The question on a lot of business owners’ minds these days is when will New Jersey’s economy reopen. Assembly Speaker Craig Coughlin doesn’t know the answer, but he is making plans for repairing the economic damage caused by a nearly two-month long shutdown of non-essential businesses aimed at stopping the spread of coronavirus.
Coughlin outlined his ideas and fielded questions from NJBIA and the State Chamber of Commerce during a town hall-style webinar this morning.
Obviously, the best thing for the economy would be to get it back open, he said. At the same time, reopening too soon and triggering an increase in COVID-19 cases would only make things worse than they are now. “I cannot imagine a round 2 of this,” he said.
When the economy does reopen, Coughlin said, policymakers will need to be more creative than ever with policy. Both businesses and their customers have suffered deep financial pain. At the same time, state revenues have fallen off a cliff. So not only will the state need to figure out how to help businesses get back on their feet, it will have to do so without much in the way of financial resources.
“The answer can’t simply be that we need more money,” Coughlin said.
To develop those creative ideas, Coughlin has tapped New Jersey businessman George Zoffinger to head up a panel looking for policy solutions of every aspect of the state impacted by the pandemic, and to understand the pitfalls of potential solutions.
Whatever the eventual policy initiatives are, Coughlin said they should be targeted to specific areas.
The key will be bringing back “areas of the economy that are most likely to generate jobs and bring people back sooner at full pay so that they can get back on their feet, so that they can get back to the very robust economy we had just a few short months ago…,” Coughlin said. “It’s not going to be easy and it will never be as fast as we hope.”
NJBIA Chief Government Affairs Officer Chrissy Buteas said businesses are ready to get moving again. She pointed to aNJBIA’s recently-released Business Recovery Survey that indicated 70% of companies were confident they could operate safely according to guidelines issued by the Center for Disease Control and Prevention.
She also pointed out that a coalition of 80 business groups has put together a comprehensive list of policy recommendations for reviving New Jersey’s economy.
“We have provided over to our policymakers a framework for that recovery, and we stand willing and waiting to continue to have that conversation about how we do safely open,” Buteas said.
NJBIA President and CEO Michele Siekerka added that other states have developed systems to provide the public with a risk assessment of different activities, an idea she suggested could be developed for New Jersey to give the public confidence to safely shop and conduct business in public.
“We talk about collaboration within the state, which is so significantly important, but there are best practices outside of the state as well,” she said. “I hope you will consider things like that, and maybe perhaps you already are.”
4 responses to “Assembly Speaker Looks to Revive Economy Devastated by Pandemic”
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While many agree the economy needs to bounce back, but the health and safety of the people are the highest priority, opening quietly, manufacturing in NJ and in the US should be the first to be supported and fully staffed, retail stores should reopen and follow the same protective rules that the supermarkets and grocery stores have been doing, guidelines must be reinforced. For office support/corporate offices should be ordered to remain home, there is no need to return employees to an office who can function fully in the office. Hair Salons, nails and barber shops open with a limit of 6 feet or install cubical partitions, all commercial ac units should exhaust air out , not circulate this would only blow the virus spreading in the room, eat in restaurants/bars would remain closed to eat in but continue to serve take out. It is a start but it is better than standing still. The virus has no vaccine which people need to remember. Opening tennis courts, parks providing guidelines a followed, the curfew should remain enforced.
How can we access your risk assessment? Is it by products sold or services provided? Will positivity rate and relative death count be considered? Will the town and state governments act in unison?
Many thanks for your efforts!
Be safe, be well!
Yes we need to get NJ’s economy and people back into their jobs with the appropriate precautions. We can’t continue to stand still with the NO PLAN that Murphy yaks about on the TV every day.
I also agree with you that NJ cannot think that the way to increase revenues will be by raising taxes. Not when people and businesses have been financially impacted and will continue to be impacted going forward. People are struggling to pay their normal living expenses and the lack of movement on getting unemployment checks to people is completely irresponsible.
We need to get businesses open NOW!!!!! I think Governor Murphy is trying to bankrupt us so he can get a Federal bailout when the truth is he was bankrupting us long before
Covid 19. I have a family owned business for over 40 years in NJ, have been a lifelong resident as well as my children and grandchildren. We own several commercial properties and have a successful business. We contribute much revenue to the state in the form of property tax and sales tax. All the Governor is concerned about is helping illegals and making people of the mindset of free loading off all the taxpayers who are contributing. He doesn’t want businesses to succeed in NJ. I think he needs to start thinking about all the hard working Americans who have started with nothing and built a successful business and contribute to NJ instead of bleeding it dry!!!!!!!I My husband have had plenty of hard times but have built a successful business by our own blood, sweat and tears not from government handouts and no incentive to work. I urge the Governor to stop pandering to these people who don’t want to work and help the businesses who are contributing to NJ strive. I would appreciate if someone could answer this comment but I doubt they will because I am a legal citizen who has worked for what I have and am a total TRUMP SUPPORTER!!!!!