Monday, February 22, 2010
"N.J. loses $70B in wealth during five years as residents depart"
The tax and spend behavior of elected officials has created an untenable situation for New Jersey.
It's the same story in other states where taxes have been raised to the point where wealthy people move out, which, of course, reduces revenue.
That generally increases the percent of people on entitlement programs, with less funds to support those programs...
It's the same story in other states where taxes have been raised to the point where wealthy people move out, which, of course, reduces revenue.
That generally increases the percent of people on entitlement programs, with less funds to support those programs...
Leslie Kwoh writes at NJ.com:
"More than $70 billion in wealth left New Jersey between 2004 and 2008 as affluent residents moved elsewhere, according to a report released Wednesday that marks a swift reversal of fortune for a state once considered the nation’s wealthiest.
Conducted by the Center on Wealth and Philanthropy at Boston College, the report found wealthy households in New Jersey were leaving for other states — mainly Florida, Pennsylvania and New York — at a faster rate than they were being replaced.• Rutgers University economists say it could take seven years to recover from recession
“The wealth is not being replaced,” said John Havens, who directed the study. 'It’s above and beyond the general trend that is affecting the rest of the northeast.'"
