Can NJ buy it’s way into a startup economy?

From the Star Ledger:

Murphy’s risky plan to spark Jersey’s sagging economy

Is New Jersey’s government smart enough to invest $250 million in venture capital projects, and come out a winner? Should a government that is not competent to run the trains on time take that risk with taxpayer money?

The proposal comes from Gov. Phil Murphy, who described it as “the big idea” behind his new effort to revive New Jersey’s sputtering economy, which he unveiled Monday. It’s an aggressive use of government, which is no surprise coming from an audacious liberal like Murphy.

The surprise is that even conservative business groups like the Chamber of Commerce and the New Jersey Business and Industry Association welcomed the plan, pending a review of details.

“Maybe this is the time we can get something right,” says Michele Siekerka of the NJBIA. “Sometimes we have to try new things, go outside the box.”

The governor’s plan is sprawling, with initiatives in transportation, housing, and job training. But it’s the venture capital idea that crosses into new territory.

Tim Sullivan, the EDA’s executive director, says that the program is designed to rely on the expertise of private venture capital firms, who will have their own skin in the game. The state would supply half the money, matching an equal investment from private firms, for a total investment of $500 million over five years. “They are putting up their own money alongside of us,” Sullivan said.

Still, there is room for error. Start-ups are inherently high risk, and the state will still have to choose among competing proposals from private firms.

A second question: Murphy noted that venture capital investments in New Jersey dropped by half during the last decade, while they increased in states like New York and Massachusetts.

But doesn’t that suggest the core problem is New Jersey’s rotten business climate, rather than a shortage of venture capital? Why else would venture capitalists choose other states first?

This entry was posted in Demographics, Economics, Employment, New Jersey Real Estate. Bookmark the permalink.

127 Responses to Can NJ buy it’s way into a startup economy?

  1. William Hays says:

    First?

  2. Yo! says:

    The state’s cash will flow to donors, useless people. NJ’s entrepreneurs are low quality, asked on MIT economists’ research. Smarter bet is tax cuts that let workers keep money l earned through work.

  3. Yo! says:

    Oct 08, 2018 08:13:27 AM
    Northeast Corridor Line eastbound trains are subject to up to 30-minute delays due to a disabled NJT train at Edison station.
    Oct 08, 2018 08:03:10 AM
    NEC train #3926, the 7:45am from Princeton Junction is up to 15 min. late due to a late Amtrak train ahead.
    Service Advisories
    Oct 08, 2018 07:24:00 AM
    Northeast Corridor, North Jersey Coast Line and Morris & Essex Lines: Possible 20 Minute Delays due to Amtrak Track Maintenance Work – Friday, October 12 to Monday, October 15, 2018

  4. Not YoYo WaitingForTrain says:

    Yo, big deal. Is the NEC, below is a video I took of it Friday.

    https://youtu.be/bfMfXuNRRkY

  5. grim says:

    I bet those trains run under budget and on-time. So joke all you want.

  6. Grim says:

    What’s this I hear about NJ based domestic travelers needing additional ID to travel from Oct 10th onward? I have my passport but someone just mentioned this to me.9

  7. Yo! says:

    Grim, it is like positive train control. The state continues to miss deadlines, hopes and gets extensions, and the leaders are so embarrassed by their incompetence, they don’t publicize the failures.

  8. Yo! says:

    When I was I college, a NJ MVC employee sold NJ driver licenses out of a frat house basement. He brought the license printing machine straight from the local MVC, took photos, produced the licenses, collected $200 each, then when left with his machine. Half the customers at East Coast college bars used those licenses.

  9. Grim says:

    2 days to go and DHS has not approved an extension.

  10. HEHEHE says:

    Friend of mine was 30 minutes late to last week’s Giants game because there was “no conductor there to drive” the train from Hoboken.

  11. Fast Eddie says:

    Someone on my platform mentioned that NJT is 63 conductors short? I haven’t tried to check, is this true? And how much is a starting salary for a NJT conductor?

  12. grim says:

    It’s low, like $60k or so to start, but with overtime you can exceed $150,000. The paper reported there were at least 8 conductors that made more than $100k in overtime alone. 5 of those conductors made over $200k including overtime.

    Pretty sure the conductors like it this way. $150k, nearly unlimited overtime, and you can take off work with 5 hours notice.

    Sweet gig.

  13. joyce says:

    New Jersey has had a few extensions largely because it has been making system technology improvements to meet requirements of the REAL ID act. Those steps have included:

    Allowing more than nine characters of a name to be included on a license; and
    Requiring people to have their photos taken immediately upon reaching the counter for a new license.
    The 2005 Real ID act imposes stronger requirements for proof of legal U.S. residency in order for state driver’s licenses to be valid for federal purposes. The law was passed in response to national security concerns after the 9/11 terrorist attacks, according to the reports.

    States originally were supposed to comply with the Real ID requirements by the end of 2009, but federal authorities have repeatedly delayed implementation to give time for states to change their driver’s license procedures and make the necessary technological modifications.

    https://patch.com/new-jersey/tomsriver/real-id-begin-new-jersey-what-know

  14. grim says:

    Pretty sure it’s cost NJ millions of dollars to increase the character limit of a name.

  15. joyce says:

    “Allowing more than nine characters of a name to be included on a license;”

    What does this mean? People with long last names are truncated on their licenses?

    ” and Requiring people to have their photos taken immediately upon reaching the counter for a new license.”

    As opposed to 30 seconds later after they tell you to step to the left and look directly at the camera?

  16. Juice Box says:

    Gim – California is in the same boat with IDs. Doubt they are going to cripple air travel over it.

  17. dentss says:

    Brett Kavanaugh just hired the Supreme Court’s first all-women law clerk team And that’s a good thing …!

  18. Fast Eddie says:

    dentss,

    Omg, how can these women work for a serial rap1st and gang bang organizer!

  19. The Original NJ ExPat says:

    Anybody else have a pre-announced long that is making money the last few days?

