ALEC’s Rich States, Poor States Issues Gloomy Forecast For New Jersey’s Economy

Apr 16, 2014 by AFP

ALEC’s Rich States, Poor States Issues Gloomy Forecast for New Jersey’s Economy

State’s Economic Outlook Ranking Drops Six Spots to 45th

MONMOUTH JUNCTION – New Jersey’s economic performance isn’t getting any better and the state’s economic outlook is worsening—this according to the most recent edition of the American Legislative Exchange Council’s (ALEC) Rich States, Poor States report.

“The barrage of bad news keeps coming and it’s clear Trenton is failing New Jerseyans miserably,” said AFP spokesman, Mike Proto. “The ALEC report is just the latest in a slew of poor fiscal and economic rankings, coupled with numerous downgrades from Fitch, Moody’s and S&P.”

“The problem is those in charge in Trenton seem to turn a deaf ear to all of this news and seem hell bent on pursuing the same failing policies that are destroying opportunity and eroding the economic well-being of New Jersey families,” continued Proto.

“Time and time again, Governor Christie has proposed ideas that would help us improve our economy and fiscal condition, including cutting the income tax and taking further steps to address our pension crisis. Yet, this Legislature continues to impede and resist.”

“How many more reports like this do we need to see before this Legislature comes to terms with reality? How long will they continue to evade the consequences of what they have wrought?”

ALEC’s Rich States, Poor States ranks the competitiveness of states on two pillars: Economic Performance, “a backward-looking measure,” and Economic Outlook, “a forward-looking forecast.” For two years running the state has ranked 48th on Economic Performance, but this year ALEC has dropped New Jersey’s Economic Outlook to 45th from 39th.

“We didn’t arrive at this point overnight,” continued Proto. “New Jersey’s decaying fiscal condition and economic stagnation is the culmination of a dozen years of failing, big-government ideas.”

“A great example is the minimum wage, one of the variables used to forecast Economic Outlook. Putting this on the ballot and now having it embedded in the state Constitution with guaranteed annual increases will handicap us for years to come.”

“The writing is on the wall. The state needs to change course now by reducing taxes and spending, adopting pro-growth policies, and fixing our pension system. If we continue on the path we’re on, New Jersey is destined for economic ruin.”

ALEC’s Rich States, Poor States report can be found here, along with the New Jersey Summary here.

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