“Today’s report confirms the swelling weakness in our state’s economy,” said Regina M. Egea, president of the Garden State Initiative. “The weakness is especially glaring in our state’s vital Information and Financial Activities sectors, which are now reporting nearly 10,000 lost jobs year over year.”
Garden State Initiative analysis of today’s release of the state’s revenue report for February ‘19:
“The report is a not very subtle recognition of the weak state of our economy and a climate that is hostile to taxpayers and job creators,” stated GSI president Regina M. Egea. “But what should concern lawmakers and the public is this Administration’s doubling-down on the same policies that have our state at this tipping point.”
“This anemic report, with substantial downwards revision to the jobs created in 2018, is yet another cause for alarm over the resiliency of New Jersey’s economy,” said Regina M. Egea, president of the Garden State Initiative. “Despite the first increase in the workforce participation rate in over a year, New Jersey is still lagging the US average and while Wall Street continues a bull market, our Financial Activities sector led in job losses for the year.”
Today’s Budget Address may as well have been sponsored by the Florida or North Carolina Chambers of Commerce. Doubling down, as this Governor is, on spending more each year without acknowledging the damage being done to our economy and tax base is the definition of reckless.
It is imperative that Senate President Sweeney and Assembly Speaker Coughlin are responsible leaders, and keep their word to hold the line on no new or higher taxes.They have demonstrated strong conviction on many issues over the last year.Now is the time to show up for New Jersey and stop the irresponsible and damaging polices of the Murphy Administration.
GSI’s president, Regina M. Egea, authored the following op-ed which appeared in the Asbury Park Press following the issuance of our report Adding It All Up: New Jersey’s Opportunity to Reduce $200 Million in School Transportation Costs:
NJSpotlight.com’s John Reitmeyer reports on the latest report in GSI’s series on the true cost of New Jersey’s government and opportunities for savings: Adding It All Up: New Jersey’s Opportunity to Reduce $200 Million in School Transportation Costs:
“taxpayers could see annual savings of as much as $146 million with better use of technology and more consolidation of student bus services, according to a new report that analyzes everything from how the state’s school districts hire bus drivers to how they design daily routes.“
How can New Jersey save $200 million of the $1.2 billion currently spent on student transportation?
That’s the question we answer in Adding It All Up: New Jersey’s Opportunity to Reduce $200 Million in School Transportation Costs the second in a five-part series focusing on the true size of New Jersey’s expansive government, how much is being spent in specific categories and, most importantly, identifying opportunities where it can be made more efficient.
January’s state revenue report did not paint a pretty picture for the state with revenue collections far below projections from the state Treasurer.
“An avalanche of data has emerged that high tax states are experiencing a significant out-migration of high-income taxpayers,” said Garden State Initiative president Regina M. Egea. “The argument that out-migration from high-tax northern states is a result of weather falls flat in the face of data indicating that California, the high tax capital of the West Coast, is facing similar outmigration threats.“
For New Jersey, this is not a new phenomenon.
“Commissioned by the conservative think tank Garden State Initiative, the report reinforces my long-held belief that New Jersey doesn’t have a revenue problem, it has a spending problem. The state’s $34.7 billion budget represents only about one third of all the money raised by New Jersey's 1,522 government entities – 21 counties, 565 municipalities, 590 school districts, 88 charter schools, and 257 authorities, boards and commissions. As the report notes, there is one government entity for every 6,000 New Jersey residents.”
In every Super Bowl, there are winners and losers. This year, New Jersey has lost before the game even started.
When tens of millions of Americans tune in to watch the Super Bowl on Sunday, very few will recognize that they are also looking at a symbol of decades of failed economic policies in New Jersey.
Yet it will be staring them right in the face.