Tax Incentives are a Band-Aid on the Gaping Wound of NJ’s Uncompetitive Tax System

Tax Incentives are a Band-Aid on the Gaping Wound of NJ’s Uncompetitive Tax System

On the heels of the state comptroller’s audit of New Jersey’s tax incentive programs, we can expect politically-charged debates and finger-pointing about who is to blame for the lack of transparency and ultimately, what level of tax incentives are needed to retain or lure businesses and their jobs to New Jersey?

The question we should be asking is: Why are these tax credits needed in the first place?

Politico: New Jersey minimum wage stall curbs state’s vision as Democratic trendsetter

Politico: New Jersey minimum wage stall curbs state’s vision as Democratic trendsetter

GSI’s president, Regina M. Egea, was interviewed by Politico New Jersey’s Katherine Landregan for a piece on the stalemate between Governor Phil Murphy and the legislature over a $15 minimum wage bill:

Regina Egea, former chief of staff to Gov. Chris Christie, says this is yet another example of the Legislature setting the agenda over the governor’s office.

“The Legislature’s defined the playing field; they are defining the pace and putting the front office on defense,” said Egea, who now heads Garden State Initiative, a right-leaning think tank in the state.

NJ Spotlight: New Jersey's Near-term Economic Outlook: Glass Half Empty or Half Full?

NJ Spotlight: New Jersey's Near-term Economic Outlook: Glass Half Empty or Half Full?

John Reitmeyer of NJ Spotlight writes on the outlook for New Jersey’s economy in 2019, with analysis offered by GSI’s president Regina Egea:

“But Regina Egea, president of the Garden State Initiative, a right-leaning think tank based in Morristown, suggested there is also some cause for concern in her own recent assessment of the state economy. A former state Treasury official who served under Republican Gov. Chris Christie, Egea said growth in the state’s overall labor market is still trailing the nation’s as a whole. Murphy’s refusal to rule out new tax hikes in 2019 is also a concern, she said.

“We continue to see the effects of a hostile climate for business, and the governor’s threat of new and higher taxes creates an environment of uncertainty for residents and businesses,” Egea said.”

GSI's Egea: You don’t have to outrun the bear — just the other guy

GSI's Egea: You don’t have to outrun the bear — just the other guy

"You don’t have to outrun the bear — just the other guy"

"For New Jersey’s economy to win compared with other states, we don’t have to be the lowest, highest or even cheapest when it comes to our cost of living, property or income tax rates, GDP growth rate and the unemployment rate. It really means we have to be better than those states with whom we choose to compete."

That's the tactic New Jersey needs to take to address the competition for jobs and business across the country according to an op-ed by GSI's president Regina Egea in ROI-NJ.

GSI Analysis: Nov. '18 Jobs Report: Employment Picture Remains Sluggish, With Warning Signs Flashing

GSI Analysis: Nov. '18 Jobs Report: Employment Picture Remains Sluggish, With Warning Signs Flashing

Garden State Initiative will provide monthly analysis and commentary on the monthly “jobs report” issued by the New Jersey Department of Labor & Workforce Development based on data produced by the U.S. Bureau of Labor Statistics:

“Analysis of November’s jobs report for New Jersey was a mixed bag. The state’s workforce continued its (slightly slower) growth for the fifth consecutive month. But the state lost 800 private sector jobs—many in white collar industries—which, along with recent local business and political news, could leave the state’s economy exposed to suffer in a recession.”

GSI's Egea: Biting the hand that feeds us just starves New Jersey

GSI's Egea: Biting the hand that feeds us just starves New Jersey

In an op-ed published on NorthJersey.com, GSI’s president Regina M. Egea asks why companies like Conagra and Honeywell are moving hundreds of jobs out of New Jersey? The answer: We've lost the ability to be competitive: "There is bipartisan agreement that New Jersey’s economy is in turmoil and that taxpayers – both homeowners and corporations -- are growing tired of the financial burden they face here. Changing the way we do things in New Jersey is the only path our state and municipal leaders have to restore New Jersey’s competitive edge."

Report Card: New Jersey Earns D- for Failure to Address Pension Crisis

Report Card: New Jersey Earns D- for Failure to Address Pension Crisis

As students around the country are taking their final exams before winter break, the state of New Jersey received a report card for managing its debts, specifically pension and benefit costs for public employees, and it is far from pretty. The non-partisan Volcker Alliance, founded by former Federal Reserve Chair Paul Volcker, rated the state a D- for its failure to have properly “provided adequate funding, as defined by retirement system actuaries, for pensions and other promised retirement benefits for public workers.”

GSI Analysis: Oct. '18 Jobs Report: State Still Struggling to Recoup Job Losses Despite Recent Growth

GSI Analysis: Oct. '18 Jobs Report: State Still Struggling to Recoup Job Losses Despite Recent Growth

Garden State Initiative will provide monthly analysis and commentary on the monthly “jobs report” issued by the New Jersey Department of Labor & Workforce Development based on data produced by the U.S. Bureau of Labor Statistics:

October’s monthly jobs report showed positive gains for the Garden State economy across the board and marked the fourth consecutive month of job and workforce growth for the state. Over the longer term however, New Jersey’s labor force is still near its lowest levels in years with some industry sectors suffering compared to neighboring and competing states.”