Rating New Jersey

And today, the state of the state is good, and getting better.

We improved our business climate, and today, by every measure, business confidence in New Jersey is up. In fact, one national magazine ranked New Jersey among the top 5 states with the most improved business climates in America.

New Jersey Governor Chris Christie state-of-the-state address 1/14/14

Reality:

It can’t get any worse.

On the same day that Governor (for now) Christie gave us his good news the Mercatus Center released a working paper ranking the fiscal condition of the 50 states.  Their determination:

Bottom 10:
50. New Jersey
49. Connecticut
48. Illinois
47.Massachusetts
46. California
45. New York
44. Maryland
43. Hawaii
42. Pennsylvania
41. West Virginia
40. Kentucky

Last week another study was released:
Moving Out:The top outbound states for 2013 were:
1. New Jersey

Then there was this study:
The lowest ranked, or worst, states in this year’s Index are:
50. New York
49. New Jersey

Perhaps Christie literally meant today as day one for getting better since it literally can’t get any worse. And to kick off our turnaround the Bridgegate scandal is all but history. Just this morning it was announced that the Christie administration has hired a law firm to help with the internal investigation. Yes, INTERNAL INVESTIGATION!  What a state we’re in!

8 responses to this post.

  1. Posted by bpaterson on January 16, 2014 at 1:25 pm

    stick a fork in us. Even if NJ jumped 5 spots on any of the studies, what does it mean. This was 15 years in the making. How long does it take to turnaround 15 years of malfeasance, misfeasance, corruption, profligacy and incompetence.

    Can anyone even venture some guess how we can really get out of this financial quagmire we are in, short of declaring insolvency?

    My guess a couple of years ago was for the state to put a lien on every property for $3-5,000, when the property owner sells he pays off the lien….sort of like a property recording fee.

    Reply

    • Posted by Tough Love on January 16, 2014 at 3:17 pm

      A few thoughts…

      (1) You gotta give Christie credit for pulling off the (phoney) 7-year grade-in to full ARC contributions into the Pension Plans. Masterfully, he turned a really bad situation,(structured to a ADD $15-$20 Billion to the underfunding during the grade-in period) into a political plus. It still amazes me how he is never challenged when he boasts how he has made the “agreed-upon” (phoney grade-in) contributions.

      (2) These are “State” Plans, so bankruptcy is (currently) not allowed. Which leaves us with …….. what will happen when the Plan assets run out … and even before that, when they have no assets except those equal to the accumulated $ contributions of the workers not yet retired. Can those be paid out to CURRENT retirees? Sounds like we will eventually hit pay-go where the face-off between the workers and the Taxpayers will rear it’s ugly head..big-time. Should Taxpayers be subject to endless huge tax increases to pay for grossly excessive and unnecessary pensions (and retiree healthcare) promises MULTIPLES greater than they get? It won’t be pretty.

      (3) When are Taxpayers going to wise up and no longer allow the Public Sector Unions and our elected officials to collude against them? The pension accrual rate for the FUTURE Service of ALL CURRENT Public Sector workers should be reduced by AT LEAST 50% …. and it would STILL provide more in retirement benefits than what 90% of NJ’s Private Sector Taxpayers get from THEIR employers..

      Reply

  2. Posted by Maceo on January 16, 2014 at 1:57 pm

    Ever hear of the realty transfer tax? We already have that one. Most Jersey folks do not know about it until they sell.

    Reply

  3. Posted by Javagold on January 16, 2014 at 4:12 pm

    Don’t worry we will make it up with online gambling ….. LOL

    Reply

    • Posted by Anonymous on January 16, 2014 at 4:26 pm

      Maybe we can legalize pot. That seems to be a good business enterprise. Pot and gambling. Then they can ask the hookers to go legit and pay income and business taxes…..and so on

      Reply

  4. Posted by grim reaper on January 18, 2014 at 4:21 pm

    Who made those promises?

    I didn’t make those promises.

    You want your money, go find the politicians that made the promises, ask them where the money is.

    Perhaps maybe unions will think twice about strong-arm negotiations, what good is negotiating yourself a benefit if by doing so you put all your benefits … and ours … at risk of insolvency.

    Skewer away, but frankly, the promises of some old political machine are not my problem. I question the authority of any of those administrations to have made promises without any forethought about how they were to be delivered.

    All those pensions should be considered null and void, illegal even. I laugh when I hear a politican talking about saddling the children with these debts. Don’t be so naive (I’m being kind, you are an idiot), the children, they aren’t going to pay.

    Don’t look to me with your hand out, go find the political fat cats that used you to buy an election and prosecute them for fraud.

    But the money? Yeah, that’s all gone now.

    Reply

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