New Jersey’s economy showed more cracks on Thursday as the U.S. state with the second-lowest credit rating in the country reported 4,500 jobs lost in October and an upward tick in its unemployment rate.
More than five years after the official end of the Great Recession, long-term unemployment remains at historically high levels in New Jersey, according to an Issue Brief released today by New Jersey Policy Perspective.
Even as much of the nation starts to find stable economic footing, the recovery remains nearly invisible in New Jersey years after the recession’s official end.
The floodgates have opened in the year since New Jersey began accepting applications for business tax subsidies under a new law that overhauled the state’s subsidy offerings. One year’s experience clearly shows the need to build in new protections for other taxpayers, who are footing the bill.
Congressional failure to renew the federal Earned Income Tax Credit (EITC) and Child Tax Credit (CTC) would harm nearly a half-million New Jerseyans, including more than 213,000 children.