Phil is predicting a rough economic road ahead, Save Jerseyans. Sort of.
According to the New Jersey Monitor, the Democrat Governor said as much at a Wednesday luncheon hosted by South Jersey’s Chamber of Commerce.
“I’m in the camp of a shallow — real but meaningful — but a shallow, fairly short-lived recession, and part of the reason I believe that is there’s an enormous amount of liquidity on the sidelines,” Murphy explained.
Mr. Goldman Sachs isn’t alone is predicting a 2023 recession. The only debate among the “expert” class appears to be the severity of it; the collective certainty stems from the fact that the Federal Reserve is working overtime to slow things down in its thus-far failed attempt to get rampant inflation under control. Of course, you could fill a phone book with times in recent memory when the expert class has completely failed to accurately see the near future. No one knows what’s going to happen (least of all the guy who thought it made sense to trap vulnerable seniors in nursing homes during Covid-19).
The real question someone should be asking: what is Murphy doing to prepare New Jersey for a downturn?
His recent state-of-the-state address provided no hope to businesses, independent contractors, and the people who make the Garden State’s economy work should expect relief from Trenton. No tax relief. No red tape-cutting. No end to the culture of redistribution that’s destroying our state’s middle class. Meanwhile, his allies down in D.C. continued to print and spend our money like it was Monopoly cash, driving inflation into the heavens above and catalyzing unnecessary stress on our system.
“Since taking office in 2018, Governor Murphy has weakened New Jersey with higher taxes and increased spending, which has only worsened the financial burden of families across the state,” said State Senator Anthony Bucco (R-25) following the speech. “There’s no doubt New Jersey families are worse off today than they were five years ago as their pocketbooks have been decimated by soaring energy costs, growing tax bills, and record-high inflation.”
If another recession – mild or massive – is truly in the works? Don’t lay all of the blame on the Fed. Plenty of elected politicians share the blame for creating the conditions for yet another avoidable manmade disaster.