    The Original NJ ExPat says:
    October 4, 2018 at 10:06 am

    Wait until 1:30PM and then buy EQT. No insider trading info, I just know that it is the best time of day to go long.

  20. The Great Pumpkin says:

    You know what this comes down to (the thought just came to me when thinking about it). They are not hiring new workers because they want to save money on health/retirement benefits. Nj transit has been so underfunded that this is the result. Just run up overtime on an individual instead of hiring new workers. They don’t want to be liable long term for any new workers.

    Maybe I’m wrong, but I’m pretty sure I’m right. This is what happens when you stop funding an agency like they have been doing. You start looking for any gimmick to keep the agency going.

    I know for some here, the answer is privatization. I say HELL NO to that solution. Why? What happens when the privatized company self implodes (it will, most companies die over time, not live)? It will be even worst for commuters than what they are currently dealing with.

    What’s the answer? I doubt anyone knows.

    grim says:
    October 8, 2018 at 12:35 pm
    It’s low, like $60k or so to start, but with overtime you can exceed $150,000. The paper reported there were at least 8 conductors that made more than $100k in overtime alone. 5 of those conductors made over $200k including overtime.

    Pretty sure the conductors like it this way. $150k, nearly unlimited overtime, and you can take off work with 5 hours notice.

    Sweet gig.

  21. The Great Pumpkin says:

    Looking like a good time to buy in the next year. Bring out those headlines of blood in the streets, always makes it easy to take from the lemmings.

    The Original NJ ExPat says:
    October 8, 2018 at 1:50 pm
    Whoops?

    https://www.calculatedriskblog.com/2018/10/las-vegas-real-estate-in-september.html

  22. grim says:

    Pension base includes overtime.

    Your comment is not relevant.

  23. The Great Pumpkin says:

    Are you sure? I’m pretty positive that overtime is not included in pension. Almost 99% sure.

  24. grim says:

    Do some digging, for example with the Port Authority:

    The Retirement System provides retirement benefits to employees based on their respective years of service and final average salary after a set period of credited public service. As such, Authority employee pension contributions and payouts are directly affected by overtime payments. In fact, 100 percent of an Authority employee’s overtime earnings during the “pension qualified period” (generally the employee’s final three years of service) are considered in calculating the employee’s annual pension benefits. As a result, the more overtime an employee works in the years immediately preceding retirement, the higher the pension benefit for that employee.

  25. 3b says:

    Grim amazed he did not know that since he claims we are ill informed when it comes to public sector benefits. And it’s not just the port authority that has this feature in their pension plans.

  26. The Great Pumpkin says:

    Wow, didn’t know that, but it only applies to last three years. So I might be right about the reason for not hiring more and offering overtime instead.

    That overtime should not be included, but what else do we expect from port authority.

  27. The Great Pumpkin says:

    “For 65 hours a week, Zack Truelson works for Wall Street’s hyper-capitalists. On weekends, he hits the streets for America’s social!sts.

    Truelson, 27, is part of a new generation in finance that has embraced progressive politics as never before. Even on Wall Street, 20- and 30-somethings have drifted left since Bernie Sanders injected democratic social!sm into presidential politics in 2016.”

    https://apple.news/ATpDp0ti6STKQ4fD4bew7GA

  28. The Great Pumpkin says:

    F off. I know for a fact this does not apply to most public sector employees. Obviously, port authority plays by its own rules.

    3b says:
    October 8, 2018 at 3:23 pm
    Grim amazed he did not know that since he claims we are ill informed when it comes to public sector benefits. And it’s not just the port authority that has this feature in their pension plans.

  29. Fast Eddie says:

    Wow, didn’t know that…

    You seem to say that once a day.

  30. The Great Pumpkin says:

    See that Bloomberg article. Now you know why extreme inequality is problem. There is always to pay for extremes in the system. Now a got damn social!st wave is coming. Why couldn’t the job creators just throw these people a bone…selfish pricks.

  31. 3b says:

    Double f off to you. You post your drivel and state it as fact and constantly lecture how wrong we are. And I did not say all I said port authority is not the only one. And I know that as a fact because I know people who are or will be collecting those pensions with that golden benefit.

  32. The Original NJ ExPat says:

    I think Pumps has brain cancer. He was always a dim bulb, now he’s dim and flickering.

    See that Bloomberg article. Now you know why extreme inequality is problem. There is always to pay for extremes in the system. Now a got damn social!st wave is coming. Why couldn’t the job creators just throw these people a bone…selfish pricks.

  33. grim says:

    Not only does overtime increase pensionable benefits, overtime is specifically excluded from paycheck pension contributions – which are based ONLY on base salary.

    Which is where lil’punkin is confused.

  34. grim says:

    https://www.nj.com/politics/index.ssf/2018/10/nj_budget_includes_10_million_for_raises_for_legis.html

    People are struggling to pay their $10,000 property tax bills and there is no issue with a train conductor making $200k and Murphy handing out huge raises to staffers.

    The money will boost budgets for legislative staff salaries at 80 local Assembly offices from $110,000 to $135,000, the website reported. The deal also freed up money for raises at 40 Senate offices.

    Train conductor and an Assembly Staffer – $300,000 income – One Percenters.

    But remember, they need the pension because it’s public service, they are doing it for the good of the community.

    The platinum healthcare policy is just the sprinkles on top.

  35. Libturd...look me up in Costa Rica says:

    Don’t worry. ExPat and I are figuring out where to build the compound in CR. Hopefully, prior to this state imploding.

  36. 3b says:

    And that’s why people in the private sector don’t care about unions and their crying.

  37. Bystander says:

    In other news..winning. Estimates from Morgan Stanley are 12% reductions of global workforce

    ..but, but they should be fighting for skilled US workers in this hot, hot economy plus they got a gigantic tax cut.

    Automaker Ford plans layoffs, blames Trump tariffs for $1 billion loss: report
    1 hour ago

  38. The Great Pumpkin says:

    Grim,

    I’m disgusted, but what do you expect?

