Rich and poor states — Guess where New Jersey ranks

Each year the American Legislative Exchange Council (ALEC) releases a report assessing each state's competitiveness and economic outlook.

They've been doing this since 2007 and their latest report puts New Jersey near the bottom of the list. This is no surprise given the high taxes and burdensome regulations our state is famous for.

The report highlights that cutting taxes, paying down debt, and maintaining free market policies have really helped states attract new residents.

SEE MORE: An open letter from a pissed off NJ resident about taxes

While we might get new residents fleeing the boroughs of New York City or illegal migrants looking for a place to blend in, the mass exodus of New Jersey residents to other states has been happening for years.

It's been accelerated in recent years as people look for greener pastures where states have their fiscal house in order. States like North Carolina and Texas make the top ten list of the "rich states" where people seek to live and where the economic outlook is brighter.

Utah, Idaho, and Arizona are the top three states on the list. While New York is at the very bottom.

SEE MORE: New Jersey ranks as the worst for this hot housing trend

New Jersey comes in 46th out of all 50 states for our economic outlook. Our state does not attract big employers here due to high taxes and the high cost of living along with unfriendly business regulations.

It's also a tough place to run a small business as well. So, people vote with their feet and move to states where the economic outlook is bright and the opportunities for employment are much greater.

While many of us who love this state manage to stick it out, those with more mobility and fewer family ties make the move to states where they feel they can comfortably live without the fear of higher taxes and the restrictions of an overreaching state government.

When states like Utah celebrate their fourth year in a row of cutting taxes, New Jersey continues to find ways to tax us out of our beloved home, literally and figuratively.

You can see all the rankings here.

Opinions expressed in the post above are those of New Jersey 101.5 talk show host Dennis Malloy only.

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