This has certainly been a historic summer with many political twists and turns. The most recent being this past Sunday afternoon. And, through it all, polling consistently shows the item that matters most to Americans and employers is the economy.
That’s no surprise given all the uncertainty since the pandemic.
Now more than ever, we need our leaders from both parties to come together to focus on bipartisan economic growth policies that create prosperity for all. It sounds simple but it has been so elusive for so many years. Our country will only succeed if we end the constant disagreements. We can do this by getting back to basics through bipartisanship that involve all key stakeholders working together for the common good of the people.
What I’ve discovered during my career is that when you convene face-to-face meetings with people from all backgrounds and viewpoints to solve problems, you quickly find they have more in common than previously thought. This leads to fruitful discussions, less partisan bickering and actual civil discourse, which sadly is so foreign these days. As a result, we would be much better off as a nation and a state – and the divisiveness would diminish.
Here in New Jersey, we have major fiscal and economic issues to solve. We are at a critical juncture. Our state budget has grown at an unsustainable rate, causing our projected structural deficits to worsen. And, the passage of the Corporate Transit Fee makes New Jersey less competitive and less attractive to new investments. Already we are heading in the wrong direction with New Jersey dropping from No. 19 to No. 25 in CNBC’s 2024 Top States for Business rankings.
So what do we do about it?
We at the N.J. Chamber of Commerce are inspired by the U.S. Chamber of Commerce’s ‘Growth and Opportunity Imperative,’ which urges ALL candidates and elected officials to prioritize policies that support at least 3% economic growth annually over the next decade. Sustained economic growth provides a foundation for broad-based prosperity by expanding opportunities, adding jobs, increasing incomes, fostering innovation, and enhancing the overall quality of life for individuals and families.
We need a similar initiative for New Jersey. And, to compliment what the U.S. Chamber is doing, we need to start now.
Together, we can address items such as the state’s spending and structural deficit, so next year – and future years – there are not major budget shortfalls, which forces the creation of additional taxes in the never-ending pursuit of more revenue. We also need to create organic economic growth by focusing on enhancing the state’s business community. Let’s develop plans that will make New Jersey as competitive, if not more so, as our neighboring states, such as New York and Pennsylvania, who finished ahead of us on the latest CNBC list.
With New Jersey’s gubernatorial election approaching, we must not let rhetoric eclipse progress. I appeal to candidates of all stripes to propose only economic policies that benefit employers and residents in the long-run. I ask our current elected officials and government officials to do the same.
There is absolutely nothing more important to New Jersey’s future than economic prosperity. Starting now, we need to focus our attention on the tactics that will allow us to achieve that.
