New Jersey Drops to 48th on ALEC’s Rich States, Poor States Ranking
Garden State continues to lose ground on economic competitiveness
Boonton, N.J. – Americans for Prosperity, the state’s leading advocate for economic freedom, says the most recent edition of the American Legislative Exchange Council’s (ALEC) Rich States, Poor States should be a wake-up call for Gov. Christie and lawmakers.
Rich States, Poor States, which evaluates the economic competitiveness of all fifty states, ranked New Jersey 48th overall, two slots lower than last year, ahead of only New York and Vermont.
“There is no sugar coating the news in ALEC’s report. Our state is continuing to fall behind,” stated Americans for Prosperity state director Erica Jedynak. “New Jersey’s high tax burden is weighing down our economy and making our state unaffordable and uncompetitive.”
“While high property taxes are hurting middle-class families, our progressive tax structure is also taking a toll and adding instability. One look no further than last week’s news that the loss of one New Jersey billionaire, David Tepper—who has chosen to move to Florida which has no income tax—could literally blow a hole in the state budget.”
“Gov. Christie and lawmakers must use the current budget season to make tax relief a priority, and dismiss any thought of raising the gas tax. We can make our state more affordable for families and job creators, and improve our economic forecast if we lower taxes and focus on the right priorities.”
ALEC’s Rich States, Poor States ranks the competitiveness of states based on two pillars: Economic Performance, “a backward-looking measure,” and Economic Outlook, “a forward-looking forecast.” Since last year, New Jersey fell from 46th to 48th on Economic Performance, surpassed by Minnesota and Connecticut. New Jersey’s Economic Outlook, though up one spot to 47th, remains well below the state’s 39th place ranking from three years ago.
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Americans for Prosperity (AFP) is a nationwide organization of citizen-leaders committed to advancing every individual’s right to economic freedom and opportunity. AFP believes reducing the size and intrusiveness of government is the best way to promote individual productivity and prosperity for all Americans. For more information, visit www.americansforprosperity.org state and taxpayers