From the Observer:
Yikes, the economic outlook in New Jersey is pretty grim—and it’s not going to get any better.
While that might be the gut feeling of many in the Garden State, a new report puts numbers to their fears, according to a piece on ROI-NJ.
According to the “Rich States, Poor States” report by the American Legislative Exchange Council, New Jersey is ranked 49th out of 50 in economic performance and 46th for economic outlook.
The economic performance rank is based on cumulative GDP growth and non-farm employment growth between 2006 and 2016 and the number of people leaving the state between 2007 and 2016.
“These variables are highly influenced by state policy,” the report notes.
The ecomomic outlook ranking is based on 15 “important state policy variables,” including various tax burdens, the ratio of state employees to residents and debt service as a share of tax revenue.
“At the same time as this very negative economic report is released, our legislators are piling costly labor mandates on the backs of small businesses such as paid leave, and a proposal for a $15 minimum wage,” Laurie Ehlbeck, state director of the National Federation of Independent Business, told ROI-NJ. “Ill-advised policies like these will only make the Garden State die on the vine as other states bear fruit.”