As New Jersey faces a budget crisis, among the biggest challenges are shortfalls created because chief economist Charles Steindel’s revenue projections have been short four of the past five years.
Four months before he joined Governor Chris Christie’s administration as New Jersey’s chief economist, Charles Steindel recommended a tax surcharge on the state’s wealthiest residents, a view his current boss opposes.
New Jersey Governor Chris Christie’s chief economist, Charles Steindel, said he doesn’t advocate passage of a temporary tax increase on the state’s wealthiest residents.
New Jersey’s high taxes drive out wealthy residents, slowing the state’s recovery, said Charles Steindel, the state treasury department’s chief economist.
New Jersey’s unemployment rate fell below 7 percent for the first time since November 2008, according to its Labor Department.
New Jersey would have had about $3.3 billion more revenue last fiscal year if its economic recovery had mirrored the nation’s, according to the legislature’s chief budget officer.
New Jersey has regained 123,200 jobs under Governor Chris Christie, about half of the number lost in the recession that began in December 2007, according to state Labor Department data.
New Jersey’s unemployment rate rose by 0.1 percentage point to 7.2 percent in March, the first increase since July 2012, according to preliminary estimates released by the state Labor Department.
"We appear to be starting some progress on the job front after the recent soft months."
- Charles Steindel on May 15, 2014