Readers Comment on Job flight out of New Jersey and killing the golden goose
Wait, What?
You mean the plan to “tax the rich” to fund the NJ economy and redistribute the wealth didn’t work?
How can that be?
It was such a good, well thought out, logical plan
Oh well, let’s try the same plan again – it will surely work next time.
Some time around the very birth of this blog , I sat in a local kitchen and across from me sat among other people Tom Keen Jr who at the time was considering a run for Governor.
I carefully laid out my concerns about what would happen to the North Jersey economy ,specifically Bergen County if the “Wall Street ” job engine would slow down or stop .
I explained all those Wall Street salaries went to went to pay the very high taxes, rents and utilities as well as the effect of the enormous disposable income that was spent in shopping malls etc..
Tom looked across the table at me and said , “We are working on banning smoking in bars and restaurants” and I knew then that our representatives in Trenton have absolutely no clue what so ever as to what they are doing or even the most rudimentary understanding of economics .
Years later a certain leader of the “turf field”proponents,lets just call him Captain Jack used to say OFTEN that ,” if you can’t afford the high taxes you do not belong here ” and he would go on to claim that the high taxes actually caused the increase in property values. Funny how he left town be for the bill came do for the turf field he supported .
And that my friends is how the golden goose was killed with little fan fare and thus the mess we now find our selves in .
Reader says , “What will really hit the New York metro area is the rapid advancements in technology and communications, which will make it gradually unnecessary to have have “Wall St” and all it’s associated industries in law, accounting, etc., physically located in NY/NJ. This is a massive driver in terms of real estate, employment, and tax revenues for the tri-state area. The basic laws of supply and demand will eventually see this industry scatter. You might think your lifestyle and job is totally unconnected to Wall St, but you would be wrong.”
