How We Can Prepare to Relaunch New Jersey’s Economy | Jack's Op-Ed in NJ Spotlight
Up and down our great state, shared sacrifice by New Jerseyans gives every indication that we are “flattening the curve” by slowing the spread of the coronavirus. If we remain vigilant, we will prevail.
There’s another curve that must be flattened to preserve our future. As the health emergency impacts the economy, our state government is experiencing a dramatic loss of revenue, revealing a “financial curve” that clearly shows the growing gap between resources and needs. In fact, a leading ratings agency has just downgraded our state credit rating and our rating outlook to “negative.” If we don’t plan properly, the end result will be draconian cuts to education, health care and infrastructure and/or massive increases to our already highest-in-the-nation taxes.
Right now, the governor and his administration are consumed, understandably, with saving lives. While they are, a great many very knowledgeable people sheltering in place would be happy to serve the state to help focus on urgent fiscal and economic priorities — people with unparalleled fiscal and economic expertise; people with keen ideas on how to mitigate the short-, medium- and long-term impact of the crisis on our state’s fiscal position and economy.
Let’s tap the talent. Let’s reach out in a nonpolitical way and organize a cadre of these thoughtful people, tasking them to come up with solutions on how best to navigate the state’s perilous fiscal position and, at the appropriate time, the relaunch of our state economy. Call it New Jersey’s Emergency Fiscal & Economic Task Force.
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