"New Jersey is losing its competitive edge to lure businesses and keep jobs here. I don't want to see an economic disaster happen before we do anything about it. A freshman economics major will tell you that higher taxes and fees drive business costs higher, and few will stay around when there are more business friendly states competing for these jobs."
-- Assemblyman Joe Pennacchio
DECLINE IN JOB GROWTH CONTRADICTS NATIONWIDE TREND
NEW JERSEY'S ANTI-BUSINESS CLIMATE WORSENING IN WAKE OF HIGH TAX BURDEN, HEALTHCARE COSTS
Assemblyman Joe Pennacchio is concerned that New Jersey will lose valuable job growth during a trend of national expansion and is calling on the Legislature to address the issue. While the national economy has added 727,000 jobs since May, New Jersey has remained stagnant - even losing 2,200 jobs last month, according to the Council of Economic Advisers.
"Recently, the Legislature has adopted policies that prevent business growth in New Jersey by enacting too many regulations, fees, and tax increases that hurt their operations," said Pennacchio, R-Morris and Passaic. "If we do not act to reverse this trend, our economy will flounder, and our government will lose valuable sources of living for New Jerseyans. Business owners are very concerned that they cannot stay competitive in New Jersey while other states are offering lower taxes, less regulations and more development opportunities."
The chairman of the state Council of Economic Advisers, Rutgers economist Joseph Seneca, said in today's The Record, "These are very disappointing numbers, coming at a time when national job growth has been quite solid ... this is continuing evidence that the NJ economy is treading water."
Last year, New Jersey added 46,000 jobs. This year, the state is on track to add about 20,400 - roughly less than half of last year's gain. Seneca stated, "What's needed is significant attention at the highest level of government to growing the economy."
Pennacchio has been calling on state leaders to focus on this problem for some time. "New Jersey is losing its competitive edge to lure businesses and keep jobs here," he commented. "I don't want to see an economic disaster happen before we do anything about it. A freshman economics major will tell you that higher taxes and fees drive business costs higher, and few will stay around when there are more business friendly states competing for these jobs."
Furthermore, the council reported that the state lost 2,200 jobs in October. Pennacchio noted, "At a time when store owners usually hire additional help for the busy holiday season, we see a decline in jobs. The red flags can't be more obvious, but the recent administration stay silent and ignore the issue. This is very alarming. We must act decisively and swiftly to avert more deterioration."
The report noted that the biggest job loss was in the trade, transportation and utilities sector, where job weakness in clothing stores and other retailers contributed to the poor numbers.
For more information, contact:
Assemblyman Joe Pennacchio / 973-984-0922
Assembly Republican Office / 609-292-5339
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