    Will anybody on this board go do these jobs for cheaper? Will you quit your job and go run for office on the platform that you will cut your salary and everyone around you? How will you recruit talent to work for you with crap pay? Anything under a hundred thousand is crap for a high up adm!nistrative job.

    As for conductors. What’s the avg salary including overtime for all conductors? Are we using data from the few connected engineers? I’m sure the other engineers making much less are just as pissed as you.

  39. The Great Pumpkin says:

    No matter what company, this same game gets played where a chosen few employees get ridiculously hooked up. There is a guy getting paid 700,000 a year at my company, and no one knows wtf he does. Rumor is that he watches p@rn all day. He is finally leaving and getting paid almost 2 million in severance. How do you think I feel busting my a$$ for much less?

    How many hours do these engineers work to clear 200k? That’s 3 times their standard pay…so what are they working 80 hour weeks?

    I’m just showing you that the world is fu’ked up. I wish govt was the reason for all our problems and corruption out there, but it’s clearly a problem with human nature. Always a human being out there corrupting whatever they touch. No company or institution is immune from this. True story.

  40. grim says:

    You keep confusing yourself.

    Private sector can do whatever the fuck they want with their money.

    The public sector can not do whatever the fuck they want with our money.

    See how that works?

  41. The Great Pumpkin says:

    Again, human nature is to blame, so how do you fix it? Privatizing won’t solve anything. Again, what difference does it make if the private sector or public sector is ripping you off? You are paying for it no matter what.

    Go ahead and privatize public transportation. How many companies can compete before it’s a total waste of resources and complete chaos? How many tracks can you lay? How many busses half full you want on the road?

  42. Grim says:

    Who is accountable for performance in the public sector? What are the repercussions of mismanagement?

  43. leftwing says:

    Swearing in of Kavanaugh. Ginsburg may have given up the ghost. No one can tell.

  44. leftwing says:

    “The state would supply half the money, matching an equal investment from private firms, for a total investment of $500 million over five years. “They are putting up their own money alongside of us,” Sullivan said.”

    Absolutely never ever happen in a million lifetimes that any VC would invest ‘alongside’ a fund managed by a State. There is so much wrong with that concept I don’t even know where to start.

  45. PumpkinFace says:

    Grim,

    You don’t understand. It’s all one system. Maybe I’m wrong, but I’m pretty sure I’m right.

  46. The Great Pumpkin says:

    Who was accountable from the private sector when they crashed the economy off a cliff 10 years ago? That’s right, you paid for it. It’s all one economic system whether you realize it or not.

    Grim says:
    October 8, 2018 at 6:48 pm
    Who is accountable for performance in the public sector? What are the repercussions of mismanagement?

  47. The Great Pumpkin says:

    As in you paid for private sector mistakes with a public bailout. Otherwise, system drifts into anarchy which no one wants, so willingly paid up to prevent a total collapse of the economy.

  48. The Great Pumpkin says:

    I’m sorry that you are unable to see the economy at the level I am able to. If you understood the economy, you would understand it’s all one system.

    PumpkinFace says:
    October 8, 2018 at 7:31 pm
    Grim,

    You don’t understand. It’s all one system. Maybe I’m wrong, but I’m pretty sure I’m right.

  49. The Great Pumpkin says:

    That’s the thing. So many naive individuals ignore private corruption because they think they are not paying for it. Keep telling yourself that. A leach on the system is a leach on the system. It is what it is.

  50. DMV Dodo says:

    Re: MVC

    My son’s name is Christopher but his license says CHRISTOPH because of the limit.

    Remember that this is the same DMV that used to still issue a non photo driver’s license up until 10 years ago.

    My father for quite a while years ago had no birthday day on his license. It used to show 09-00-41.

    If you are old enough you might have had a license made entirely out of paper with no lamination. When I would get pulled over, I would have to give the cop the three or four pieces of my license as it would fall apart after being in my wallet. It was the same paper stock as the vehicle registration.

  51. The Great Pumpkin says:

    Corruption is always there.

    The same people that the regulations were created for, continue to play dirty and cheat the system.

    “Switching around the 18,927 codes that identify imported goods is an increasingly popular way some Chinese exporters are ducking American tariffs”

    https://www.wsj.com/articles/the-u-s-china-trade-battle-spawns-a-new-era-of-tariff-dodges-1539009200?emailToken=5d81abc9b370efa097b6b58861adacad054A8rmFbMk6+70qQ+j76bPOP/Um/TSmG+AOILoYigw6HWu8lomrsGhPJNzHcLJQdI8UOpSbcmSB6H/OGHP1dVDhCOyuDfqtcQJGnsnNOsBtVSCmf8lwHQT2cLsdm9tb&reflink=article_copyURL_share

  52. No One says:

    Theres a big difference between market and bureaucratic systems.
    https://mises.org/library/bureaucracy

  53. The Original NJ ExPat says:

    Just like the debt clock that keeps going up, I would love to see a molecule count of Ginsburg that just keeps counting down.

    Swearing in of Kavanaugh. Ginsburg may have given up the ghost. No one can tell.

  54. The Original NJ ExPat says:

    Since joining the high court in 1993, Ginsburg has hired over 100 law clerks, just one of whom is black.

    Schwarzes.

    https://dailycaller.com/2018/10/08/brett-kavanaugh-black-women-law-clerks-ginsburg/

  55. homeboken says:

    Classic loser mentality – Stop counting other’s money. Focus on your own efforts and comp. Truth be told, you have no clue what your colleague does to earn his comp. His pay level does not impact you at all. Get to work and show your bosses some revenue increases or expense savings, then ask for a comp bump.

    “No matter what company, this same game gets played where a chosen few employees get ridiculously hooked up. There is a guy getting paid 700,000 a year at my company, and no one knows wtf he does. Rumor is that he watches p@rn all day. He is finally leaving and getting paid almost 2 million in severance. How do you think I feel busting my a$$ for much less?’

  56. Blue Ribbon Teacher says:

    Private corruption can more often than not, be sorted out by the market. For example, Theranos is now worth $0.

