Jersey Businesses Not Thrilled With Fiscal Cliff Deal [AUDIO]
Most Jersey residents are happy we didn’t go over the ‘fiscal cliff’ this week. But many are not exactly thrilled with the deal that was worked out, especially in the business community.
Thomas Bracken, President and CEO of the New Jersey Chamber of Commerce, says, “The biggest factor impacting any business is the issue of certainty, and the fiscal cliff drama that played out – and was finally resolved a few days ago – was very unsettling – but at least now that the first part has been taken care of, there’s a little more certainty – however there’s a lot more to go with regard to the debt ceiling and the other issues that have to be addressed – to finish the job of all the issues involved.”
He says while no one is thrilled that some taxes have gone up, at least the main issue has been resolved in the short term – which is a relief to businesses.
“They want to know what kind of an atmosphere they’re dealing in – once they get all the parameters they can go ahead and get on with their business – so to me, the first step of certainty has taken place…certainty is in place to some degree – but it’s going to cost more money in the other hand -however people can now move forward in an environment that they have a little more detail on.”
Bracken adds while there has been some talk about how the fiscal cliff and the looming debt ceiling debate may result in some companies holding back on hiring.
“I think what’s holding back hiring people are people need top line revenue generation – you hire people when you have revenue or sales – and I think that’s the key thing for business now.”
He also says all Jersey businesses are hoping “the gridlock that has happened in Washington – that’s caused this mess- does not gravitate over to our state…we have momentum going here, we have a huge opportunity in front of us to kick-start the economy in kind of a sick way, by rebuilding after Sandy – but it could be a kick-start, and if we can leverage that kick-start and use that to grow our economy that would be the silver lining to the black cloud.”