Despite bleak standing, policymakers poised to pile on costly small-business mandates
TRENTON (April 18, 2018) – A national economic report of all U.S. states ranked New Jersey at No. 49, or near rock-bottom, for its economic performance. The Rich States, Poor States report just released by the American Legislative Exchange Council, also places New Jersey at No. 46 for its bleak economic outlook.
National Federation of Independent Business (NFIB) in New Jersey, which advocates on behalf of thousands of small and independent businesses in the state, said the news doesn’t bode well for the economic health of every business and resident, or the state’s economy.
“This is a dubious distinction for New Jersey that hasn’t improved much over a decade, and its certain to continue sending companies and their employees to more competitive states,” said NFIB’s State Director in New Jersey, Laurie Ehlbeck. “Dramatic figures in the report show New Jersey taxpayers are leaving the state in droves. Unless there are policy changes, there will be fewer and fewer tax dollars coming in.”
The economic performance section of the report included data that shows over a 9-year period, 516,326 residents left the state. Other factors considered in that ranking were the state’s Gross Domestic Product (GDP), and employment levels.
The economic outlook ranking was based on fifteen state policy variables, such as taxes, labor costs, and state debt.
“At the same time as this very negative economic report is released, our legislators are piling costly labor mandates on the backs of small businesses such as paid leave, and a proposal for a $15 minimum wage,” added Ehlbeck. “Ill-advised policies like these will only make the Garden State die on the vine as other states bear fruit.”