    The reason you can’t have all these social programs and safety nets is because we have a clear problem and you refuse to hold anyone accountable because some people in private industries are corrupt. Two wrongs don’t make a right and don’t justify non-action. NJ Transit needs a sweeping overhaul.

  57. Blue Ribbon Teacher says:

    Some 23 year old in the office is saying the same thing about you right now.

  58. The Original NJ ExPat says:

    Nikki Haley resigns.

  59. The Original NJ ExPat says:

    Kanye West is named the new ambassador to the United Nations. Dragon Energy.

  60. leftwing says:

    “Some 23 year old in the office is saying the same thing about you right now.”

    In one of those really embarrassing life situations, after doing the analyst program for the first year of my first job I get assigned to a permanent position. Go to move in on the specified day, all my boxes of work stuff have been delivered and are outside of my cubicle. Problem is, there’s a guy inside.

    He knew he was being exited, but wasn’t aware he had been exited. I was exactly 23, he was a mid- to late-40s VP. He was very surprised and unhappy.

    Couple of guys took me out to ‘lunch’ at 10a so this guy could madly stuff 20+ years of career into whatever boxes he could find and be gone by the time we were back.

    Swore to myself then and there I would never let that happen to me.

    Your 40s have always been a testing career time in a corporate. Prior to that age, especially in a cost center role, incompetence can entirely be hidden and the comp isn’t high enough where anyone cares. But, if one doesn’t rise up the ladder swiftly the corporation eventually asks “why do we have a 45 year old doing this job” and you’re gone. If one does rise up the ladder of title and comp, one’s total idiocy is on full display and the corporation asks “why are we paying this dolt this money” and you’re gone. Some things are inevitable.

  61. The Great Pumpkin says:

    So why are people here counting the nj transit employees money? Are you calling lib and grim a loser?

    homeboken says:
    October 9, 2018 at 9:43 am
    Classic loser mentality – Stop counting other’s money. Focus on your own efforts and comp. Truth be told, you have no clue what your colleague does to earn his comp. His pay level does not impact you at all. Get to work and show your bosses some revenue increases or expense savings, then ask for a comp bump.

    “No matter what company, this same game gets played where a chosen few employees get ridiculously hooked up. There is a guy getting paid 700,000 a year at my company, and no one knows wtf he does. Rumor is that he watches p@rn all day. He is finally leaving and getting paid almost 2 million in severance. How do you think I feel busting my a$$ for much less?’

  62. The Great Pumpkin says:

    What you don’t get about this 700,000 dollar employee, he is connected. He has been with the company for a long time. If you think there are not connected people in private industry, you are naive. They get paid loads of money to do nothing.

    The point of all this, is that privatization does not solve corruption. So privatization is not the answer to all publicly run institutions. As grim alluded to yesterday, maybe more watchdogs are needed to hold them accountable, but understand they become corrupted too, and also watchdogs cost money.

  63. The Great Pumpkin says:

    In the discussion of public transportation with trains, you really can’t have privatized competition. Same with cable companies. It’s tough to throw these entities into true competition for the sake of waste. How many power lines do you need if we open it up to competition? How many train tracks can you lay? It will drive up the cost, not lower it. So I really don’t know what the answer is to NJTRANSIT, but it’s not easy. The bigger question, how do you stop corruption? It’s almost impossible, you just hope to contain it the best you can.

  64. The Great Pumpkin Hypocrite says:

    Privitatization will solve the corruption. If they get into financial trouble, they can fail and go bankrupt. Competition can also then come in and take their place.

    The only reason the private sector got a ball out during the housing bubble was because the corrupted Clinton’s repealed the glass-steak act allowing banks to once again do whatever the hell they wanted. prior to that they were separated between investment and commercial banking. At that time Only commercial banks could get a ball out.

    The problem is public sector corruption that you keep trying to ignorantly defend.

  65. The Great Pumpkin Hypocrite says:

    Glass–Steagall

  66. The Original NJ ExPat says:

    Pumps is on medical leave for his brain cancer. He lots of time to post during the day again.

  67. NJGator says:

    God save us all.

    “The 179-page report identified failures including “inadequate, uncertain and unsustainable” funding, no technology vision and no plan to oversee $5.3 billion in capital assets. In response to vitriol from Facebook and Twitter users — some whose handles combine curse words and the agency’s name — NJ Transit should forget defending itself and start “sharing entertaining content” such as travel photos, it said.”

    https://www.bloomberg.com/news/articles/2018-10-09/nj-transit-audit-report-find-money-cut-fat-post-cooler-tweets

  68. Blue Ribbon Teacher says:

    In the discussion of public transportation with trains, you really can’t have privatized competition. Same with cable companies. It’s tough to throw these entities into true competition for the sake of waste. How many power lines do you need if we open it up to competition? How many train tracks can you lay? It will drive up the cost, not lower it. So I really don’t know what the answer is to NJTRANSIT, but it’s not easy. The bigger question, how do you stop corruption? It’s almost impossible, you just hope to contain it the best you can.

    One must wonder how the telegraph was ever invented. One must wonder how AT&T ever installed phone lines. One must wonder how Verizon wired all these neighborhoods for fios. One must wonder how railroads functioned in the 1800s. Look, some European nations have amazingly well thought out public infrastructure. We don’t do that here.

    How many power lines would we need? You obviously have no clue how an electrical grid works.

  69. Blue Ribbon Teacher says:

    But yes, you must have amazing clarity on how an economy works.

  70. The Great Pumpkin says:

    Fios? Yea, verizon f/ed over nj and never installed it in all locations….only locations that were valuable to them. Good ol private sector not coming through on its contract…shocker!

    I really can’t believe how in love you guys are with the idea that privatization solves problems. lmao

  71. The Original NJ ExPat says:

    I have the choice of Comcast, Fios, or RCN. After decades with Comcast (and all their previous variants), I’m quite happy with RCN and no contract…until a few months ago when RCN came to my door and tried to sign me up for…a contract! For almost zero savings! We have no land line, whatever speedbump in internet that $10 buys you, and no premium cable channels. Also…just one TV.

