From ROI-NJ:
GSI forum offers some ‘uncomfortable truths’ of doing business in N.J.
State Sen. Declan O’Scanlon was measured in his tone but precise in his words.
Speaking at Garden State Initiative’s second annual Economic Policy Forum on Thursday in New Brunswick, O’Scanlon (R-Holmdel) put the shortcomings of the state’s economy on the actions of government officials.
“The worst thing a state can do — which is the playbook New Jersey seems to follow at times — is to go out and act as if you actually care about what businesses say and what they need, and then do the exact opposite,” he said. “We’ve done that for a long time.”
O’Scanlon, who has served in the Legislature since 2008, said growing the economy is a numbers game — and one the state currently is losing.
“The rhetoric that comes out of the front office ignores mathematics,” he said. “There is a limit to how much we can increase the cost on the people who create the jobs here until they go away. And they’ve already started to go away.
“It’s a thing that we deny: Our tax policy and our regulation policies have a real impact on what people do.”
From Commercial Appeal:
Pandrol USA to open North American headquarters in Memphis
Railroad company Pandrol USA plans to open a North American global headquarters in Memphis, incentive documents show.
The new headquarters planned for 611 Winchester Road would bring 73 jobs to Memphis. The workers will be paid an average wage of $49,453 annually, the company said in an application for a Community Builder payment-in-lieu-of-taxes (PILOT) incentive submitted to the Economic Development Growth Engine for Memphis and Shelby County.
The EDGE board will vote on whether to approve the incentive at a public meeting at 3 p.m. Wednesday at the Better Business Bureau office on Tyndale Drive in East Memphis.
Pandrol has no presence in Shelby County. Workers at the new facility will manufacture railroad fastening products, the PILOT application said. The new headquarters is expected to cost the company nearly $9.3 million.
…
The company has requested a 15-year PILOT incentive. That would save the company about 75% of its tax obligation for the lifetime of the incentive. That represents more than $1.5 million in savings, according to EDGE documents.
Pandrol is a global company with offices in several countries, including France, China and Russia. The main office in America is in New Jersey, according to the company website. It is not clear if that office will remain open after a Memphis headquarters is established.
The NJ office will not remain.
Setting my daughter up in Charlotte for summer internship. Hmmm…get to visit all my old NJ client who moved here! Hey, who is this Red Ventures company? Some corporate campus!
LOL, must bump of a gem from Pumpkin yesterday….
“I just can’t be giving anything away about my employer. Strict waivers are signed and if they know I’m posting information on some blog, I just ruined my life. All that hard work for nothing. My wife will prob leave me…”
The idiot is a legend in his own mind. He’s so valuable as a sub-$200k spreadsheet jockey that “strict waivers are signed” about who employs him. LOL. Your job is only at risk here because of all the time you spend posting daily and how stupid reveal yourself to be. Every. Single. Day. Senior execs are more concerned about the chef in the exec dining room leaving than you.
This blog would impact your marriage only when your wife comes on and confirms she married a moron through your idiotic postings, sees how you are emasculated every day and yet come back for more, and discovers how your insecurities drive you to post the details of your s3x life with her.
Donkey.
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re: Charlotte
Going to a wedding in November there, my cousins daughter moved there from NY State. The parents are relocating to Charlotte next year after dad retires (59 yrs old) from swinging a hammer in NYC for the last 30 years. He showed me a few places online taxes are cheap 2k compared to 13K-20k a year in taxes for homes in NY state.
If you are going to leave this area, do yourself a favor and don’t go where everyone else is going.
All that means is there, will end up being just like here. Zig, when they zag, and if someone tells you that there is better than here, don’t bother with either of those. Go to the place you never hear anything about.
Let me get this post in while I can.
Lead article is republican/conservative political click bait. It is targeting a specific audience and saying exactly what they want to hear. It’s scaring you that the state is dying and that everyone is leaving (bs). It’s obsessed with lowering taxes while ignoring the real ideas to help the state economy. Take a look at a real think tank with real ideas that understands the strengths of the state like I do.
