Senator Joe Kyrillos (R-13) made the following remarks in response to a report issued by the Rutgers Economic Advisory Service which forecasts that New Jersey’s creation of high wage jobs lags the nation’s by a significant amount:
“This bleak report should send a chill down the spine of everybody in New Jersey. It is a wake up call for New Jersey policy makers. The report states that ‘The New Jersey economy has stalled; our growth rate right now is a third to a half of the national rate.’ The past five years of anti-business policies have been bad for New Jersey’s economy. The report continues that the current rate of job creation ‘may well be a chronic condition…’
“New Jersey was recently judged to have the nation’s second worse business climate. That burden is especially felt by small business owners whose companies create the lion’s share of new high-wage jobs. Not only has New Jersey been chasing jobs away, it has also become an inhospitable place for high-net worth individuals to live. This has real budgetary consequences. The top one percent of income earners pay 42 percent of the state’s income taxes, increasingly this mobile group is choosing to live outside of New Jersey. The shirking number of high-wage jobs and the flight of the affluent make it more difficult to solve the structural budget deficit.
“It’s not enough for the governor to talk about a new economic policy there must be real action. The stakes could not be higher. We are not only competing with other states to bring jobs to New Jersey, but with the global economy there is now international competition for jobs. This is a race New Jersey cannot afford to lose.”
Link to Post:
http://www.senatenj.com/index.php/kyrillos/kyrillos-new-jerseys-endangered-prosperity/100
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April 23, 2008