  72. The Original NJ ExPat says:

    It’s kind of ironic that we have only one TV in 3000 square feet when we had two TVs when we had 900 square feet.

  73. Libturd...look me up in Costa Rica says:

    Not all public sector employers are corrupt patronage mills. Just most in NJ. Just look at Murphy’s audit of NJT. $1.3 million spent and absolutely nothing new learned or revealed. When the idiot engineer drove his train into Hoboken Terminal, they blamed it on sleep apnea. Yet he was required to for testing and failed to. There was a doctor, who is now in prison, who got caught issuing fake permanent disability diagnosis in exchange for a portion of the employees’ payouts.

    Check out this article from 2008.

    https://www.nytimes.com/2008/09/21/nyregion/21lirr.html

    There is corruption in the private sector too. But it is nowhere nearly as widespread and pervasive as it is in the public sector. All you need to do is open your eyes when dealing with the public sector to see it. In the private sector, it’s so rare that you almost never hear about it and when you do, it’s always executive level.

  74. The Original NJ ExPat says:

    What am I saying? We probably only have 2,000 square feet.

  75. Bystander says:

    Left,

    I would agree. The choice in your 40s is to manage a team or become SME in something..but SME path is almost toast now. It used to be easier to just learn a process or application then ride out a 25 year career with pension. Now, it is survival mode as companies want to change process and apps quickly so they can move it to a cheap Indian support model. There is no one who can compete with cheap Indian labor once you past 8 years into career. One of the biggest issues which goes undiscussed is how people starting families in late 30s or early 40s will keep peak earning into their 50s. I know almost nobody who started a family before 37 these days. Most 38 to 42 and even a close friend started at 47 with his second at 50 this year. Millennials will obviously follow this trend. You can’t just toss out older workers like in the past when people started families by 25 and finished college payments by late 40s. People will have kids in KG at 50.

  76. leftwing says:

    “There is corruption in the private sector too. But it is nowhere nearly as widespread and pervasive as it is in the public sector. All you need to do is open your eyes when dealing with the public sector to see it. In the private sector, it’s so rare that you almost never hear about it and when you do, it’s always executive level.”

    No need to debate how pervasive it is.

    The key point is in the private sector there is redress, if only on a personal basis.

    In the public sector there is no recourse.

    That is the difference. The public sector can be as corrupt or incompetent as they want, and continue to take my money to fund it under threat of incarceration.

  77. The Original NJ ExPat says:

    I used Zillow to look up the square footage of our current rental. I noticed something else. This is how normal states do taxes:

    2007: $5,074
    2018: $5,461

    Keep in mind, this is actually in Boston. Keep in mind that the Boston residential exemption is currently $2433. That means that my landlord’s taxes would be $5461-$2433 = $3028. That’s $252 per month, btw, for a $700K house.

    My landord, who lives in Florida, has to pay the higher property tax, but at least they are living in Florida where there is no income tax.

    I can’t wait to see what Costa Rica has to offer, but it really isn’t too bad here in MA right now.

  78. The Great Pumpkin Hypocrite says:

    I bet the Pumkin won’t respond to my post because he knows he is wrong but cant admit it.

  79. The Great Pumpkin Hypocrite says:

    Or the metal disorder he has in his brain won’t allow it.

  80. joyce says:

    NJ towns used to increase taxes 7.6% annually as well. Some still do.

    The Original NJ ExPat says:
    October 9, 2018 at 1:01 pm
    I used Zillow to look up the square footage of our current rental. I noticed something else. This is how normal states do taxes:

    2007: $5,074
    2018: $5,461

  81. chicagofinance says:

    I made a short video on this subject with a Cornell professor about 4 years ago.

    leftwing says:
    October 9, 2018 at 11:06 am
    “Some 23 year old in the office is saying the same thing about you right now.”

    In one of those really embarrassing life situations, after doing the analyst program for the first year of my first job I get assigned to a permanent position. Go to move in on the specified day, all my boxes of work stuff have been delivered and are outside of my cubicle. Problem is, there’s a guy inside.

    He knew he was being exited, but wasn’t aware he had been exited. I was exactly 23, he was a mid- to late-40s VP. He was very surprised and unhappy.

    Couple of guys took me out to ‘lunch’ at 10a so this guy could madly stuff 20+ years of career into whatever boxes he could find and be gone by the time we were back.

    Swore to myself then and there I would never let that happen to me.

    Your 40s have always been a testing career time in a corporate. Prior to that age, especially in a cost center role, incompetence can entirely be hidden and the comp isn’t high enough where anyone cares. But, if one doesn’t rise up the ladder swiftly the corporation eventually asks “why do we have a 45 year old doing this job” and you’re gone. If one does rise up the ladder of title and comp, one’s total idiocy is on full display and the corporation asks “why are we paying this dolt this money” and you’re gone. Some things are inevitable.

  82. leftwing says:

    Trying to herd the cats for the Cornell Princeton game.

    Tough calendar draw, Friday night of the week of New Years, college kids still home….our plans probably won’t come together until late.

    I’ll keep you posted how we develop. LMK likewise when you commit.

  83. grim says:

    Wow, so even the Governor-ordered audit is a complete joke.

    No wonder we’re in the situation we’re in.

    The problem with NJT is that they can’t manage expectations on social media well enough.

  84. The Original NJ ExPat says:

    Florida is a trough state. People just end up there.

    I’m wondering if New Jersey is a different kind of trough state. People who can’t earn more than $150K just end up there.

  85. The Original NJ ExPat says:

    Poor ExSexex – He was just a political troll after all.

  86. The Great Pumpkin says:

    That’s the thing, why are public institutions held to perfection. Why are they not allowed to declare bankruptcy when in trouble? How many bankruptcies did trump go through?

    That’s the thing, how can you compare one entity that can declare bankruptcy on bad choices which resulted in unmanageable debt, and another that has to live with those mistakes?

