“Our state is continuing to follow the positive national trend of adding jobs to the economy,” said Garden State Initiative President Regina M. Egea. “However, the stagnation in our workforce size and significant losses in the Financial Activities sector, which in prior years has led our growth, remain cause for concern going forward.”
GSI’s president Regina M. Egea offered commentary on today’s release of April revenue collections and revised revenue projections released today by the Department of the Treasury:
“Record revenue collections should not present an opportunity to look for more tax increases, but rather an opportunity to get our state back on the road to prosperity .”
ROI-NJ.com’s Tom Bergeron writes on GSI’s 2nd Annual Economic Policy Forum and cites comments from GSI president Regina Egea on growing voter disenchantment:
“There’s an undercurrent of dissatisfaction in the public in New Jersey, and political leaders who ignore that do that at their own peril,” she said. “Benign cocktail chatter is turning into complete dissatisfaction and impatience by the voters and the members of the public.”
In a NorthJersey.com op-ed, GSI’s president Regina M. Egea, writes on the ongoing collapse of Connecticut’s high-end real estate market and what that portends for New Jersey:
“When Garden State Initiative launched in 2017, our first research report, “Connecticut’s Fiscal Crisis Is a Cautionary Tale for New Jersey,” detailed how our neighbor up I-95, with its struggling economy, saddled with massive public debt and high taxes, served as a “canary in the coal mine” for what New Jersey will face unless we get our own fiscal house in order.
The storm that is currently hitting Connecticut’s real estate market has clouds gathering in New Jersey.”
Is the crash of Connecticut’s high-end real estate market predictive of what’s about to happen in New Jersey? And if so, what are the ramifications? The trends say yes and it’s bad news for New Jersey’s middle class:
“The storm that is currently hitting Connecticut’s real estate market has clouds gathering in New Jersey.
When the wealthy flee a state and sustain massive losses on their homes in the process, it is unfortunate for the individual but will likely be devastating for those remaining, particularly if this occurs in New Jersey due to our extraordinary reliance on Property Tax revenues to sustain local governments and schools.
The risk now is not just those wealthy fleeing our state. As high end real estate values deflate, as is occurring in Greenwich, the taxes to support our local governments and schools will be redistributed to moderate and lower value property owners.”
To mark Tax Day, when Americans file their federal and state taxes, GSI’s president, Regina M. Egea, authored the following op-ed which appeared on NJ.com regarding New Jersey’s “fork in the road” when it comes to tax policy and choosing the right path forward:
A generation ago, Massachusetts was the poster-child for high taxes and earned the unenviable label of “Taxachusetts.” Through strong leadership, the state took action – their “fork in the road,” as Yogi Berra famously advised on decision making.