Stuff in the ‘Taxes Economy and Outmigration’ Category
Truth in Accounting: NJ’s Debt Burden Now $58,300 Per Taxpayer
Posted On11/19/2021 byTruth in Accounting published its annual “Financial State of the States 2021,” and the good news is that New Jersey broke its streak of six consecutive years as the most indebted state. The very bad news is that despite the gusher of federal COVID-relief money New Jersey ranked 49th, with an average debt burden of…Read More
New Jersey’s Jobs Recovery One of the Worst in the Nation. Does Gov. Murphy Care?
Posted On09/14/2021 byNew Jersey’s jobs recovery from COVID has been one of the weakest in the nation. NJBIZ reports that according to Pew Charitable Trusts, there were 6.3% fewer people working than prior to the pandemic, which was the 5th worst after Rhode Island, California, Hawaii and Nevada. There are also 287,000 fewer jobs in New Jersey,…Read More
Gov. Murphy’s Choices Have Consequences: NJ’s 7.3% Unemployment Rate Among Highest in the Nation
Posted On08/24/2021 byA recent Wall Street Journal editorial painted an unflattering picture of New Jersey’s economic recovery. The WSJ notes that: “unemployment continues to run far higher in states run by Democrats. Unemployment nationwide fell to 5.4% in July, but it was above 7% in Nevada (7.7%), California (7.6%), New Mexico (7.6%), New York (7.6%), Connecticut (7.3%), New…Read More
Federal Money Shores Up NJ’s Budget, But Gov. Murphy Opts for Election-Year Spending Rather than a Sustainable Path
Posted On07/21/2021 byThe gusher of federal money has certainly been a boon to New Jersey as well as other states. This has had a number of positive ramifications, most importantly filling state coffers so that even perpetually in-deficit state governments like NJ’s are now running budgetary surpluses. This has allowed NJ to increase spending (in an election…Read More
Yes, It’s True: NJ Has the Highest Property Taxes in the Nation
Posted On07/13/2021 byMore good work from the Tax Foundation confirms what every New Jersey homeowner already knows: NJ has the very highest property taxes in the nation. Using 2019 Census Bureau data, the Tax Foundation looked at property taxes paid as a percentage of the value of the home. The makes sense because in wealthy states like NJ…Read More
NJEA’s Beatty: Gov. Murphy Is Best in the Nation When It Comes to Collaborating with Public Unions – and This Year’s Budget Proves It
Posted On07/06/2021 bySunlight could not have said it better. Supporting the NJEA’s early endorsement of Gov. Murphy, NJEA Vice President-elect Steve Beatty said: “There is no governor in the nation who has worked as closely and collaboratively with public employee unions than Gov. Murphy.” (June NJEA Review, p. 16). Just so. The record $46.3 billion budget Murphy just signed…Read More
The Special Interests Win Again: New Legislation Would Increase Public Union Power … and Property Taxes
Posted On06/29/2021 byThe Press of Atlantic City reports that Senate President Steve Sweeney is sponsoring a bill that would broaden public employee bargaining rights. Both the NJ Association of Counties and League of Municipalities oppose the bill because it would expand collective bargaining to issues that had previously been non-negotiable, such as personnel transfers and assignments. Proponents…Read More
NJ’s New State Budget Serves Our Politicians’ Needs But Does Little to Address Our Long-Term Problems
Posted On06/25/2021 byThe big news in New Jersey is the passing of the record $46.3 billion state budget. That is a 15% increase in spending over last year. As reflected in numerous reports, the passing of the budget was a typical backroom Jersey political deal, with little notice to the public, little debate and input only from…Read More
North American Van Lines: 64% of NJ Movers During the Pandemic Left the State
Posted On06/15/2021 byNorth American Van Lines came out with its survey of 2020 moving patterns – the first to encompass a full year of the pandemic – and unfortunately for New Jersey and other high-tax, “blue” states, the outmigrations continues. In a piece by the Daily Mail, NAVL reported that 64% of New Jersey’s movers in 2020…Read More
Wirepoints Study: NJ Has a Serious Problem with People and Wealth Leaving the State
Posted On06/11/2021 byWirepoints came out with a new study on IRS data for 2019 that clearly shows New Jersey’s loss of people and wealth. For 2019, NJ lost -26,528 people, and as shown in the graph below, a net $3.1 billion of adjusted gross income, 4th worst in the nation. The top of the list of…Read More