    If the state of nj could declare bankruptcy, the debts from pension would be gone.

    The Great Pumpkin Hypocrite says:
    October 9, 2018 at 11:57 am
    Privitatization will solve the corruption. If they get into financial trouble, they can fail and go bankrupt. Competition can also then come in and take their place.

    The only reason the private sector got a ball out during the housing bubble was because the corrupted Clinton’s repealed the glass-steak act allowing banks to once again do whatever the hell they wanted. prior to that they were separated between investment and commercial banking. At that time Only commercial banks could get a ball out.

    The problem is public sector corruption that you keep trying to ignorantly defend.

  87. ExEx says:

    With a p@nis the size of a baby’s arm bisssh.

  88. The Great Pumpkin says:

    How exactly do they keep costs down below inflation? Everything goes up in price, expecting taxes to magically beat inflation is crazy. They are simply taking it from somewhere else, there is no free lunch.

    The Original NJ ExPat says:
    October 9, 2018 at 1:01 pm
    I used Zillow to look up the square footage of our current rental. I noticed something else. This is how normal states do taxes:

    2007: $5,074
    2018: $5,461

  89. The Great Pumpkin says:

    The guy I’m talking about is in his sixties. Again, there are friends of the ceo that get pretty sweet gigs. You guys simply ignore this and think it doesn’t happen in almost 99.9% of the workplaces.

    You know what 40 year old loses their job in corporate, someone that doesn’t have a brown nose and has no connections above them. True story.

    chicagofinance says:
    October 9, 2018 at 1:29 pm
    I made a short video on this subject with a Cornell professor about 4 years ago.

  90. The Great Pumpkin says:

    You know why? They are not as transparent as the public sector. Good luck finding out what people are paid. Wake up, enron takes a giant turd on anything the public sector has ever done corruptly.

    Again, do you think human nature acts differently because its located in a public or private sector. Same scumbags at play, but the private sector does a much better job of keeping it hidden.

    “There is corruption in the private sector too. But it is nowhere nearly as widespread and pervasive as it is in the public sector. All you need to do is open your eyes when dealing with the public sector to see it. In the private sector, it’s so rare that you almost never hear about it and when you do, it’s always executive level.”

  91. The Great Pumpkin says:

    Look at Trump, could the public sector get away with not paying their workers and pocketing the money like trump did to so many Polish workers? That’s insane corruption that is simply ignored. We made the guy President knowing he did this.

  92. PumpkinFace says:

    All,
    Shut up! Just shut up! He doesn’t get it! He’ll never get it! It’s been 4 hours! The cows can tape something by now! Forget about it please!
    https://www.youtube.com/watch?v=qQGgaI-BcI4

  93. The Great Pumpkin Hypocrite says:

    They are held to such standards because they are not allowed to file for bankruptcy alou gh they can just decide to not pay their bills which is a form of bankruptcy.

    A private entity can declare bankruptcy and not take down the economy with them until the glass-stegall was repealed.

    You hold the public sector in such high regards yet they always screw up no mater how high the taxes and then everyone else is stuck with the bill because of their corruption. That is the key part here.

    You want to fix the problem? End career politicians and no government debt can be issued without 60% voter approval, Reinstate glass-steagal, Massive pension cuts until the economy grows enough to support it. The government has too much power to spend the money of other people.

    The Great Pumpkin says:
    October 9, 2018 at 2:46 pm
    That’s the thing, why are public institutions held to perfection. Why are they not allowed to declare bankruptcy when in trouble? How many bankruptcies did trump go through?

    That’s the thing, how can you compare one entity that can declare bankruptcy on bad choices which resulted in unmanageable debt, and another that has to live with those mistakes?

    If the state of nj could declare bankruptcy, the debts from pension would be gone

  94. The Great Pumpkin says:

    I ask one simple question. Does human nature act differently under public and private sector?

    PumpkinFace says:
    October 9, 2018 at 3:11 pm
    All,
    Shut up! Just shut up! He doesn’t get it! He’ll never get it! It’s been 4 hours! The cows can tape something by now! Forget about it please!

  95. The Great Pumpkin Hypocrite says:

    You need to seek professional mental help. Seriously.

    The Great Pumpkin says:
    October 9, 2018 at 3:35 pm
    I ask one simple question. Does human nature act differently under public and private sector?

  96. Libturd...look me up in Costa Rica says:

    ” Does human nature act differently under public and private sector? ”

    YES!

    In private sector, corruption causes company to fail and that’s the end. Everyone from CEO down ends up out of a job. The corruption enriches the higher ups, but at the cost of the underlings who lose their jobs.

    In public sector, every (department) company is constantly failing and resurrected through increased taxes. The corruption enriches mainly the higher ups, but noone loses their jobs and many of the underlings demand the same privileges that their higher ups do through their unions. Taxpayer be damned.

    HUGE DIFFERENCE.

    Only too large to fail are bailed out in the private sector. Everyone and their mother could spend 8 hours a day vaping in the break room in the public sector and their jobs and raises would be guaranteed regardless of lack of production. What the public sector companies misses in production is ALWAYS made up by the taxpayer.

  97. Bystander says:

    Question, does a kid spend differently if they have $500 limit on credit card in their name vs. a card connected to the endless bank of Mommy and Daddy?

    Hhmm, it is not about human nature but rather controls and responsibility. Most 10 year olds can figure that out.

  98. Fast Eddie says:

    I had a public sector job for four years. All I did was read newspapers all day long. I had to leave because I was getting brain atrophy and felt guilty that I was taking tax payers money.

  99. The Great Pumpkin says:

    Wow, so you acknowledge the need for regulations?

    “The only reason the private sector got a ball out during the housing bubble was because the corrupted Clinton’s repealed the glass-steak act allowing banks to once again do whatever the hell they wanted. prior to that they were separated between investment and commercial banking. At that time Only commercial banks could get a ball out.”

