Saturday, January 13, 2007

While New Jersey's economy fizzles...

...the rest of the nation's sizzles. Why is New Jersey falling so far behind the rest of the nation? Liberal economic policies and Democratic legislative control, perhaps? Steven Malanga reports on the sorry state of the Garden State in yesterday's New York Post - first up are Lies Our Governor Told Us:

The new governor spent his first year in office doing little to restrain taxes, to put it mildly: Instead, he enacted a billion-dollar tax hike. At the same time, he rejected proposals even from within his own party to whack away at state spending - the underlying cause of high taxes - by trimming public-employee health and pension benefits

New Jersey has more public employees per capita that any other state in the Union; and they and their benefits are untouchable. So the poor schmucks who decide to work in the private sector get whacked, and whacked again. Not to mention any business that would dare tempt fate and open up in New Jersey:

...a steady diet of New York-like tax increases and business-toxic legislation has now sent Jersey residents and jobs heading for the exits.
The state's economy was anemic again last year, adding private-sector jobs at less than half the national rate. Even worse, much of Jersey's recent job growth has been in low-wage service employment - not industries with higher-paying jobs, like telecom and finance....

Most surveys of the best places to do business in America now rank Jersey near the bottom, often right next to New York.

On average, every three $38,000- jobs that leaves New Jersey are replaced by two $23,000- jobs. That's economic growth, Jersey-style!


Just as disenchanted is the general public, weighed down by the nation's highest local property taxes and a bevy of steep state levies. T he number of Jerseyans moving out has tripled in four years, to about 72,000 last year, notes the Census Bureau.

Pretty soon, there will be nothing left but welfare reciepients, service-sector workers, public-union employees, and homosexuals looking to get married. Welcome to New Jersey!

Corzine has accomplished little in his first year in office that might staunch the outflow. After his $1.2 billion sales-tax hike last summer, he rejected proposals to offer property-tax relief funded by cutting sky-high public sector pension and health benefits, which are projected to consume a shocking 20 percent of the state budget by 2010.

The public-service sector will starve the state to death rather than trim the slightest benefit. They will bleed the carcass of New Jersey dry, with the help of their Democratic bitches in Trenton (who will continue to raise taxes on their behalf), in order to maintain their unrealistic lifestyles.
Alas, their selfishness will cost them dearly as well - for the day will come when the carcass will give no more, the state will be unable to meet payroll, and the whacks they will have to take will be much harsher than anything they may have thought to sacrifice earlier. Too bad they will take millions of innocents down with them, but hey ! They're not in the union, so I guess their lives don't count!

UPDATE: Typical sicko liberal philosophy: In an attempt to save money, the New Jersey State Legislature has passed a bill allowing schools to ignore, and thereby not teach about, Veteran's Day and Memorial Day. Think there is another agenda there as well? But don't question their patriotism!


UPDATE II: More data, this time from the Feds:

In a press briefing on the regional economy, the Fed's experts said New Jersey's economy grew 0.8 percent over the 12 months ended in November -- trailing the 4 percent gain posted by New York City. Although final figures are not out for 2006, New Jersey was on pace to create about 21,000 jobs for the year -- half the postwar yearly average and about one-tenth of the job-creation rate in Texas and Florida.

UPDATE III: Need to read more? How about price controls? They've failed everywhere else in the world, why not try them out on the people of New Jersey?

2 comments:

Jkw said...

the New Jersey State Legislature has passed a bill allowing schools to ignore, and thereby not teach about, Veteran's Day and Memorial Day.

I bet they have time & money to teach about Ramadan and Kwanzaa.

Anonymous said...

What a G-damn shame. Seems like New Jersey is conducting a live-laboratory experiment on how to ruin a perfectly good state economy (and destroy the quality of life for its residents as well).

What's truly frightening is that the national Democratic party wants to take this example and apply it to the nation as a whole. Can we see our own future in the state of New Jersey? Bush better hold firm; like his father abandoning his "no new taxes" pledge, any accomodation with the ruinious policies of the Democrats will tar Bush's legacy, regardless of the outcome in Iraq.