NJ Gov. Murphy Urges Spending For Hudson River Tunnel Despite State’s Second Credit Downgrade In 2 Years

Despite the fact that the MTA and NJ Transit can’t seem to get their acts together with the infrastructure they already have, why should we let that stop us from doling out more cash to them for more projects?

That seems to be the thought process of first term New Jersey Governor Phil Murphy, who took to Bloomberg yesterday to tell the world he is “highly optimistic” that a Biden administration would approve funding for a new Hudson River rail tunnel.

He said the tunnel is more likely to move forward under a Biden administration after the plans failed to materialize under the Trump administration.

Perhaps offering some insight as to his acumen when it comes to financing such a project, he also said he “expects the Biden administration to flood the U.S. with cash” to fight Covid-19. There was nary a mention of where this magic cash is going to materialize from – though, we can take a guess. Brrr. 

Meanwhile, Murphy’s state is about to issue $4.28 billion in debt, representing 13% of its fiscal 2021 budget, to deal with a revenue shortfall that saw New Jersey hit with its second credit rating downgrade since Murphy has been in office in 2018. 

Murphy said: “I’m highly optimistic that will get green-lighted — President-elect Biden knows this project very well. Literally it is shovel-ready. You could envision putting a shovel in the ground, first quarter of next year.”

Murphy has hinted about imposing new Covid restrictions heading into the winter. Last week, he suggested that Thanksgiving meals on November 26 should be limited to “small groups of family”. Murphy said: “It’s hard for us to find a huge set of outbreaks in schools or restaurants or gyms. It’s really overwhelmingly private settings.”

He then hilariously concluded: “The big plea is to not let your hair down. That’s exactly what this virus wants us to do, including when you’re at your house with your own family.”

That’s some rock solid reasoning there, Phil. Thanks.