NJ ChamberEdge
NJ ChamberEdge Sponsor
Business Insights & Inspiration
Business Insights & Inspiration
NJ ChamberEdge Sponsor

The Edge for November 2021

An Exclusive Article for NJ ChamberEdge

NJCC Election Forum Panel

The economy, federal aid, the pandemic and the workers’ shortage – and how they impact the election for governor - were topics discussed by five New Jersey business reporters during an Oct. 28 Election Forum hosted by the New Jersey Chamber of Commerce.

See below to read more about what was discussed at the forum moderated by Tom Bergeron, owner and editor of ROI-NJ.

Democratic Gov. Phil Murphy has promoted himself as a progressive candidate that has steered New Jersey through the pandemic, and rolled out college affordability policies and new business tax incentives like those found in the Economic Recovery Act of 2020. He has invested in a green jobs workforce; established an Evergreen Fund with private capital to support New Jersey-based start-ups and has invested in roads and bridges.

Republican nominee Jack Ciattarelli said he will be tax cutter, and has promised to "substantially lower" the state Corporation Business Tax over five years; allow an earlier tax benefit through carrying forward capital losses to future tax years; eliminate the capital gains tax on the sale of small “mom and pop” shops; and promote entrepreneurship and smarter redevelopment in urban areas through an expansion of federal Opportunity Zones and other private investment.

 

The Economy

Rhonda SchafflerRhonda Schaffler
Business Correspondent
NJ Spotlight News
Both candidates have said little about the business climate on the campaign trail.

“If (Murphy) campaigns too much on the economy, he may open himself to criticism,” said Rhonda Schaffler, business correspondent at NJ Spotlight News. “Businesses are still struggling. So if he campaigns on that, it may backfire."

Ciattarelli’s tax cut proposals are also tricky to run on, said Stacie Sherman, deputy managing editor for U.S. bureaus at Bloomberg News. “Cutting a tax in half means cutting spending as well. So if he is going to highlight that, he will need to talk about how he is going to pay for it," Sherman said.

Ciattarelli boasts a more business focused platform, said Colleen O’Dea, senior writer and projects editor of NJ Spotlight News. “Murphy is trying to play to the Democratic base and emphasize the social programs,” O’Dea said. “He wants to get women out to vote. That has been more of his focus.”

Still, Murphy has recently announced a string of planned corporate expansions that he says will be big job generators for New Jersey.

“These announcements on the whole are positive,” Schaffler said. “Still, these are photo ops with shovels, but no buildings and no new jobs yet.”

 

Federal Pandemic Aid

Daniel MunozDaniel Munoz
Staff Writer, Government/Economic Development
NJBIZ
There is the question of how the state will spend federal pandemic aid. “Why not use the federal aid to replenish the state Unemployment Insurance (UI) Trust Fund?” Bergeron asked.

Without that relief, employers are asked to pay more in taxes.

It’s complicated. “In a campaign you are looking for sound bites and things people understand,” O’Dea said. “Yes, the UI fund needs money desperately. But a candidate can’t (talk about it) very quickly in a sound bite.”

Neither campaign has “said one way or another whether they will use federal funding to replenish the unemployment fund,” said Munoz, staff writer at NJBIZ.

 

Workers’ Shortage

Tom BergeronTom Bergeron
Owner, Editor and Chief Content Officer
ROI-NJ
The state’s unemployment rate remains higher than the rest of the country, Bergeron said. “Yet, there is a workers’ shortage,” he said. “Employers are paying more to get workers.  Employers still can’t fill jobs. What is going on here? Is it the Great Resignation or the Great Indignation? Do people not want to work anymore?”

This is a shift of the future of work, Munoz said. “It’s a historical pivot regarding our relationship with work and work-life balance,” he said.

“I thought when the $300 (supplemental unemployment) checks stopped, people would go back to work,” Sherman said. “That is not happening. Restaurants have long waits. Doctors' offices have long waits for appointments. I don’t know where all the people are.”

There are people who are retiring early or don't want to go back to work five days a week, Schaffler said. “Companies are doing what they have to do to keep employees,” she added. “For the first time in a long time, business does not have the upper hand over labor. Employers are saying, ‘You want to work at home two days a week? That’s fine.’ ‘You want to work from Iowa? That’s fine.’”

 

Supply Chain Crisis

Stacie ShermanStacie Sherman
Deputy Managing Editor for U.S. Bureaus
Bloomberg News
The labor shortage, in turn, is contributing to the worldwide supply chain crisis.

“There is a shortage of products on shelves, and people are noticing,” Bergeron said. 

“We have all this demand right now but we can’t meet it with transportation and supply,” Sherman added. “iPads and iPhones are in short supply. You may not be able to get an iPhone for Christmas. For the next couple of months, it will be a very big issue.”

 

The Pandemic

Colleen O'DeaColleen O'Dea
Senior Writer and Projects Editor
NJ Spotlight News
Will the handling of the pandemic help or hurt Murphy?

