State of economic decline

The projections are not exactly good for the next year — with the economy is likely to continue its downward spiral. As Rutgers professors James W. Hughes and Joseph J. Seneca point out, “2009 will be a difficult and dangerous year for New Jersey, reflecting the old adage that economic wild parties are often followed by prolonged economic hangovers.”

“The driving forces now affecting New Jersey,” Hughes and Seneca say, “are very powerful negative global and national economic tides.”

It will be very difficult for state government policies to substantially deflect them. Only massive federal intervention can stabilize the situation.

The chances of turning things around, however, appear out of the state’s hands, which could mean that this year’s gubernatorial election may turn on issues that neither Gov. Jon Corzine or state legislators of both parties have much control over.

Author: hankkalet

Hank Kalet is a poet and freelance journalist. He is the economic needs reporter for NJ Spotlight, teaches journalism at Rutgers University and writing at Middlesex County College and Brookdale Community College. He writes a semi-monthly column for the Progressive Populist. He is a lifelong fan of the New York Mets and New York Knicks, drinks too much coffee and attends as many Bruce Springsteen concerts as his meager finances will allow. He lives in South Brunswick with his wife Annie. View all posts by hankkalet