FYI, all these losers can leave this state as well as the businesses….someone will be there to take their place and will actually do a good job instead of crying about taxes to increase their profit…they will grow their company to increase profit.
“New Jersey has a strong, diverse economy, but it has not lived up to the full potential of its economic advantages. The Garden State has had a slow recovery from the global recession and lags the nation in both GDP and productivity growth. However, our economic analysis suggests that the state can reignite growth by addressing four issues: a shortage of young fast-growth companies to drive job creation, costly and inadequate infrastructure, too few middle-skill workers for today’s jobs, and modest returns on economic incentives.
The trauma of the 2008-09 recession left many states, including New Jersey, reeling. And, like other places—and the US economy overall—New Jersey has not gotten back to the rate of growth seen before the global financial crisis. However, the state has an outstanding opportunity to build on its many strengths and become a growth economy. New Jersey remains one of the top states in terms of GDP. Its people are among the country’s best educated, and household incomes are among the highest in the country. New Jersey is a leader in finance, technology, and advanced manufacturing. It has a uniquely advantageous location for participating in international trade and providing logistics services on the Northeast Corridor.”
“The Garden State faces a complex and multi-faceted growth challenge. By addressing these four issues, New Jersey has the opportunity to boost productivity and growth. It will take dedicated efforts by the public and private sectors, and the involvement of residents, to solve these problems. By focusing on its unique strengths, New Jersey can emerge with a future-oriented economy and serve as a growth leader nationally.”
https://www.mckinsey.com/featured-insights/employment-and-growth/reseeding-growth-in-the-garden-state
Not once does this study mention lowering taxes. Not once. They must be insane like Pumpkin.
Not rocket science people. Nj will rise again…give it some time.
“In a new report, Reseeding the Garden State’s economic growth: A vision for New Jersey, McKinsey’s New Jersey Office, with assistance from the McKinsey Global Institute, traces the sources of slow growth and identifies ways to re-accelerate growth in the nation’s eighth-largest state economy. According to the research, four factors have been limiting the dynamism of New Jersey’s economy, depressing growth:
The state has relatively few young companies that have grown into major employers.
Aging transportation infrastructure exacts a toll on productivity and high maintenance costs divert public funds from other uses.
There is a growing shortage of middle-skill workers (those with some post-secondary education but without a four-year college degree) with the training for new jobs in areas such as health care.
Other states get higher returns on economic incentives for businesses, partly because they focus more on young, high-growth companies. New Jersey’s economic incentives have focused more on retaining jobs.
New Jersey has an opportunity to convert the forces that are inhibiting growth into growth enablers, by adopting best practices of other states and using its own best practices more broadly. If it does and again matches the US GDP growth rate, we estimate that New Jersey’s GDP could be more than $150 billion higher a decade from now. This would also create more than 250,000 additional jobs.”
Exactly, throwing tax dollars at these chumps. Focus on providing incentives to small high growth companies instead of worrying about the huge old corporations that have peaked in growth and will now move anyway to a lower cost location in a move by management to maintain profit because the losers can’t grow profit through growth anymore. F them! It’s like a forest fire, let them burn so the new can grow in their place and maintain the long term health of the forest (state economy).
“Other states get higher returns on economic incentives for businesses, partly because they focus more on young, high-growth companies. New Jersey’s economic incentives have focused more on retaining jobs.”
Our forest (economy) has the good soil (economic advantages) that will always produce in the long run. This is why I take my position on nj’s economy. It’s common sense if you know what to look at. I promise you low taxes are not the key to strong economy, they help, but they are not the reason for a strong economy. Don’t believe me…how is Kansas economy doing vs Cali, ny, or nj? So enough with blaming the state’s economic ills on taxes. Pure bs, it’s a minor factor for a business.
Paging Michael, paging Michael..clean-up on aisle three.
Paging Michael, paging Michael..clean-up on aisle three.
The damn truth! People just don’t understand economics.