“It helped his polling last year,” Munoz said. “But the economy is taking the forefront again, and we are seeing Ciattarelli closing the gap.”

O’Dea said, "Cases are down, hospitalizations are down. If this (trend) happened a couple of months ago, there would have been more talk about property taxes and economy (on the campaign trail).”

“It is starting to come to the forefront,” she added. “But is it too late for Ciattarelli?”

 

Voter Turnout

When it’s all said and done, voter turnout can be the factor that tips the scales on Election Day, Sherman said. “The last (gubernatorial) election had 38 percent turnout,” she said. “It really depends on which candidate can bring voters to the polls.”

View replay of the NJCC Election Forum

Election Day is Tuesday, Nov. 2.

Responses for this article were edited for space and clarity.

Search the Edge Archive

Newsmakers

As Jennifer Shimek transitions to a new leadership role at KPMG LLP, the company announced Jeffrey Knight has succeeded her as office managing partner in Short Hills.


Ernst & Young LLP appointed Eduardo Villa to serve as the Iselin office managing partner. In his new role, Villa oversees more than 1,200 EY professionals. Villa has been with EY for more than 22 years and has served as the New Jersey Tax Market Leader since 2019.


EisnerAmper has appointed David Frigeri to serve as partner and chief artificial intelligence officer. Frigeri will work with leadership to integrate AI, machine learning, and automation into EisnerAmper’s services to enhance client value and operational efficiency.


Fortune magazine named Merck, Hackensack Meridian Health and Atlantic Health System among the country’s 100 best companies to work for in its latest such list, released April 2. The 100 Best Companies to Work For list honors businesses that build a high-trust workplace environment, and is based on employee surveys.


Public Service Electric & Gas was recognized by J.D. Power as the top utility for residential customer satisfaction in both the electric and gas customer service categories in the East Large Segment for 2024. This achievement marks the second time PSE&G has earned this prestigious dual recognition for its residential customer satisfaction.


Prudential Financial has expanded the role of Caroline Feeney, appointing her as CEO of Global Retirement and Insurance Businesses, a newly created position that will oversee the company’s domestic and international retirement and insurance operations.


Former NJ Transit General Counsel Brian Wilton is joining the national bipartisan government affairs practice of Newark-based McCarter & English LLP.


Kenvue Inc., the maker of well-known brands like Neutrogena, Listerine, Aveeno and Tylenol, held a ribbon-cutting ceremony March 19 for its new, 290,000-square-foot global headquarters in Summit. The company has officially moved its headquarters from Skillman.


South Jersey Industries has donated $46,000 to the Southern New Jersey Chapter of the American Red Cross. The gift includes $23,000 in pledges from SJI employees as part of the company’s annual giving campaign, matched dollar-for-dollar by SJI. In total, this year’s campaign raised $350,000 for various organizations – a new record for the company.


Rowan University’s Edelman Fossil Park & Museum in Mantua opened March 29. It features towering dinosaur models, interactive exhibits, and a quarry where visitors can dig for fossils.


Thomas Edison State University has appointed Dr. Henry Collier as the new dean of its School of Science and Technology, effective April 7. Collier, a cybersecurity and artificial intelligence expert with more than 15 years of experience in higher education, will lead the school’s efforts to expand its programs and prepare students for careers in emerging technologies.


Robert Wood Johnson University Hospital, part of RWJBarnabas Health, and Rutgers Robert Wood Johnson Medical School recently received a $2.4 million grant to develop technology to better manage patients presenting with heart attacks.


RWJBarnabas Health celebrated the grand opening of its largest academic ambulatory outpatient facility, a 15-story ambulatory medical pavilion on the Robert Wood Johnson University Hospital campus in New Brunswick.


CentraState Medical Center, part of Atlantic Health System, unveiled the Hersh Pediatric Center at CentraState, a facility that combines advanced pediatric emergency and inpatient services in one family-friendly location.


Cooper and Inspira Cardiac Care team members at Cooper University Hospital in Camden were excited to announce they surpassed 1,000 cardiac surgeries in 2024, the highest number in South Jersey, and third highest in the state


The New Jersey Economic Development Authority Board approved the creation of the New Jersey Film Works Grant Program and entered into Memorandums of Understanding with Montclair State University and Brookdale Community College to expand film and digital media workforce development initiatives.


Merck has signed a licensing agreement for a heart disease drug with Jiangsu Hengrui Pharmaceuticals worth up to $2 billion. Merck will get exclusive rights to develop, manufacture and sell Jiangsu Hengrui Pharmaceuticals’ experimental oral heart disease drug, HRS-5346, worldwide, except in the China region.


Jefferson Health in New Jersey announced its newly elected medical staff officers, who will serve two-year terms. Dr. Gopika Banker was named medical staff president; Dr. Gerardo Varallo was named medical staff vice president; and Dr. Siddharth Bhimani was named medical staff treasurer.