Economists question lawmakers’ plans to address inflation

July 19, 2022

As consumers nationwide grapple with increases in the cost of rent, gas, and groceries, New Jersey lawmakers have offered a slew of plans they say will address skyrocketing inflation.

Sales tax holidays on certain items, moratoriums on toll increases, and a revamp of income tax brackets are just some of the ideas floated to ease the pain of the largest jumps in consumer prices seen in 40 years.

But economists say there is little state officials can do to combat the cost of goods, a problem they said is really in the hands of the federal government. And while some tax holidays might help put a little more money back in the wallets of consumers, the state will have to find some way to pay for the projects and services that tax revenue is intended for, they said. 

“Everything should be under consideration, but each one should be carefully analyzed on really the cost and benefit of each because in many cases, it’s a trade-off,” said James Hughes, an economist at Rutgers University. 

New Jersey Monitor, July 18, 2022

Recent Posts

Nikpour Receives Office of Disability Services Award

Professor Fereydoun Nikpour was selected for the Office of Disability Services Faculty Honor Roll. The Faculty Honor Roll is a new initiative to recognize instructors who go above and beyond to support the work of the Office of Disability Services (ODS). ODS staff...

Heldrich Report: NJ’s Energy-Efficiency Workforce Needs

New Jersey's Energy-Efficiency Workforce Needs, Infrastructure, and Equity Assessment New Jersey Governor Phil Murphy’s Energy Master Plan and Executive Order 315 set a goal to reduce fossil fuel usage to 100% clean energy by 2035. The Executive Order also called for...

Shaul Picker Receives 2024 Mortensen-Voorhees Award

Shaul Picker is the 2024 recipient of the Mortensen-Voorhees Award for Achievement in Transportation Studies. This award is granted annually to the highest-achieving student with a concentration in transportation at the Edward J. Bloustein School of Urban Planning and...

NJSPL – Key Insights from Early Offshore Wind Implementation

By Jessica Parineet Offshore wind development is in its early stages in the United States, with just under one gigawatt (GW) of utility scale capacity constructed. State decarbonization goals have catalyzed industry progress thus far, however the Biden administration...

EJB Talks: Political Update with Stuart Shapiro and Amy Cobb

Analyzing Trump's Guilty Verdict and the 2024 Election Outlook Stuart Shapiro welcomes back Amy Cobb MPAP '18 for a political update in the final EJB Talks episode of the spring 2024 season. They discuss the potential consequences of Trump's guilty verdict for...

Upcoming Events

Latest Past Events

Jersey City Alumni Mixer

Zeppelin Hall Biergarten 88 Liberty View Dr, Jersey City

Join us for an alumni mixer in #JerseyCity on Thursday, June 6th at Zeppelin Hall Biergarten. Parking for Zeppelin Hall is FREE - more information can be found here: https://zeppelinhall.com/map/. This […]