New Jersey is the only state in the nation to see the number of new coronavirus cases drop in the last two weeks, but the pandemic’s financial impact continues to grow, according to a new Rutgers study.
The economic freeze, fueled by coronavirus restrictions that shut down businesses for months and urged residents to stay home, has found the Garden State experiencing historic losses and rebounds that would typically take years happen in just a few weeks.
James Hughes, economist and University professor at Rutgers University, warns the unstable economy is a “life force of its own.”And that, he s… Read the rest of this entry »
Monmouth County Freeholder Director Tom Arnone wants New Jersey’s economy to reopen safely and he wants County officials, rather than the Murphy Administration, to regulate the reopening of restaurants and retail stores and to provide the safety guidance required.
The State of New Jersey is doing its utmost to fight off
the ravages of Covid-19. Most of the efforts are being done voluntarily (social
distancing) but other efforts are being done at the direction of the governor.
Governor Philip Murphy, by edict, has closed most of the smaller retail
establishments in the state. It’s obvious that with fixed costs and no revenue
many of these establishments will not reopen. Murphy’s edicts “that you will
close” do not seem to have any weight in law. The proprietors close because of
fear of the local police or county sheriff paying them a visit. Using the
threat of arrest, prosecution, and possibly, incarceration Murphy was wildly
successful in getting the “little people” to toe his line.
New Jersey’s financial reputation took another hit yesterday, with S&P Global, one of the Big 3 Wall Street credit-rating agencies, announcing it has once again lowered the state’s debt grade by one step. The downgrade is another setback for Gov. Chris Christie, a Republican who has now suffered through more credit-rating reductions than any New Jersey… Read the rest of this entry »
TRENTON — A Wall Street ratings agency on Monday left New Jersey’s credit rating unchanged though it’s “cautious” on the state’s ability to meet its revenue forecasts this year. Fitch ratings noted that despite the state’s more conservative revenue forecasting in recent years — a departure from years of overly optimistic estimates that left big holes… Read the rest of this entry »
TRENTON — A new study cast doubts on whether New Jersey can withstand another economic downturn. It’s the second such study this year to find that the state, which has lagged behind the rest of the nation in recovering from the Great Recession, is particularly vulnerable and unprepared for yet another. New Jersey is among 10… Read the rest of this entry »
TRENTON — The state Senate will vote Monday to put off paying overdue awards to businesses that created jobs in New Jersey as part of the governor’s plan to balance the budget for the coming year. Tax collections missed their mark this spring, and Gov. Chris Christie’s administration announced it would delay the bulk of the… Read the rest of this entry »
PARSIPPANY — Gov. Chris Christie announced at a groundbreaking ceremony in Parsippany Tuesday the Garden State has recovered from the Great Recession. “We have recovered from the long recession,” he said. “We have put more of our people back to work than any time before.” Speaking at the site of UPS’ new technology center in Parsippany,… Read the rest of this entry »
Armed with new labor statistics that show New Jersey’s unemployment rate has now fallen below the nation’s and all other states in the region, Gov. Chris Christie came forward yesterday to tout his administration’s anti-tax policies. The governor’s victory lap highlighted a drop in New Jersey’s unemployment rate that reached nearly 2… Read the rest of this entry »
TRENTON — New Jersey is among U.S. states least equipped to respond to an economic downturn, according to a new study comparing states’ savings. New Jersey’s surplus, $300 million in 2014, wouldn’t be able to put up much of a fight against a recession, big or small, long or short, the study out of George Mason… Read the rest of this entry »