This has been a historic summer with many political developments. The most recent occurred this past Sunday afternoon. Throughout it all, polling consistently shows that the economy is the primary concern for Americans and employers.
Given the uncertainty since the pandemic, this focus is understandable.
Currently, it is crucial for leaders from both parties to unite in creating bipartisan economic growth policies that benefit everyone. While it sounds straightforward, achieving such unity has been challenging for years. National success hinges on ending persistent disagreements by fostering bipartisanship and involving all key stakeholders in working together for the common good.
Tom Bracken, President & CEO of the New Jersey Chamber of Commerce, emphasizes that face-to-face meetings among people with diverse backgrounds and viewpoints often reveal common ground. This can lead to productive discussions, reduced partisan conflict, and civil discourse—a rarity these days. Consequently, this approach could significantly diminish divisiveness at both state and national levels.
New Jersey faces substantial fiscal and economic challenges at a critical juncture. The state budget's unsustainable growth has worsened projected structural deficits. Additionally, the passage of the Corporate Transit Fee has made New Jersey less competitive and attractive to new investments. This trend is reflected in New Jersey's drop from No. 19 to No. 25 in CNBC’s 2024 Top States for Business rankings.
The N.J. Chamber of Commerce draws inspiration from the U.S. Chamber of Commerce’s ‘Growth and Opportunity Imperative,’ which urges candidates and elected officials to prioritize policies supporting at least 3% annual economic growth over the next decade. Sustained economic growth can expand opportunities, create jobs, increase incomes, foster innovation, and enhance overall quality of life.
A similar initiative tailored for New Jersey is needed alongside what the U.S. Chamber is advocating.
Addressing issues such as state spending and structural deficits now can prevent future budget shortfalls that necessitate additional taxes in pursuit of more revenue. Enhancing organic economic growth by focusing on improving New Jersey’s business environment will make it as competitive as neighboring states like New York and Pennsylvania—both ranked higher on CNBC’s list.
With New Jersey’s gubernatorial election approaching, Bracken appeals to candidates to propose long-term beneficial economic policies for employers and residents alike while urging current elected officials to do the same.
"Economic prosperity is paramount to New Jersey’s future," Bracken asserts. "Starting now, we need to focus our attention on tactics that will allow us to achieve that."
