The economy is brighter across the nation, but somehow, here in New Jersey, things are actually going in the opposite direction.
The Garden State had the sixth highest unemployment rate in the nation in March. The state’s unemployment rate of 6.5 is a full point above the nation’s 5.5 mark.
Since October, the economy has continued to improve in every state except for seven, with New Jersey among that poor performing group. Our state’s unemployment rate has actually increased since then!
Last week’s stats released by the U.S. Bureau of Labor Statistics served as more bad economic news for our state. First, of course, came the announcement from Moody’s Investors Service that the company had downgraded New Jersey’s credit rating yet again, for the ninth time during Gov. Christie’s time in office, from A1 to A2 this time, citing a “lack of improvement in the state’s weak financial position” and recent pension-funding shortfalls.
Christie is headed to court over the pension fiasco, in which he proposes to contribute $1.3 billion to pension funds, less than half of what he promised to do when he signed a pension overhaul bill in 2011. What comes of the litigation, and how he or our next governor fixes the pension system, is anyone’s guess.
What should be clear to everyone, though, is that we need a “new deal.” FDR used a New Deal to get the country out of the Great Depression; New Jersey needs a similar one to get it out of the Great Recession that the rest of the nation seems to have climbed out of.
Where do we start? How about with our roads.
If you drive around, you’ll find plenty of potholes, uneven pavement, cracks and other landmines to navigate. Many small towns have difficulty repairing it all on their own, and county and state governments often control many of these roads.
So why not spend some money on fixing the problem? Send some money to local governments to get on street repairs and improvements — not just massive construction efforts on highways.
Fixing our roads would improve the quality of life for all of us in New Jersey, and it would also create plenty of new jobs to help jumpstart our economy.
