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Senator Mike Doherty says, “While millions of New Jersey residents were struggling to cope with the highest property taxes in the country, the State was handing out millions in tax breaks, and getting little in return”

Senator Mike Doherty

the staff of the Ridgewood blog

Trenton NJ, Senator Mike Doherty (R-23) is calling for legislative action following the release of a report by the State Comptroller that proved that the New Jersey Economic Development Authority (EDA) has failed to ensure companies that received corporate tax subsidies were using those funds to create jobs.

“While millions of New Jersey residents were struggling to cope with the highest property taxes in the country, the State was handing out millions in tax breaks, and getting little in return,” Senator Doherty said. “As far as I’m concerned, any company that claimed tax breaks and failed to keep their promise to use that money to create jobs has committed tax fraud. The lack of oversight at the EDA is appalling. I am exploring all legislative options to ensure every subsidy that was wasted in this corporate welfare scheme is returned to our taxpayers.”

The comptroller audit released on Jan. 9, 2019, showed that New Jersey companies that were given tax incentives to create in-state jobs sometimes failed to do so. The report also revealed that there is insufficient oversight of the tax incentive programs managed by the EDA.

“Our state’s egregious corporate tax breaks continue to have a mediocre return on investment,” Doherty added. “Instead of picking winners or losers, let’s focus on cutting taxes for everyone, so businesses and homeowners alike can afford to stay in New Jersey. As a good steward of taxpayer dollars, I will not rest until all misused corporate subsidies are recaptured.”

https://www.insidernj.com/press-release/nj-comptrollers-nj-economic-development-authority-audit-pdf/

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Conagra Brands Moves Jobs Out of New Jersey

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the staff of the Ridgewood blog

Parsippany NJ, Conagra Brands, the food giant that purchased Parsippany-based Pinnacle Foods for nearly $11 billion in October, is the second company in as many weeks looking for greener pastures . The company is closing a pair of Pinnacle facilities, according to a federal WARN notice — potentially costing 500 people their jobs.

Conagra, Chicago-based maker of products such as Healthy Choice and Orville Redenbacher’s, said in two separate notifications that it is closing office facilities at 399 Jefferson Road in Parsippany and 121 Woodcrest Road in Cherry Hill. The Parsippany property had served as headquarters for Pinnacle, maker of brands such as Duncan Hines, Vlasic and Birds Eye.

WARN Notice :  offers protection to workers, their families and communities by requiring employers to provide notice 60 days in advance of covered plant closings and covered mass layoffs. This notice must be provided to either affected workers or their representatives (e.g., a labor union); to the State dislocated worker unit; and to the appropriate unit of local government.

Conagra Brands, Inc.  Parsippany  Date 03/22/2019   layoffs 308
Conagra Brands, Inc.  Cherry Hill  Date 05/24/2019    layoffs 196

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Legislators Discuss state fiscal crisis of unsustainable legacy pension and benefit costs at the NJ Economic and Fiscal Policy Workgroup for Bergen County

photo courtesy of Assemblyman Kevin J. Rooney

the staff of the Ridgewood blog

Paramus NJ, Assemblyman Kevin J. Rooney was at Bergen Community College attending the NJ Economic and Fiscal Policy Workgroup for Bergen County with Senator Kristin M. Corrado and several other legislators. Our state faces a fiscal crisis of unsustainable legacy pension and benefit costs that suppress economic growth and competitiveness by crowding out needed investments in infrastructure, higher education, and economic development that other states are making. The legislature created the Workgroup to identify ways to address soaring pension and benefit costs, hold down property taxes, make state and local government and school districts more efficient, leverage the value of our assets, and mitigate the negative impact of the federal tax laws that target high-cost states.

