A majority of the state's local bankers say New Jersey's economy would worsen under policies proposed by Gov. Phil Murphy.
In New Jersey Bankers Association’s annual survey on the economy, almost 69 percent of respondents expect the state economy to weaken or decline if proposals are enacted such as a “millionaires tax” and raising the sales tax back to 7 percent.
NJBA surveyed bankers from 92 local banks in its membership. The survey was conducted with Rutgers University’s Bloustein School of Planning and Public Policy.
Despite the negative view of the Murphy administration, a majority of the bankers said the state’s economy is currently strong. Nearly 42 percent of respondents rated the state’s current economy as “good,” compared to just 15 percent in 2016. A record 10 percent of respondents rated the state’s economy as “excellent.”
Some 75 percent of the respondents saw the U.S. economy improving under the policies of President Trump, almost as many said those same policies will hurt New Jersey’s economy – most notably this year’s federal tax reforms that limit property-tax deductions.
Other survey highlights include:
“The macro context of the current survey suggests that there should be a strong sense that the national economy has continued to advance in a sustainable, not-excessive fashion, and that this advancement should extend into the short-term future,” the survey found. “Perhaps it is best described as a “Goldilocks Economy” – not too hot, not too cold – just right. Therefore, it is assumed that the current level of activity in many national economic subsectors will also probably advance going forward.”
The full survey results can be found here.