WalletHub’s 2022 Study: NJ Is THE WORST State for Retirement. Will Gov. Murphy Do Anything About It?
Posted On01/28/2022 byWalletHub came out with its “2022’s Best States to Retire” study, and New Jersey ranked dead last. This has real-world negative consequences for NJ: NJ also came in dead last in United Van Lines’ 2022 study of moving patterns, with retirees comprising almost one-third of out-movers and almost half of out-movers having incomes over $150,000. The…Read More
Despite a Record Payment and Much Happy-Talk from Gov. Murphy, NJ’s Public Pensions Remain in Deep Trouble
Posted On01/26/2022 bySunlight wants to amplify a highly credible report that sounds the alarm on NJ’s public pensions by Andrew Biggs (of the American Enterprise Institute) for the Garden State Initiative (GSI). The bottom line: Because NJ’s pension system remains unreformed, Gov. Murphy’s record $6.9 billion pension payment was “money down the drain” and NJ’s public pensions remain in…Read More
Words Are Nice, But Gov. Murphy’s Highest-in-the-Nation Corporate Taxes Hurt NJ Start-Up Businesses
Posted On01/19/2022 byIn his inaugural address, Gov. Murphy emphasized reducing NJ’s sky-high property taxes. This is an improvement over his previous posture of “if taxes are your issue then NJ may not be your state,” but words are cheap and if Murphy simply raises other taxes to lower property taxes, then NJ’s very-high-tax status quo will remain…Read More
Gov. Murphy’s State of the State Happy Talk Ignores the Woeful Underperformance of NJ’s Economy on His Watch
Posted On01/14/2022 byWith his happy-talk in his State of the State speech, Gov. Murphy ignored the woeful reality of NJ’s economy under his watch. While it’s typical for a politician to sugar-coat things to make his record look better, Murphy needs to called out for what is in reality severe underperformance compared to the rest of the…Read More
Three Studies Confirm the Consequences of NJ’s Uncompetitive Business Climate: People, Businesses and Wealth Are Leaving
Posted On01/10/2022 byLast week, we noted that the Tax Foundation ranked New Jersey’s tax climate for businesses as dead last – for the seventh straight year! We mentioned a natural consequence of this was the outmigration of people, businesses and wealth to states with more attractive business climates. As it happens, we now have three data points…Read More
NJ Has the Worst Business Tax Climate for the 7th Straight Year; Does Gov. Murphy Even Care?
Posted On01/04/2022 byIt’s a new year, but sadly for New Jersey some things never change. The Tax Foundation came out with its “2022 State Business Tax Climate Index,” which ranks the 50 states by how friendly their tax systems are to businesses. FOR THE 7TH YEAR IN A ROW, NEW JERSEY CAME IN DEAD LAST. Notably, New…Read More
New Study: People and Wealth Continue to Flee High-Tax States Like NJ. Does Gov. Murphy Even Care?
Posted On12/09/2021 byThat’s what the IRS data shows: people and wealth continue to flee NJ. According to a study by the National Taxpayers Union Foundation, in 2019, 16,947 taxpayers left NJ, taking $3.1 billion in Adjusted Gross Income (AGI) with them, both of which are 4th-worst in the nation. Only high-tax, Blue NY, CA and IL had…Read More
Another Study Rates Teachers’ Pension Fund As One of the Worst in the Nation; 2021’s Stellar Returns Won’t Change That
Posted On12/07/2021 byA third reputable institution has found the New Jersey teachers’ pension fund to be one of the very worst in the nation. First it was the Center for Retirement Research, then the Brookings Institution, and now Bellwether Education Partners‘ has published its own ranking of state teachers’ pension funds. NJEdReport has already done its (usual)…Read More
More Bad News: NJ Still Has -4.8% Fewer Payroll Jobs than Pre-Pandemic. Does Gov. Murphy Even Care?
Posted On12/03/2021 byAn editorial in today’s Wall Street Journal confirms the Pew Charitable Trust data that Sunlight highlighted on Monday. The Pew data showed New Jersey’s dismal performance in rebuilding New Jersey’s prime-age employment (ages 28-54), with the number of employed declining -6% from pre-pandemic levels, 4th-worst in the nation. While the entire Journal editorial is worth reading,…Read More
Pew Data: NJ’s Fiscal and Economic Woes Portend a Bleak Future. Does Gov. Murphy Even Care?
Posted On11/29/2021 bySadly for New Jersey, some things never change. Pew Charitable Trusts came out with its most recent study on the long-term fiscal condition of the 50 states, and New Jersey comes in DEAD LAST. Again. According to Pew, over the last 15 years (2005-19), New Jersey had the WORST structural budget deficit of any state,with…Read More