  100. The Great Pumpkin says:

    What difference? A company fails and is replaced with another failure in due time. What’s the going rate for a successful business in the first 5 years. How many companies live past the age of twenty? Fifty?

    So again, why do we hold govt to impossible standards that the private sector can’t replicate? Why don’t we let govts fail, go bankrupt, and replace them with another govt to do the same thing again just like the private sector. A few successful govts will outlast the rest, but the majority will be failures just like the private sector.

    You guys really expect perfection from govt, and that’s for the land of unicorns. Understand human nature and deal with it.

    “In private sector, corruption causes company to fail and that’s the end. Everyone from CEO down ends up out of a job. The corruption enriches the higher ups, but at the cost of the underlings who lose their jobs.

    In public sector, every (department) company is constantly failing and resurrected through increased taxes. The corruption enriches mainly the higher ups, but noone loses their jobs and many of the underlings demand the same privileges that their higher ups do through their unions. Taxpayer be damned.”

  101. The Great Pumpkin says:

    Come on, man! Really? Maybe that’s the case for a few, but not the majority. Just like any workplace.

    Fast Eddie says:
    October 9, 2018 at 3:59 pm
    I had a public sector job for four years. All I did was read newspapers all day long. I had to leave because I was getting brain atrophy and felt guilty that I was taking tax payers money.

  102. The Great Pumpkin Hypocrite says:

    Yes. Too bad the family you probably voted for in the last presedential election got rid of one of the most important ones because of their corruption. Then you blame the private sector for it. You are so ignorant.

    The Great Pumpkin says:
    October 9, 2018 at 4:14 pm
    Wow, so you acknowledge the need for regulations?

  103. No One says:

    Here’s an example even a special needs pumpkin-head should be able to understand.

    What happens when a businessman sets up a hot dog cart and sells cold rubbery hot dogs for $5 each?
    What happens when government taxes everyone $5 per month and says you are now entitled to one cold rubbery hot dog per month from the new department of free hot dogs?

    In case one, the hot dog cart guy fails to sell many hot dogs, loses money, and gets put out of business by competitors offering better products and value.
    In case two, hardly anyone notices their new tax, the people who try the hot dogs are disappointed but they probably keep on trying to eat them for a while, since they are “free”. The government employs some connected losers to run the department who don’t really care about whether people like the hot dogs or not. Eventually after people complain about the hot dogs they hire an expensive consultant who tells them that they should only provide vegan tofu dogs, and should improve their social media outreach to explain why vegan tofu dogs are the ethical choice in hot dogs.

  104. grim says:

    Wow he really makes my head hurt.

  105. Blue Ribbon Teacher says:

    Fios? Yea, verizon f/ed over nj and never installed it in all locations….only locations that were valuable to them. Good ol private sector not coming through on its contract…shocker!

    I really can’t believe how in love you guys are with the idea that privatization solves problems. lmao

    Yeah, maybe we should force Ruth’s Chris to install steakhouses in every county as well.

  106. chicagofinance says:

    You better act fast….. the game is mostly sold out…. only that one and the Yale one ….. the rest have plenty…..

    leftwing says:
    October 9, 2018 at 1:49 pm
    Trying to herd the cats for the Cornell Princeton game.

    Tough calendar draw, Friday night of the week of New Years, college kids still home….our plans probably won’t come together until late.

    I’ll keep you posted how we develop. LMK likewise when you commit.

  107. Blue Ribbon Teacher says:

    The guy I’m talking about is in his sixties. Again, there are friends of the ceo that get pretty sweet gigs. You guys simply ignore this and think it doesn’t happen in almost 99.9% of the workplaces.

    Everyone knows this happens. You have no better system in place. The public worker system is definitely not the answer. Let the company bury itself in nepotism. It’s not your money. And FYI, the public system is littered with patronage positions. And that is your money.

  108. The Great Pumpkin says:

    It was a contract that they broke. Why agree to it if you are not going to do it? God forbid when the public sector does this, you are all over them. When private sector does it, you defend them. Scratching my head on this one.

    Blue Ribbon Teacher says:
    October 9, 2018 at 5:15 pm
    Fios? Yea, verizon f/ed over nj and never installed it in all locations….only locations that were valuable to them. Good ol private sector not coming through on its contract…shocker!

    I really can’t believe how in love you guys are with the idea that privatization solves problems. lmao

    Yeah, maybe we should force Ruth’s Chris to install steakhouses in every county as well.

  109. The Great Pumpkin says:

    Sounds good in theory, but we all know how the real world works.

    It’s just so simple, right? Just privatize it and everything will be run perfect, right? Save me the bs!

    If the world could do without the public sector, it would not exist.

    No One says:
    October 9, 2018 at 4:37 pm
    Here’s an example even a special needs pumpkin-head should be able to understand.

    What happens when a businessman sets up a hot dog cart and sells cold rubbery hot dogs for $5 each?
    What happens when government taxes everyone $5 per month and says you are now entitled to one cold rubbery hot dog per month from the new department of free hot dogs?

    In case one, the hot dog cart guy fails to sell many hot dogs, loses money, and gets put out of business by competitors offering better products and value.
    In case two, hardly anyone notices their new tax, the people who try the hot dogs are disappointed but they probably keep on trying to eat them for a while, since they are “free”. The government employs some connected losers to run the department who don’t really care about whether people like the hot dogs or not. Eventually after people complain about the hot dogs they hire an expensive consultant who tells them that they should only provide vegan tofu dogs, and should improve their social media outreach to explain why vegan tofu dogs are the ethical choice in hot dogs.

  110. The Great Pumpkin says:

    Well let me throw your same example back at you. What happens to people’s lives because of con artist businesses? Business goes bankrupt and everyone around them is fuct! How’s that for a tax?

    Look how much Trump cost us through his private sector business. Cost the taxpayers insane amount of money, but let’s just ignore the private sector and blame it all on the public sector. Christie let him off the hook for 30 million. That’s a private sector business owner getting paid 30 million by the tax payer for sh!t business. He almost took down ac with his bs.

