New Jersey Economy At Risk
From the Star Ledger:
Economists see shaky fiscal ground
New Jersey's economy is weaker than it looks, according to two Rutgers University economists who testified yesterday before a legislative committee.
While "at the surface level, the state is veryprosperous," a steady decline in high-tech jobs, unless slowed or reversed, could strand the state in aneconomic dead end, according to Joseph Seneca and James Hughes.
"New Jersey's economy is an economy at risk," Seneca said.
Seneca said New Jersey's national share of jobs in pharmaceuticals, computers, telecommunications and other technology-related industries was 5.2 percent in 1990. By 2004, that share had dropped to 4.1 percent. The decline accelerated after 2000, and one consequence is that the state is losing high-paid manufacturing and technical jobs while adding lower-paying jobs in government and the service industry.
...
Philip Kirschner, president of the New Jersey Business and Industry Association, which represents more than 23,000 businesses in the state, said a recent survey by Chief Executive Magazine ranked the state 46th out of 50 states and the District of Columbia as a place to do business -- down from 37th last year. He blamed corporate, income and other tax increases enacted in the past four years.
Caveat Emptor,
Grim
Economists see shaky fiscal ground
New Jersey's economy is weaker than it looks, according to two Rutgers University economists who testified yesterday before a legislative committee.
While "at the surface level, the state is veryprosperous," a steady decline in high-tech jobs, unless slowed or reversed, could strand the state in aneconomic dead end, according to Joseph Seneca and James Hughes.
"New Jersey's economy is an economy at risk," Seneca said.
Seneca said New Jersey's national share of jobs in pharmaceuticals, computers, telecommunications and other technology-related industries was 5.2 percent in 1990. By 2004, that share had dropped to 4.1 percent. The decline accelerated after 2000, and one consequence is that the state is losing high-paid manufacturing and technical jobs while adding lower-paying jobs in government and the service industry.
...
Philip Kirschner, president of the New Jersey Business and Industry Association, which represents more than 23,000 businesses in the state, said a recent survey by Chief Executive Magazine ranked the state 46th out of 50 states and the District of Columbia as a place to do business -- down from 37th last year. He blamed corporate, income and other tax increases enacted in the past four years.
Caveat Emptor,
Grim
3 Comments:
what a total waste of time. Should of done 2 .50 basis rises early on.
What's the difference some moron can fudge an satted income doc and get a loan. it is corrupt!
Avg income in North NJ is about $58,000. How are all these morons affording these $600k houses?
anyone have thoughts on the condo boom in hoboken and jersey city?
thanks
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