North Jersey’s Economy in irreversible decline?
September 18,2012
PJ Blogger
Ridgewood Nj, Over the last 5 years the Ridgewood blog has argued to no a vale that North Jersey’s economy had become solely dependent on huge Wall Street earners , who not only paid the enormous state and local taxes ,but also propped up the economy with their personal spending .
Now that the regulator environment has stifled Wall Street job growth perhaps permanently and New York City has lost its top stop as the words chief financial center there seems little or no reason to believe that there is any chance of a comeback for Northern New Jersey’s economy for some time to come .
With Wall Street money all but dried up higher and higher taxes and massive over regulation impinging on the quality of life will continue to drive more and more people out of this area .
Yes folks the politicians in DC, and on both sides of the river have perhaps killed the golden goose once and for all .
Barring big Wall Street comeback, N.J. economic recovery will be slow
New Jersey’s economic recovery will continue to lag the rest of the nation’s, complicating efforts by the Christie administration to hit its ambitious revenue targets this year, a Wall Street ratings agency warns.
Gov. Chris Christie is banking on nearly 8 percent growth in revenue for the state budget he signed in June — among the highest jumps in the nation and nearly triple last year’s growth.
Moody’s Investors Service said in a report released Friday that the revenue projections appear optimistic given historical trends and the state’s slower than expected economic recovery. The ten-year average growth rate has been 3.8 percent and revenues only grew 2.6 percent in the fiscal year that ended in June. (Renshaw, The Star-Ledger)
https://www.nj.com/politics/index.ssf/2012/09/barring_big_wall_street_comeba.html
