McHOSE: IT'S TIME FOR CORZINE, DEMS TO SERIOUSLY ADDRESS NJ ECONOMIC WOES

Latest Economic Outlook Report Paints Another Dismal Picture

In response to yet another dismal report regarding the state’s economic outlook, Assemblywoman Alison Littell McHose said today it’s time the Corzine Administration and its Democrat allies stop playing games and get serious about cutting spending in an effort to stimulate New Jersey’s stagnant economy.

“New Jersey doesn’t need massive toll increases, it needs massive spending cuts,” said McHose, R-Sussex, Morris, Hunterdon, following release of a Rutgers University report that says the state is in an economic rut.

“With the nation teetering on a recession, this is just more devastating, yet not unexpected, news for our taxpayers,” continued McHose. “What will it take for this governor and this Democrat Legislature to wake up and smell the coffee? It’s obvious the state is lacking the strong leadership and resolve needed to get New Jersey back on track to solvency.”

According to the Rutgers Economic Advisory Service forecast that was released Thursday, it is expected that New Jersey’s economy likely will perform worse than the rest of the nation through at least 2017. Slow job growth with rising unemployment can be expected with “a quick turnaround unlikely,” stated an article in the Asbury Park Press.

The report blamed the bleak outlook on the state’s high cost of living and high cost of doing business in New Jersey along with its lower rate of population growth which is expected to average 0.6 percent. Job growth is expected to average just 0.8 percent through 2017 while unemployment will exceed the national rate. 

McHose, a member of the Assembly Budget Committee, noted that for the past several years, Assembly Republicans have advocated for steep state spending cuts in an effort to resurrect the Garden State’s devastated economy. Corzine, as well as his Democrat predecessors and majority Democrats have ignored their proposals.

“In the early to mid 1990s, when Republicans held the majority, they cut taxes, reduced spending and shrunk the state budget,” stated McHose. “As a result, New Jersey experienced a decade of economic growth, which included budget surpluses, additional property tax relief and the creation of 435,000 private sector jobs.

“Conversely, Democrats have ruled the Statehouse for the past six years and what do we have to show for it? A doubling of the state debt, $11 billion more in state spending, nearly 100 new taxes and the highest property taxes in the nation. In other words, economic Armageddon. It’s been a fiscal nightmare for New Jersey’s poor, middle class and businesses and unless this Administration starts enacting fiscally responsible and sound policies, the state will soon be bankrupt.”

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