Readers fear the worst for New JerseyÂGovernment in New Jersey does not support business growth, or work to maintain or draw new business to the state,Â wrote Donna DiDomenico, of Developmental Specialists, in response to the most recent NJBIZ poll.
Her attitude was in line with the vast majority of the 468 responders, who overwhelmingly felt New JerseyÂs economic recovery will lag that of the United States. Thirty-five percent of responders were almost evenly divided in saying the state will be in better or average shape when the U.S. economy recovers, while 59 percent say the Garden State will be worse off; seven percent were unsure.
Susan Jon Fredericks, of Renaissance Title Agency, says she has seen firsthand how sluggish a recovery will be.
ÂThe mortgage process has become a long, drawn-out process Â most sales of homes are short sales or foreclosures, and many people are taking pay cuts just to keep their jobs,Â she wrote.
Other intangibles will hurt the stateÂs recovery, wrote reader Vince Spero, who mentioned ÂWall StreetÂs collapse, financial freeze-up by the banks, increased unemployment and high taxesÂ as chief among the culprits. Meanwhile, Allen Shanosky, of Applied Image Inc. , pointed to unique unemployment trends, Âin particular, the white-collar jobs that have been lost in the most recent downturn, [which] will take substantially longer to recover, if at all.Â
Some voiced optimism for the stateÂs future, though. Bruce Davidson, of the Lutheran Office of Governmental Ministry in New Jersey, praised Gov. Jon S. CorzineÂs Âdifficult choices throughout his administrationÂ as a reason the state will emerge strong. And reader Ron Henry said the infrastructure projects now under way will put New Jersey Âin good stead, relative to other states, as the national economy begins recovery.Â
But in his response, Angelo Harasts, of Tri-State Computer Solutions, said the state will emerge from the woods only Âin spite of ourselves Â we continue to have a net loss of businesses and residents moving out of the state due to taxes and fees.Â