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Reader says , “If not for the jobs in NYC the majority of NJ residents would be on the unemployment Line”

lasttraintoclarksville_theridgewoodblog

If not for the jobs in NYC the majority of NJ residents would be on the unemployment Line.
Corporate employers have left the state, knowing full well competent employees are willing to move along with them.
The only reason others have not left is due to state corporate welfare tax deals to keep them here.
Businesses will NEVER move here.
As the Internet connects us together for telecommuting, there will be no need to live close to NYC and work.
The only people left here will be the public employees whose unions have killed the golden goose…the same people who leave the state after retiring hand have their NJ taxpayer paid over generous Cadillac health care benefits while collecting the check in North Carolina.
The way to solve the state budget problem is to tax any public pension checks that get sent out of state

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U.S. Economy Creates 250,000 Jobs in October, Beating Expectations Again

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Council of Economic Advisers

New data released by the Bureau of Labor Statistics (BLS) shows that nonfarm payroll employment rose by 250,000 jobs in October, far exceeding expectations by 50,000 jobs. The United States economy continues its longest, consecutive streak of positive monthly job numbers, with employment growth averaging 213,000 jobs per month in 2018—larger than the monthly gains in both 2016 (195,000) and 2017 (182,000). Overall, the economy has added 4.5 million jobs since the election of President Trump in November 2016.

Continue reading U.S. Economy Creates 250,000 Jobs in October, Beating Expectations Again

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New Jersey Business Tax Policies Chase Away Jobs

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the staff of the Ridgewood blog

Ridgewood NJ, In light of yesterday’s Wall Street Journal report detailing Google’s plans to add 12,000 new jobs in New York City, Senate Republicans Tom Kean and Steven Oroho said that the expansion would cost New Jersey thousands of  jobs and hundreds of millions of dollars in lost tax revenue.

Continue reading New Jersey Business Tax Policies Chase Away Jobs

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New Jersey Danger Sign The State’s Shrinking Workforce

the staff of the Ridgewood blog

Ridgewood NJ,  according to the Garden State Initiative (GSI) analysis of September’s monthly jobs report for New Jersey showed continued, smaller gains for a state economy that is still struggling to regain last year’s workforce losses .

The bad news is that while New Jersey’s workforce grew in September, it is still smaller by 30,100 individuals compared to September last year. The state’s current workforce is also smaller than the state’s average workforce size in 2008.

Continue reading New Jersey Danger Sign The State’s Shrinking Workforce

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US Economy Ranked #1 on Global Competitiveness Index

the staff of the Ridgewood blog

Ridgewood NJ, The U.S. economy has regained its status as the world’s most competitive , for the first time since 2008, according to the World Economic Forum’s Global Competitiveness Report. The U.S. scored 85.6 out of a possible 100. The World Economic Forum says the U.S. is the country closest to the “frontier of competitiveness,” an indicator that ranks competitive productivity using a scale from zero to 100.

“America’s vibrant entrepreneurial culture and its dominance in producing a competitive labor market and nimble financial system” partly explain its top ranking, the Global Competitiveness Report says.

Continue reading US Economy Ranked #1 on Global Competitiveness Index

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Democrat Norcross Praises Revised Trump NAFTA/US-Mexico-Canada Agreement

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the staff of the Ridgewood blog

CHERRY HILL, NJ – U.S. Congressman Donald Norcross (NJ-01) Democrat released the below statement after the Trump Administration posted text for an updated North American Free Trade Agreement (NAFTA) / United States-Mexico-Canada Agreement:

Continue reading Democrat Norcross Praises Revised Trump NAFTA/US-Mexico-Canada Agreement

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The Middle-class is Back !

mike_rowe_dirty_jobs

the staff of the Ridgewood blog

Ridgewood NJ, for the first time since 1999 the median U.S. household earned $61,372 last year, meaning half of the families in the country brought in more income than this and half earned less. Crossing the $61,000 mark signals the American middle-class may have finally earned more than it did in 1999, although the Census Bureau cautions that median income last year was not statistically different from 1999 or 2007.

Middle-class income rose to the highest recorded levels in 2017 and the national poverty rate declined as the benefits of the strong economy lifted the fortunes of more Americans, the U.S. Census reported Wednesday.

Middle-class household income has been rising steadily in recent years as the economy rebounded from the deep recession . After a period of economic stagnation millions of Americans have found jobs again.

Overall, just over half of American adults were in the middle class in 2016. That’s up slightly from 2011, but down from 61% in 1971. The Census Bureau also reported that the U.S. poverty rate declined modestly to 12.3 percent, the lowest level in years and a sign the economic devastation from the Great Recession is subsiding.