Empowering Telecom Job Creators
Similar comprehensive legislation was enacted in Indiana in 2006. In the year following the bill’s passage, telecommunications companies invested an additional $400 million in the state, creating thousands of jobs. A recent analysis predicted the impact on New Jersey if telecommunications companies invested just 25 percent of the total put into Indiana: the additional $100 million in new investments could generate $275.2 million in new economic activity, prompting the creation of 1,447 more jobs and $55.3 million in additional wages.
Moreover, according to a recent study, in 2003 and 2004 investments in telecommunications and IT led to 80 percent of U.S. productivity growth. By lifting regulations through S.2664, the industry would respond by increasing such investments. In turn, New Jersey’s productivity would also rise, strengthening the state’s economy, broadening the tax base and leading to as much as $13.7 million in new tax revenues without raising taxes.
S.2664 would increase productivity in the state, strengthen New Jersey’s economy, and broaden the tax base. New Jersey needs more jobs, not more government bureaucracy. For Garden State businesses, it is critically important for lawmakers to cut the red tape and eliminate senseless regulations, which is exactly what the Market Competition and Consumer Choice Act will do.
It is time to empower job creators in New Jersey, not regulators.