I’m going to eat breakfast. Have a great day people! Work hard and make nj Great again.
grim says:
May 14, 2019 at 8:15 am
If you are going to leave this area, do yourself a favor and don’t go where everyone else is going.
All that means is there, will end up being just like here. Zig, when they zag, and if someone tells you that there is better than here, don’t bother with either of those. Go to the place you never hear anything about.
Paging Michael, paging Michael..clean-up on aisle three.
Simply bizarre!!
Have you considered not doing things that trigger such outcomes?
The Great Pumpkin says:
May 13, 2019 at 10:00 pm
Easy for you to say, you aren’t hated like me.
He is an epic troll.
leftwing says:
May 14, 2019 at 7:27 am
Yeah, well that’s your opinion maaaaan.
The Dude
We have a data center outside of Charlotte near Apple’s data center. A few enterprising folks here have relocated to that data center, since there is plenty of office space too, they are still working full time but not in the hustle and bustle and taxes of NY Metro. One employee started working in 1968 for IBM, he has a pension but still wants to work so he sold his home in Montclair (recently are we near peak?)and is retired/working out of Charlotte. Low taxes nice home in a nice town and a NY Metro salary.
re: “Aging transportation infrastructure exacts a toll on productivity and high maintenance costs divert public funds from other uses.”
aren’t the salaries,overtime and benefits the biggest expense?
Anyone see Gov Cuomo going off on the LIRR workers this week? He called them thieves for stealing crazy amounts of overtime.
https://nypost.com/2019/05/12/cuomo-mta-workers-sky-high-overtime-is-theft/
Folks sold their overpriced concrete block home in FL after prices recovered. Moved to Charlotte, bought a bigger/better place for $200k less and live very happily. Not a bad retiree move.
Recently retired LIRR employee Thomas Caputo claimed he worked an additional 3,864 hours to rake in $344,147 in overtime pay in 2018 for a grand paycheck of $461,646, according to the Empire Center.
Another LIRR worker, Marco Pazmino, put in for 4,157 overtime hours, quadrupling his $55,000 yearly salary.
Those two individuals worked on average of 10+ and 11+ hours of overtime (in addition to regular time) everyday, 365 days a year. Impressive. I wonder if their contract has some ridiculous clause like the longshoremen getting paid 24hrs a day even when not working.
Joyce- according got Cuomo it’s fraud aka no-show.
The Pension benefits in NY changed to not count as much overtime in the last 3 years of salary calculation but that is for new workers hired after 2010. For these clowns the cap in the calculation average of 3 years is supposed to be $240,000, so they will be getting somewhere around $171,000 a year, the max.
Pension Benefit at Time of Retirement
Monthly: $14,300
Annual: $171,600
https://www.empirecenter.org/publications/pension-calculator/
The fraud is the supervisions who signed off on the overtime, and possibly covered for no-show etc.
These Union jobs really elevate the “workin man”….and the hardly workin’ man. So glad they are doing so well for doing so little.
https://www.youtube.com/watch?v=UDxahkQUiQE
Rush
Working Man
Alexa Guard is out today. It is also free.
I wonder when it is going to start listening for other crimes other than breaking and entering?
“Alexa Guard automatically listens for things like breaking glass and can alert you if it suspects someone is breaking into your home. If you have an ADT or Ring alarm system, it can also automatically set off the alarm. The feature was announced during Amazon’s big Alexa event last September.
Alexa Guard is free, but still needs to be manually activated by you. It requires you to first speak “Alexa, I’m leaving” to activate Guard on your Echo and to force Alexa to begin listening for more than just the “Alexa” wake word.”
https://www.cnbc.com/2019/05/14/how-to-set-up-alexa-guard-on-an-amazon-echo.html
anyone pull a JJ and go balls deep in the market yesterday?
I think I found Punkin’s Alma Mater
https://www.dailymotion.com/video/x2oof5j
“anyone pull a JJ and go balls deep in the market yesterday?”
