NJ Economy Off-Track

From the Asbury Park Press:

N.J.’s economy seen off track

New Jersey’s economy, once envied for its highly skilled work force and its cutting-edge research, has veered off course, business leaders said Monday.

To reverse the trend, chamber officials said the state needs to focus on six areas. They are:

Government reform. According to the U.S. Census Bureau, New Jersey state and local officials have the third highest average salary nationwide, putting a strain on taxpayers. The chamber called for the state to adopt wide-ranging ethical reforms and look at eliminating layers of government.

Economic development. New Jersey has the third-highest cost of doing business nationwide, according to Economy.com. The chamber called for the state to create incentive programs for existing businesses, particularly small businesses.

Education. New Jersey has the highest cost per pupil from kindergarten to 12th grade nationwide, according to the Census Bureau. The chamber called for the state to better analyze schools’ performance and publicize the results through a state Web site. And it wants the state to recruit science and math teachers, even if it means paying them more.

Environment. New Jersey has among the most stringent environmental regulations nationwide, some of which change often, chamber officials said. The chamber wants the state to base new environmental laws on widely accepted scientific findings and apply federal standards where it can.

Health care. New Jersey has the nation’s fifth highest cost of family health insurance coverage for workers covered by their employer — $10,168, according to a 2003 study by the Agency for Healthcare Research and Quality. Chamber officials said the state should reform the insurance market so insurers can provide more options for small employers.

Transportation. New Jersey workers’ average commute of 29.4 minutes is the third longest in the nation, according to the U.S. Census Bureau. Chamber officials encouraged Gov. Corzine to increase the gasoline tax to pay for transportation projects. Corzine instead wants to refinance bonds, which chamber officials said only will add to the state’s debt.

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14 Responses to NJ Economy Off-Track

  1. Anonymous says:

    Yeah I see the possibility of NJ derailing like a freight train!

    NOD’s are up in Bergen County Month over Month too! I just posted my week’s findings from June 2005!

    Foreclosure Investing – A Look At Bergen County


  2. Anonymous says:

    The “Pretend Wealth” County!

  3. grim says:

    Didn’t you get the memo?

    Debt = Wealth

  4. Anonymous says:

    I wonder what will come of the current college grads who are leasing M3’s on a 35k a year salary…because there seems to be a lot of them now.

  5. Metroplexual says:

    The transportation trust fund is being given a temporary life support with the refi the governor is doing but it is still going to need a major transfusion. Taxes will have to go up somewhere. two years ago the Pols were fretting over a 6 cent increase in the tax which is still way under PA or NY. You would not even notice it with the prices we are paying now.

  6. skep-tic says:

    a lot of young people today accept debt as a fact of life. college tuition is up 40% since 2000— guess how that is financed. house prices are up over 100%. If you’re under 30, your entire adult life has been a period of rapidly rising prices for the things you use every day, combined with easy credit to keep them all within reach. barely anybody questions whether college continues to be “worth it” despite the astronomical price increases. same with housing up until recently. not saying a lot of young people aren’t irresponsible when it comes to finances, but I understand how the mentality develops

  7. Anonymous says:

    The main problem with generation X and Y is that a majority of them want to live as well as the baby boomers – an entitlement mentality. What they don’t realize is that the boomers have been saving and investing for the past 40 years. When are we going to realize that living above our means is not the way to manage our finances?

  8. grim says:

    I’d love to see the data on that. You have a citation or link?


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