April 17, 2014
Each day seems to bring additional news confirming what we already know: New Jersey needs to restart its economic engine. The state took a tremendous hit during the recession, and has yet to fully recover. The state’s unemployment rate remains high, and the budget gaps continues to widen as revenue collections miss their targets.
While the government does not and cannot create the jobs needed to buoy the economy in and of itself, it does have many tools at its disposal. Unfortunately, the government’s most oft-used implements, tax policy and government spending, are not producing the results the state so desperately needs. If New Jersey wants to completely and quickly escape the recession, legal reform must become part of the state’s economic development plan.