Rutgers’ Economists & June Job Losses Paint Grim Picture
Senator Joseph Kyrillos, the ranking Republican Member of the Senate Economic Growth Committee, issued the following statement today regarding an economic analysis of New Jersey by Rutgers economists Joseph Seneca and James Hughes:
“I am deeply disturbed by the estimates from Professors Seneca and Hughes that we will loose an additional 20,000 jobs on top of the 14,000 already lost this year. New Jersey lost 4,000 jobs in June alone. More troubling is the fact that all of the job losses came from the private sector; the public sector had a net gain of 100 jobs.
“New Jersey needs a comprehensive economic development strategy. I voted against the imprudent elimination of the State Commerce Commission which would have been the natural vehicle for the development of such a plan. Unfortunately, this administration has not prioritized business development. Just today we learned that Blackrock Financial Management might leave New Jersey for Philadelphia taking 1, 300 high paying jobs with them.”
“Private sector job growth is what we need to lead us away from the grim economic future painted by Rutgers this afternoon. Families in New Jersey are already struggling with high energy prices. The last thing they need to worry about is losing their jobs.
“New Jersey Republicans have proposed several comprehensive economic development initiatives. Unfortunately, the Trenton Democrats have turned a deaf ear to our common-sense strategies. I have introduced S-2114 that would strengthen the Business Employment Incentive Program and sever as a central component of an overall economic development plan.”
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July 21, 2008
