The Jaffe Briefing - November 18, 2022

JERSEY CITY – New Jersey City University is about to embark on a grand experiment, determining how many high-paid administrators can be dismissed without anyone noticing. The cash-strapped school, which took on a satellite campus at Fort Monmouth that’s been less than successful, is undertaking a “reorganization” of its senior-level jobs to trim $750,000 in fat, as the school seeks $12.67 million in savings. Say sayonara to the positions of chief strategy officer, chief operating officer and vice president of enrollment management, as other executives take on bigger roles. Overall, the school has already slashed the number of managers 41%, from 125 to 73, NJ.com reports. Once NJCU is right-sized – and we hope all is then well – it can be a case study for other universities that should run leaner, as well. It bears repeating that public colleges are primarily designed as affordable options for New Jersey students, not job mills for executives.

NEWARK – Gov. Phil Murphy is sounding a bit like Marc Antony these days, at least when it comes to describing Terminal A at Newark Liberty. “We are here today to bury the old Terminal A, not to praise it,” the governor proclaimed this week, cutting the ribbon on a $2.7 billion facelift and grand expansion. The new-and-improved terminal, featuring expansive local artwork, is part of a plan to welcome 13 million annual visitors. It is certainly a huge, well-needed achievement, as the doors swing open next month. But as beautiful as the terminal will be, it still needs to ensure there are affordable options and amenities, as not all travelers enjoy the company’s platinum card. So, amongst all the modern glitz and glam, here’s hoping there’s at least one place for an affordable bottle of water and a burger. And an available seat near a plug.

TRENTON – The governor released his tax returns and, let’s just say, the guy is doing ok. But is it really anyone’s business? This issue has been debated over and over. We, like everyone else, called for Trump to release his tax returns because the blowhard made all these crazy claims about his enormous success, ingenuity, big brains, etc. That forced his tax returns into the public for review, if they are ever, ever released. Murphy, and other public officials, don’t use their annual income as a talking point for why they should be elected. And, thus, why should we care?

TRENTON – Whenever we start writing about state pension payments, we probably lose about half of our readers. But stick with us, ok? Because the state’s underfunded public-worker pension system is a prime reason New Jersey has been in a financial mess for years. The ship is slowly getting righted, as Gov. Phil Murphy plans to make a full payment, once again, to the system.  It’s not cheap; around $7 billion a year. And Murphy has earmarked full payments over the last two state budgets to the direct relief of around 800,000 current and retired government workers. These payments strengthen the state’s finances, as all those credit agencies don’t take kindly to “unfunded liabilities.” And, as a special gift to you for reading this blurb about heavy finance, here’s a photo of puppies.

BRIEFING BREATHER

Lobster used to be so cheap that it was fed to prisoners.

CAMDEN – It’s no longer about the tomato soup. Campbell Soup Co. is looking toward the future of food, with the help of artificial intelligence. It’s amazing stuff; companies are now pulling millions of pieces of data to figure out what you will buy next and how best to position themselves in the marketplace. The Brew reports that Campbell is using the latest technologies to figure out what you will want to eat next, which is why about half the business is in snacks, like popcorn. And then there is the super innovative stuff like oak milk-based soup and flavor enhancements. These “innovation products” are already grabbing 2% of net sales, much more attractive than the asparagus soup – the featured Campbell product of 1933. Food, science and technology continue to mix in ingenious ways.

WOODCLIFF LAKE – Is the party over for Party City? Sorry, that lede just writes itself. But the state is giving a close, wary look at Party City, after offering the company $10 million in tax breaks to be in New Jersey, wooed from New York. The Record reports there was a big event six weeks ago, even featuring the Pascack Hills High School marching band, to mark the opening of Party City's corporate headquarters in the borough, with the promise of 700 jobs. But then the company announced plans to slash its global workforce by 19%. So what happens to the state incentives? State officials tell the Record that Party City has placed its tax breaks in jeopardy but it still has a couple of years to get the party back together. And the company has yet to get a penny from Trenton, state officials are quick to note.

IN OTHER IMPORTANT NEWS

ROCHESTER, NY – For more years than anyone cares to remember, the Lite-Brite has been wronged. But the National Toy Hall of Fame has come to its senses, announcing Lite-Brite – launched in 1967 with wild popularity, yet always smelling like burning plastic – is finally being inducted.  It joins the Masters of the Universe and the spinning top for the 2022 honor. Thrown to the side was Nerf, not inducted. Smacked in the head was the piñata, also a no-go. And Bingo is still not the Name-O,  sitting on the sidelines with the likes of Pound Puppies and the Spirograph, not worthy of forever being enshrined as a terrific toy. Not very smurfy, Papa Smurf – also not in the hall.

THIS WEEK IN HISTORY

It was this week in 1984 that Dwight Gooden becomes the youngest pitcher, at 20, to win the NL Rookie of the Year.

WORD OF THE WEEK

Conniption – [kəˈnipSH(ə)n] – noun

Definition: A fit of rage or hysterics

Example: Will I throw a conniption if Rutgers doesn’t score against Penn State?

WIT OF THE WEEK

“Before I refuse to take your questions, I have an opening statement.”

-Ronald Reagan

BIDEN BLURB

"I’m told there are going to be four questioners, but I’m not going to do 10 questions from each questioner, all right?  I’ll make that clear at the outset here."

