair-of-pi- geons discussion on the upper deck. The conversation ranged from noir masterpieces, to to one-liners, and, in- evitably, to the state of New Jersey poli- tics. It was a refresher course in the art of listening. Like me, Nick was a chiac- chierone Italian for chatterbox who loved the audience of a like- minded soul and the con- versation of that could easily veer over right bleachers.

But I often noticed Nick quietly cata- loging it all of the political talk with nite curiosity and patience and without once pulling out a notebook. He was at work. Everything was the record, but everything was of value. He discarded most of what I said he knew 90 percent of it already, and some of my was a rehash of what I had already read in Politifax, his lively weekly newsletter on state politics. But he perked up when I stumbled onto new ground.

His listening was central to the pub- lication's improbable success it re- lied solely on subscriptions and he re- fused to produce it on digital platforms. Nothing was limits. He covered Mahwah council squabbles, poisonous political warfare in Parsippany and the back-channel politicking that was be- hind legislative reapportionment. He covered everything from the Shakespearean budget wars between Senate President Steve Sweeney and Gov. Phil Murphy, while guiding read- ers through the reasons why Bob Cag- nassola was able to serve 25 consecu- tive years on the state Board of Accoun- tancy despite term limits.

but in the Garden State, always a way around such he wrote. unspoken lesson from those upper deck gab-fests was fundamen- tal. You had to put in the time and be patient and be quiet, even if it meant enduring hours of tedious whining, bluster and self-promotion. Stay alert for something useful. Good stories are everywhere if you keep an open ear.

He also imparted wide-lens wisdom about political life during our ballpark banter. In the few trips with Nick, I of- ten took a hard line on creatures of the political machinery, painting most of them as corrupt, venal and enemies of reform. Politicians and their county- machine masters, I contended, needed constant vigilance. Nick, who was raised in Hudson County and even dabbled in political campaigns there in the 1970s, patiently listened and sighed. Then, he gently pushed back.

Yes, he agreed some are odious mis- creants who had no business in public life, and yes, he allowed, some bosses did rig the system to their own But Nick also expressed a sweep-of- history perspective. In his view, people were drawn to the political life for a number of reasons some were driven by raw ambition or a desperate desire for validation. Others, he said, were idealists. And, of course, he said, there are those who enter politics as a means to amass wealth and power. Most politicians, Nick explained, were driven by a combination of all those things.

From Ancient Rome to the 20th-cen- tury Hudson County run by Frank Am The Hague, politics was al- ways going to attract the idealistic and the vicious, those who wanted to play fair, and those who lived by the sword of political payback. Nick saw politicians as complicated, human beings. Some, he said, struggled to do the right thing. Some walked a high-wire through ethical mi- Some had fallen Some never attempted to climb onto the wire in the place. All of them had bit role in the tragic comedy of New Jersey poli- tics.

He reported on the corruption and missteps, sometimes with a barely concealed contempt, sometimes with disbelief, and often with eye-rolling irony. But Nick never used Politifax as a club to humiliate anyone or to strip away their dignity. Nor did he ever talk that way into during our ballgame talks. It was a lesson in decency. That sentiment also imbued his commentary New Jersey where I ap- peared with him on multiple occasions.

And it was on display in and his delightful and innovative TV show in which Nick interviewed prominent political as they cooked their favorite Italian dishes. Nick's goal was to show political as human beings instead of caricatures of evil. I went to about six games with Nick and those Saturday trips became a highlight of the summer. This year, CO- VID-19 will keep the stadium closed un- til late July. Major league baseball will launch a 60-game seasons with some major changes.

I hope to get to a game, and while I won't drive, I'll probably search out the hot dog vendor on the corner. And I might bring along some of my younger press-row colleagues. But this time, I'll do a lot more listening. Email: Twit- ter: The political wisdom of Nick Acocella Movers and Shakers Charles Stile NorthJersey.Com USA TODAY NETWORK N.J. Nick Acocella was the former publisher and editor of Politifax New Jersey.

COURTESY OF U.S. 1 NEWSPAPER restated. The problem is less than sug- gested. If I were looking at the budget I would recommend the following some of which have been suggested by the gov- ernor: i Eliminate all new and expanded programs in the original 2021 budget totaling $1.2 billion, including aid to local school districts. i Defer all salary increases.

i Eliminate $1 billion of programs the governor placed in reserve and con- tinue these reductions through next year. i Initiate an aggressive furlough program. i Defer most of the proposed pen- sion contributions. i Do increase funds for Medicaid and the Care Act program. None of these actions are without considerable pain as the situation re- quires shared Furthermore, the problem cannot be fully solved by additional budget cuts and those who think otherwise mislead the public.

Will this be Perhaps, if augmented by a reasonable amount of additional federal assistance. If addi- tional federal aid is not received al- most inconceivable but of course pos- sible, then additional actions will likely be necessary, including perhaps tax in- creases. Certainly, this should include a re- view of the tax expenditures the $30 billion in tax credits, deduc- tions, and preferential tax rates current- ly in the tax code select cor- porations and individuals. Surely, some of these tax breaks were ill conceived or have out-lived their usefulness and should be eliminated, reduced, or perhaps suspended for several budget cycles. Selling bonds Selling bonds for operating purposes must be avoided not only because it has been deemed unconstitutional by the New Jersey Supreme Court but much more importantly, because it is very bad public policy.

By the amount is a one- time revenue source. What does the state do the following year? This would create a double negative impact, since any federal aid will likely be one-time. For example, assume a 40 billion state budget for FY 2021 includes $5 bil- lion to $10 billion in revenue from bonds and $3 billion in emergency federal rev- enue. In the FY 2022 budget both of these revenue items will disappear plus a new debt service of at least $350 mil- lion. Then what another bond sale? Some will argue that revenues will return to normal levels.

This is not likely at least for many years. After a much less disastrous 2008 recession it took 6 years to return to prior revenue levels. It is best to bite the bullet for the re- mainder of this year and next than to in- vite struggle for many years there- after. The wild card is the pension fund. At the end of this virus-induced-disaster, pension funds will be in worse condi- tion than before the pandemic and may be in their worse condition ever.

However, to borrow is even worse. It is far better to defer pension payments, then slowly put the funding back on track. Just as important, seriously con- sider leveraging securitizing sev- eral state-owned assets and transfer- ring the assets to the pension fund. The state must be mindful of both short- and long-term implications of budget decisions. Borrowing for operat- ing purposes is the wrong decision.

Richard F. Keevey is a former budget director and comptroller appointed by New Jersey governors from each politi- cal party. He held two presidential ap- pointments as the chief at the federal Department of Housing and Urban Development and the deputy undersecretary for at the federal Department of Defense. Currently, he is an executive-in-residence at the Blous- tein School of Planning and Policy, Rut- gers University and a visiting lecturer at the Woodrow Wilson School, Princeton University. This opinion is a short ver- sion of a presentation Keevey made to the state enate Budget and Appropria- tions Committee.

make spending reductions. Unfortunately, all existing programs cannot and perhaps should not be con- tinued. Each budget reduction will have its constituents and objectors. But, it is dif- to argue that all spending is criti- cal and should be funded simply by bor- rowing especially when many citizens are losing jobs and businesses are clos- ing. The Murphy administration has made some reasonable recommenda- tions for reductions and has prepared an analysis of the but projected spending only through Sept.

30, 2020. Revised revenue assumptions and spending estimates for the state's 2021 year need to be updated and Balancing state budget with bonds a bad idea Your Turn Richard F. Keevey Guest Columnist The New Jersey State House. CHRIS.