  111. No One says:

    I finally have FIOS available. Should I switch from Cablevision (Optimum) with which I have no particular complaint?

  112. No One says:

    Avoid dealing with con artists. Just like you should have avoided getting into a van with the man offering candy. Con artists dont last long, if they really are. Smart people normally see through them. I can see how a guy gullible enough to hype pancakes in a can would feel vulnerable. But most people aren’t idiots like you.

  113. Blue Ribbon Teacher says:

    It was a contract that they broke. Why agree to it if you are not going to do it? God forbid when the public sector does this, you are all over them. When private sector does it, you defend them. Scratching my head on this one.

    Because it’s not theft. And FYI, it’s not a straightforward issue installing fiberoptic in buildings. Some landlords refuse to allow access. Moreover, Verizon has not paid a price because the agreement was so poorly written that they don’t have to. That’s what happens when you let career politicians force agreements. It was a stupid idea in the first place. They shouldn’t be granting permission to install broad in one area by forcing them to install it in an area that would not be profitable. You supposedly work in finance, but can’t understand why it’s silly to install fios in a Camden neighborhood.

  114. Blue Ribbon Teacher says:

    Well let me throw your same example back at you. What happens to people’s lives because of con artist businesses? Business goes bankrupt and everyone around them is fuct! How’s that for a tax?

    Everyone except the person who moves into the space and the people that end up working for them.

  115. The Great Pumpkin says:

    The private sector is just filled with such good people. Profit driven business model is absolutely perfect. That’s all you need to solve society’s problems, put a profit driven model in place, and like magic, it works to perfection.

  116. The Great Pumpkin says:

    This guy gets it. This is why there is no fully privatized model out there. It’s impossible to run society without a govt.

    “The good news is: theft and burglary will disappear. Yes, you read that correctly.

    The bad news is the reason why this happens: theft and burglary will disappear because private property will have ceased to exist.

    See, private property is a tricky thing. Owning something is not simply a relation between you and the thing. It is a title that is made valid under laws that are the same for everyone, law abiding citizens and thieves alike. This is why thieves can be prosecuted: our social institutions acknowledge that they have broken a law that applies to them, regardless of whether or not they agree. My owning the laptop I am using to write this answer means that, should someone steal it, that shall be a wrong even if the thief rejects the local law.

    But what happens if literally everything is privatized? Well, as long as the thief has not voluntarily accepted to participate in the local contract that replaces the law, you are not justified in prosecuting him. He didn’t acknowledge the rules that determine property rights, so he cannot justifiably be coerced into respecting anyone’s property rights. As a result, property rights end up being worth nothing. All you can do is stand your ground with enough weaponry to frighten anyone willing to take whatever you possess, until you fall asleep and are killed by the new owner.

    Also, there is no one you can justifiably turn to if your business partner does not honor a contract. Just as property rights, contracts are valuable because they can be enforced if necessary. If there is no one in position to enforce a contract, it is worthless.

    In a slogan: if you want private property, ownership proper, and not temporary possession, you want a state to enforce the laws that make private property possible. (Not just any state, mind you, but that’s another story.)”

  117. The Great Pumpkin says:

    Private property cannot exist without a state enforcing the contract law. So the entity you hate most is responsible for allowing you to own property and build wealth.

  118. Blue Ribbon Teacher says:

    Private property cannot exist without a state enforcing the contract law. So the entity you hate most is responsible for allowing you to own property and build wealth.

    That’s government’s function. You want to expand it to a ton of services and wealth distribution center. That’s the problem.

  119. The Great Pumpkin says:

    For all the whining about wasted tax money by govt, understand that if you are able to build wealth under that tax system, it is working. It may not be perfect, but it does function to produce an environment capable of growing wealth/value.

    People crying about paying taxes because they think they can spend it better are just obnoxious self absorbed greedy bigots. You are not beating this current system in place. It has produced the richest human population ever to grace this planet. Our fore fathers tried the Articles of Confederation method of no tax collection and it failed miserably. In ten years they destroyed that constitution and replaced it with one which the federal govt could tax. Now I wonder why?

  120. Glen says:

    No One at 7:02pm

    Yes, you should get FIOS. I had FIOS and loved it, then when the contract expired I switched to cablevision to save money. Picture quality is garbage compared to FIOS, and i’ve had numerous outages. Plus, with cablevision the bill goes up all the time, with fios you’re locked in. I plan on switching back.

  121. The Great Pumpkin says:

    The bitter truth, can’t have private property without a govt in place that collects taxes to enforce said law. To enforce said law, you need to have all the stuff we have in place. Even welfare is tool for enforcing law…if you don’t throw these crumbs to the needy, they won’t follow the law of the land. First thing they are coming for is your private property because they no longer respect the law out of desperation.

  122. The Great Pumpkin says:

    “I’m just going to touch on one aspect of this: Military.

    Ayn Rand had a rosy vision of privatized military in which people donate to the cause only if they believe in it. Thus, only the most just of wars will be fought. But of course, the problem with this will inevitably be that any country with such a military structure will not be able to raise funding unless there is a real and present danger, resulting in an inability to respond to said dangers when they do arise, as it takes time to develop technologies, build weapons, train troops, etc. Thus, any nation with a privatized military of this type will immediately fall prey to other nations – unless, like El Salvador, it simply counts on the protection of friends.

    And that’s even the rosy vision. A more likely outcome would be a multitude of privatized militaries feuding with each other and engaging in pillaging and conquest to fund themselves.

    So no, it is not reasonable to call for the privatization of everything.”

  123. No One says:

    Thanks Grim.

  124. Blue Ribbon Teacher says:

    The bitter truth, can’t have private property without a govt in place that collects taxes to enforce said law. To enforce said law, you need to have all the stuff we have in place. Even welfare is tool for enforcing law…if you don’t throw these crumbs to the needy, they won’t follow the law of the land. First thing they are coming for is your private property because they no longer respect the law out of desperation.

    Because that made sense. I’m so glad the people of Newark, Trenton, and Camden follow the law of the land.

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