I wanted to, but I’m cash broke, asset rich right now. Cancer kid will do that to you. I did tell my brother in law to start backing the car up. Never before have I seen such a clear cut example of noise. Until the US stops buying Chinese sh1t, I doesn’t matter how amazing of a negotiator Trump is. They hold our treasuries stupid!
Remember everyone. All it takes is one poorly formed cell to alter all of your best laid out plans.
In other news, the third battle, getting the “D” into a school which suits his disabilities may end up being more costly than his health care.
I’ve been pretty steady on my market approach since last summer…trimmed up my main portfolio until opportune entries (BMY/CELG) show themselves. Keeping dry powder to hop on my shopping list on days like yesterday.
I’m writing ST call/puts – sometimes open simultaneously if the stock is moving – against many of those entries to reduce cost.
Trading portfolio, pulled duration in tight. Really not looking out more than weeks. Almost all options to limit loss. Writing positions around market swings.
Yesterday I took profits on the TSLA puts, wrote some more puts on LYFT which I bought back in this morning reducing my basis on my LEAPS there another 0.85, took profits on CVS calls I had written reducing basis on that stock another 1.10, wrote some puts on CVS that I’ll look to take off/expire by expiry on 5/24 worth another 0.80…
Still looking for short ideas…anyone want to email me Pumps employer (inappropriate to post) I’m all ears. Any company that would not only employ him but pay him six figures is a sure short.
Anyone else get a chuckle out of McKinsey consultants lamenting the lack of “middle skill” workers to fill the multitude of middle skill jobs in NJ? Those azzhol3s recommend taking a chainsaw to any onshore department not directly involved in sales, then wonder where all the workers went? GTFO
Lib I don’t think the Chinese will sell their treasuries. They don’t have a whole lot of options.
I think the Chinese have already been engaged in a trade war with us for decades. This is the first shot back.
The whole thing is a charade. They still need us as much as ever.
They need us more. We buy various things from them yes, but they buy food from us.
China won’t risk civil unrest although I think in many respects the people have become completely docile and soft and obsessed with western culture.
The Chinese like the status quo in place because they get to exploit near slave labor to run a massive trade surplus which allows them to now slowly scoop up U.S. real estate and other assets.
Chinese labor isn’t that cheap anymore. Many other countries are cheaper – Vietnam and Mexico, for example. That’s why in recent years factory automation/robotic equipment sales to China had been surging, as factories tried to get more efficient and upgrade quality. Until 2H18 when orders plunged because of 1H18 domestic monetary tightening coupled with big fears about future overseas orders in the face of tariffs. Late 18 and early 19 Chinese car sales have dropped sharply. But the upper classes of China mostly care about how their property values are holding up, and I think so far that has held up, so luxury goods sales are still growing in China. Chinese social media has a big superiority complex that masks an inferiority complex.
Lib,
A couple of websites for you:
http://www.eclcofnj.org
Ate at this place the other day, good food and they do good for society too
https://patch.com/new-jersey/chatham/congresswoman-visits-chatham-eatery-supports-special-needs
Side note, wish I understood the economy like all the smart people on this board. I think its a house of cards waiting to revert to at least the mean. Doesn’t all this debt matter and lots of people still struggle in a big way but all the people I hang out with seem oblivious to it. What % of the population has to be struggling before concern of the masses about this is front and center?
The Chinese Government appears to have been illegally subsidizing the manufacture of goods for sale overseas and selling them below cost to drive competitors out of business and grab market share.
https://www.youtube.com/watch?v=oSjlGNaWPbc
-Curtis Ellis, who was special advisor to the Secretary of Labor in the Trump-Pence administration
05/14/2019 18:25:32 [BN] Bloomberg News
New Jersey April Income-Tax Record High Surprises Even Treasurer
Now expects $377 million more than Governor Murphy projected
State reported taking in $3.6 billion for April record-breaker
By Elise Young
New Jersey saw record tax collections in April, allowing it to boost revenue forecasts for the year by $377 million and leaving the chronically cash-strapped state anticipating surpluses through the end of the next budget year.