-Joe Biden

WEEKEND WEATHER IN A WORD

Brrrr

JERSEY CITY – New Jersey City University is about to embark on a grand experiment, determining how many high-paid administrators can be dismissed without anyone noticing. The cash-strapped school, which took on a satellite campus at Fort Monmouth that’s been less than successful, is undertaking a “reorganization” of its senior-level jobs to trim $750,000 in fat, as the school seeks $12.67 million in savings. Say sayonara to the positions of chief strategy officer, chief operating officer and vice president of enrollment management, as other executives take on bigger roles. Overall, the school has already slashed the number of managers 41%, from 125 to 73, NJ.com reports. Once NJCU is right-sized – and we hope all is then well – it can be a case study for other universities that should run leaner, as well. It bears repeating that public colleges are primarily designed as affordable options for New Jersey students, not job mills for executives.

NEWARK – Gov. Phil Murphy is sounding a bit like Marc Antony these days, at least when it comes to describing Terminal A at Newark Liberty. “We are here today to bury the old Terminal A, not to praise it,” the governor proclaimed this week, cutting the ribbon on a $2.7 billion facelift and grand expansion. The new-and-improved terminal, featuring expansive local artwork, is part of a plan to welcome 13 million annual visitors. It is certainly a huge, well-needed achievement, as the doors swing open next month. But as beautiful as the terminal will be, it still needs to ensure there are affordable options and amenities, as not all travelers enjoy the company’s platinum card. So, amongst all the modern glitz and glam, here’s hoping there’s at least one place for an affordable bottle of water and a burger. And an available seat near a plug.

TRENTON – The governor released his tax returns and, let’s just say, the guy is doing ok. But is it really anyone’s business? This issue has been debated over and over. We, like everyone else, called for Trump to release his tax returns because the blowhard made all these crazy claims about his enormous success, ingenuity, big brains, etc. That forced his tax returns into the public for review, if they are ever, ever released. Murphy, and other public officials, don’t use their annual income as a talking point for why they should be elected. And, thus, why should we care?

TRENTON – Whenever we start writing about state pension payments, we probably lose about half of our readers. But stick with us, ok? Because the state’s underfunded public-worker pension system is a prime reason New Jersey has been in a financial mess for years. The ship is slowly getting righted, as Gov. Phil Murphy plans to make a full payment, once again, to the system.  It’s not cheap; around $7 billion a year. And Murphy has earmarked full payments over the last two state budgets to the direct relief of around 800,000 current and retired government workers. These payments strengthen the state’s finances, as all those credit agencies don’t take kindly to “unfunded liabilities.” And, as a special gift to you for reading this blurb about heavy finance, here’s a photo of puppies.

BRIEFING BREATHER

Lobster used to be so cheap that it was fed to prisoners.

CAMDEN – It’s no longer about the tomato soup. Campbell Soup Co. is looking toward the future of food, with the help of artificial intelligence. It’s amazing stuff; companies are now pulling millions of pieces of data to figure out what you will buy next and how best to position themselves in the marketplace. The Brew reports that Campbell is using the latest technologies to figure out what you will want to eat next, which is why about half the business is in snacks, like popcorn. And then there is the super innovative stuff like oak milk-based soup and flavor enhancements. These “innovation products” are already grabbing 2% of net sales, much more attractive than the asparagus soup – the featured Campbell product of 1933. Food, science and technology continue to mix in ingenious ways.

WOODCLIFF LAKE – Is the party over for Party City? Sorry, that lede just writes itself. But the state is giving a close, wary look at Party City, after offering the company $10 million in tax breaks to be in New Jersey, wooed from New York. The Record reports there was a big event six weeks ago, even featuring the Pascack Hills High School marching band, to mark the opening of Party City's corporate headquarters in the borough, with the promise of 700 jobs. But then the company announced plans to slash its global workforce by 19%. So what happens to the state incentives? State officials tell the Record that Party City has placed its tax breaks in jeopardy but it still has a couple of years to get the party back together. And the company has yet to get a penny from Trenton, state officials are quick to note.

IN OTHER IMPORTANT NEWS

ROCHESTER, NY – For more years than anyone cares to remember, the Lite-Brite has been wronged. But the National Toy Hall of Fame has come to its senses, announcing Lite-Brite – launched in 1967 with wild popularity, yet always smelling like burning plastic – is finally being inducted.  It joins the Masters of the Universe and the spinning top for the 2022 honor. Thrown to the side was Nerf, not inducted. Smacked in the head was the piñata, also a no-go. And Bingo is still not the Name-O,  sitting on the sidelines with the likes of Pound Puppies and the Spirograph, not worthy of forever being enshrined as a terrific toy. Not very smurfy, Papa Smurf – also not in the hall.

THIS WEEK IN HISTORY

It was this week in 1984 that Dwight Gooden becomes the youngest pitcher, at 20, to win the NL Rookie of the Year.

WORD OF THE WEEK

Conniption – [kəˈnipSH(ə)n] – noun

Definition: A fit of rage or hysterics

Example: Will I throw a conniption if Rutgers doesn’t score against Penn State?

WIT OF THE WEEK

“Before I refuse to take your questions, I have an opening statement.”

-Ronald Reagan

BIDEN BLURB

"I’m told there are going to be four questioners, but I’m not going to do 10 questions from each questioner, all right?  I’ll make that clear at the outset here."

-Joe Biden

WEEKEND WEATHER IN A WORD

Brrrr