RELEASE: President Trump’s former Chief Economist Stephen Moore Headlined 2025 Economic Policy Outlook Talking Taxes, Tariffs & Energy Policy

The event was hosted by Garden State Initiative & The Commerce and Industry Association of NJ

Florham Park, March 6, 2025 – Garden State Initiative and the Commerce & Industry Association of New Jersey jointly hosted a 2025 Economic Policy Outlook headlined by economist Stephen Moore at the Park Avenue Club today.  Mr. Moore was joined by leading public affairs expert Bill Pascrell, III and former Minority Leader of the New Jersey State Senate Steve Oroho.  The panel was moderated by attorney Alan Zakin.

GSI President Audrey Lane and CIANJ President Tony Russo also participated. The event was covered by Gannett/NorthJersey.com reporter Daniel Munoz.  “Events like this are critical to facilitating conversations about the economy and the impact of economic policy on New Jersey residents and businesses,” said Lane.

During the event, Mr. Moore, a Senior Visiting Fellow in Economics at The Heritage Foundation, shared his economic forecast on taxes, tariffs, energy policy and SALT, opining on the likely long and short term impact for New Jersey.  He expressed concern about what he called a “wobbly economy” and urged action to make the Trump tax cuts permanent to boost consumer confidence and economic growth.

While suggesting he was “not a big fan of tariffs”, Mr. Moore lauded President Trump as a master negotiator and expressed confidence in his ability to lower tariffs around the world through his policies.

Mr. Moore also commented on negotiations on a Republican plan to pass a $4.5 trillion tax cut, including the potential for the cap on state and local property taxes (SALT) to be doubled or even tripled as part of it.

Mr. Pascrell, a Democrat, and former Senator Oroho, a Republican, helped provide a uniquely New Jersey perspective on what’s happening in Trenton, including Governor Phil Murphy’s recent budget address, in which he announced both increased spending and roughly $1.2 billion in new tax increases.