The $3.6 billion taken in last month as tax returns came due increased New Jersey’s major revenues so far in the current fiscal year ending in June by 11% from a year earlier, according to figures released by Treasurer Elizabeth Muoio as she testified at a Senate budget committee hearing in Trenton. It helped propel the revised total revenue projection for the current fiscal year to $38.1 billion, or $377 million higher than Governor Phil Murphy had expected.
New Jersey is among a group of states, including California, Illinois and Connecticut, where April tax revenue has been stronger than projected. It’s making up for shortfalls earlier in the budget year when collections lagged official forecasts because of the difficulty in predicting how U.S. tax changes, including the $10,000 cap on state and local deductions, would ripple through state capitals.
Muoio had predicted a strong April “but we encountered somewhat of a surprise” with that record, she said.
The influx is providing extra cash for governments already benefiting from the nearly decade-long economic expansion and is coming just as many set their budgets for the coming fiscal year. While it’s a boost for New Jersey’s current fiscal year and the one that starts July 1, it also sets up Murphy for a political tug of war with fellow Democrats who dominate the legislature. The governor has said he will set aside $250 million for tax relief, but only if he wins approval of a millionaire’s tax that lawmakers oppose.
The state will use some of the money to replenish its rainy-day account — which can be used only in an emergency — with at least $250 million, a first since that fund was drained in 2008, Muoio said on May 13. That’s in addition to back-to-back projected annual budget surpluses in excess $1 billion for the current year and next, leaving New Jersey with a cushion not seen since fiscal 2009 as Murphy hedges against a potential recession
I went into the week pretty well hedged with lots of inverse funds owned since last week, I drew down 0.27% yesterday, no stops hit. Up 0.37% today, so pretty much a wash for me so far this week.
anyone pull a JJ and go balls deep in the market yesterday?
Revenues +11.2% fiscal year to date (July 2018-April 2019) driven by gross income tax +7.7%.
Well above the optimistic budget.
Based upon on these figures, NJ is booming.
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How to clear out njrereport for the day…show them stats that are direct evidence that nj is not dead.
Donkey, I mean lefty, who has been calling this the whole time? My analysis skills are not worth 6 figures? Kiss my a$$.
The so called village idiot who brings no value to this blog strikes again.
I was right about Murphy too. Unlike you partisan hacks, I don’t belong to a team, I just vote for whatever I think is the better option for nj. I was dead right about Murphy, the guy understands money. He also wants to give a 250 million tax cut. So much for the accusations. You have to tax, to build an investment fund that can grow the economy. Not rocket science, but idiots want to cut their way to growth. Just brilliant, let’s take money out of the economy to grow it…sure makes a lot of sense.
F’en blowhard Christie had no ideas besides cut taxes and reduce regulation. Sure, that’s a recipe for great growth. Loser.
This has organized crime written all over it. No one would have the balls to sign off unless they are forced to sign and take a cut of the money. The individuals did not get all that money to themselves, it was sliced and diced by the people who made it happen. The worker is just a pawn in this.
“The fraud is the supervisions who signed off on the overtime, and possibly covered for no-show etc.”
Just like private sector gets shaken down by organized crime, same thing happens in public sector.
Just love it. Admit you hate jersey. The state is boooming and not one positive post about it. Not one single post. This is better than anything trump has done, yet not a peep about what a good job Murphy is doing despite getting kicked by his own political party in this state (Sweeney is the establishment, Murphy is the trump) and punched in the face by trump’s salt plan.
How funny is it that I was writing posts this morning trying to get you to understand that nj isn’t dying and bam, the stats come out to prove it. Can’t wiggle your way out of this one and act like I didn’t call this….I was calling it right here on this blog this morning.
The other day someone said what industry do I work in to come to this conclusion….that I’m making it up. A$$hole, clearly you work in the wrong industry, not me. I’m able to see the positives and strengths of jersey unlike you.
And I promise you the people who moved from jersey will regret it. I promise you. I don’t need to explain why because I’ve said it a million times.
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