New Jersey is consistently ranked one of the worst places to do business in the nation. They are 50th in the Small Business Survival Index of 2009. William Ruger and Jason Sorens rank New Jersey49th for regulatory freedom.The Tax Foundation puts N.J. 50th in state business tax climate. And ALEC ranks the Garden State 46th for economic outlook.
No matter how bad it gets, it’s not enough to stop the New Jersey legislature from inflicting further damage; this time, by expanding the prevailing wage. S-3028 requires it on Board of Public Utilities projects. A-4268 mandates it on maintenance-related projects. And S-3096 extends the requirement for construction and rehab work done under New Jersey Housing and Mortgage Financing Agency housing project loans.The measures will artificially inflate wages, drive up costs for contractors, drive out businesses, and pass costs to taxpayers.
Each measure accomplishes the exact reverse of stimulating jobs, economic recovery, or fiscal solvency. With measures like these one wonders if legislators think being ranked the worst place to do business in the country is a good thing.